Solera Launches Innovative Used Car Lending Solution

WESTLAKE, Texas –  Solera Holdings, LLC ("Solera"), a global leader in vehicle lifecycle management, unveiled Solera Auto Finance at the National Automobile Dealers Association (NADA) Show in Las Vegas. Solera Auto Finance is an integrated financing solution that will enable franchise and independent dealers to provide competitive-rate auto loans to the full spectrum of used car buyers.

"We believe Solera Auto Finance's commercial value proposition for franchise and independent used car dealers will positively impact the automotive industry," said Alberto Cairo, Solera Managing Director of Vehicle and Fleet Solutions. "Solera Auto Finance provides our dealer customers with an integrated solution that creates a seamless journey for car buyers, accelerates the financing and funding processes, provides a superior car-buying experience, and reduces operating costs."

The big disrupters in the used car space have a distinct advantage over most franchise and independent dealerships. They own their own financing solution or have a captive financing solution. Solera Auto Finance provides franchise and independent dealers access to a "captive-like" financing solution that rivals even the most prominent used car disrupters.

Solera Auto Finance adds a new competitive financing option that fully integrates with Solera's Dealer Management Systems (DMS), including Auto/Mate for franchise dealers and iDMS for independent dealers. Solera Auto Finance offers multiple compelling advantages:

• Attracting new customers – The used car market is more competitive than ever. By offering a straightforward financing solution with an all-digital, online option and competitive financing rates, Solera believes it will empower dealers to engage new customers where they are most comfortable doing business and impress them at every step in the process.
• Providing a fast, simplified lending solution for buyers and dealers – With Solera Auto Finance, car buyers can receive financing decisions in seconds. It will also fund the dealer significantly faster than the current process, which can take several days for many franchise and independent dealers. Additionally, as the Solera Auto Finance AI-driven technology continues to mature, dealer funding time is expected to shrink to mere hours.
• Improving accuracy – Leveraging the proven AI and data science expertise of Solera, Solera Auto Finance has created a sophisticated, highly accurate financing tool. Solera believes this is good for the dealers and good for their customers.
• Reducing friction for car buyers and dealers – Solera's purpose-built financing solution layered into its sophisticated dealership applications provides dealers with an improved workflow and a differentiated purchasing experience for car buyers.
• Cutting costs – Dealers who take advantage of Solera Auto Finance will also qualify for a unique rewards program that can reduce or eliminate their Solera DMS solution fees.

Solera Auto Finance will first launch in Georgia, Indiana, Kentucky, North Carolina, Oklahoma, Virginia, and Washington. Solera aims to add more than a dozen additional states in the short term.

Details about the program, including how to enroll, are available on the new Solera Auto Finance website, solera.com/solutions/auto-finance. Solera Auto Finance experts are available at Solera's NADA booth, 2921, or via email – [email protected].