CreditIQ’s unique “Bring Your Own Lender” approach is an industry first
CHICAGO, March 9, 2022– Cars.com Inc.. (“CARS”), the leading automotive marketplace platform that provides a robust set of digital solutions, has activated its new turnkey digital finance technology powered by CreditIQ. It will be available to dealers on the CARS platform – at no additional cost – at the National Automobile Dealers Association (NADA) convention and exposition in Las Vegas from March 11-13.
According to a recent CARS survey, 76% of in-market buyers plan to complete all paperwork and finance online. Similarly, 66% of dealerships prefer their customers to complete the majority of their car buying process online¹.
“We are pleased to see the CARS family have combined forces with CreditIQ and their technology to speed up the transaction for the dealership and limit customer time at the dealership with technology-integrated approval processes,” said Blake. Grantham, an early adopter of CreditIQ technology and Director of Business Development and Internet Sales for Rusty Wallace Chevrolet, general manager in Clinton, Tennessee.
CreditIQ’s instant loan approval technology allows buyers to apply for financing on dealer websites and on the Cars.commarket to get an instant decision from a dealer-selected lending partners. The company’s unique “BYOL” (bring your own lender) approach—an industry first—allows the technology to be implemented without changing a dealership’s existing store processes or back-end systems.
“The data clearly shows that consumers and dealers are ready to digitize the car buying process, and it’s a lot easier than many dealers think with the right technology,” said Bill Liatsis,vice president of CARS and founder of CreditIQ. “With CreditIQ, dealers don’t need to change anything to their financing process, systems, or lenders. They just plug in and go, and immediately start attracting happier pre-appr’s.oved customers. The extra time saved allows dealers to discuss their valuable financial products for increased profitability, while avoiding price haggling. You have great cars and willing buyers who want the opportunity to move forward. We want to make sure our dealers have the ability to provide this option.”
CARS’ new digital financing technology is available as an added value to its customers from March 11. Dealers can schedule an appointment to see a demo and learn more here or visit the CARS booth (#3421) in the West Hall of the Las Vegas Convention Center during the NADA Expo.
¹ CARS Consumer Metrics, December 2021
CreditIQ, a Cars.com Inc. company, enables dealers and OEMs to increase the speed and profitability of their customer experience through instant financing approvals. Designed to work seamlessly with over 800 lenders and 1,700 technology integrations, CreditIQ provides the most flexible fintech solution for local dealers to improve and accelerate their existing back-end processes and systems. Now part of the CARS Connected Platform, CreditIQ can convert in-market shoppers into pre-approved customers with finance-ready offers directly from Cars.com, Dealer Inspire websites and the retail solution. modern through and through, Online Shopper. . For more information, visit www.creditiq.com.
ABOUT CARS.COM INC.
CARS is the leading automotive marketplace platform that provides a robust set of digital solutions that connect car buyers with sellers. Launched in 1998 with flagship marketplace Cars.com and based in Chicago, the company provides shoppers with the data, resources and digital tools needed to make informed purchasing decisions and connect seamlessly with automotive retailers. In a rapidly changing market, CARS empowers dealers and OEMs with innovative technical solutions and data-driven intelligence to better reach and influence ready-to-buy buyers, increase inventory turns and gain market share. Marlet.
In addition to Cars.com, CARS brands include Dealer Inspire, a technology provider that creates solutions that prepare dealers for the future with more efficient operations and connected digital experiences; FUEL, which gives dealers and OEMs the ability to harness the untapped power of digital video by leveraging Cars.com’s pure marketplace audience of car buyers, DealerRater, a reputation and review of leading automotive dealerships, automotive financial technology platform CreditIQ and Accu-Trade Group, a leading provider of vehicle acquisition technology and valuation data.
The full range of CARS properties includesCars.com™,Dealer Inspire®,FUEL™,DealerRater®, CreditIQ™, Accu-Trade™, Auto.com™,PickupTrucks.com™andNewCars.com®. For more information, visitwww.Cars.com.