WESTLAKE, Texas – Integrated vehicle financing solution provider Solera Auto Finance (SAF) is building momentum and bettering its own initial growth estimates in record time. Buoyed by its well-received launch in March of this year, SAF is already well-positioned in the used car finance market, signing dealer agreements and funding loans within two months of its introduction. SAF today announced the upward revision of its short-term targets in the face of this accelerated market adoption.
"We have a robust offering, a motivated team, and a strong network that is growing on a daily basis. Solera Auto Finance planned to launch initially in seven states and add about a dozen more in the next six months. I'm proud to say we have made quick inroads with dealers and customers in a record time. SAF is already operational in 20 states within two months of its launch. Based on our accelerated growth and performance, we are revising our short- and long-term growth targets and now plan to be operational in all 50 states within the next one year," commented Kenn Wardle, CEO, Solera Auto Finance.
SAF levels the playing field for dealers, enabling them to provide the same seamless experience with a 'captive-like' financing solution that rivals even the most prominent used-car disrupters.
"We are fulfilling our promise of enabling independent and franchise car dealers to provide competitive-rate auto loans to the non-prime segment of used car buyers. By the year-end, we expect to extend our offering to the full spectrum of used-car buyers. Besides reducing operating costs, SAF's commercial value proposition for used car dealers is designed to positively impact the automotive industry, create a seamless journey for car buyers, accelerate the financing and funding processes and provide a superior car-buying experience," added Wardle.
SAF provides 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.
Amongst SAF's first customers is Virginia-based dealership Town Auto Brokers. Rena Bateman, General Manager, Town Auto Brokers said: "What attracted us to Solera Auto Finance was their straightforward financing solution with an all-digital, online option and competitive financing rates. We are excited to collaborate with a company that is easy to reach and impressed by the customized service provided to us at every step in the process. Based on our interaction, this is the key differentiator of why we believe Solera Auto Finance is making quick inroads in the used car finance segment."
Having expanded to 20 states, SAF is already actively recruiting in others for its high-speed rollout. In the current, highly competitive used car market, SAF will empower dealers to engage new customers with a fast, simplified lending solution for buyers and dealers. With its purpose-built financing solution, car buyers can receive financing decisions in seconds. SAF will also fund the dealer significantly faster than the current process, which can take several days for many franchise and independent dealers. As SAF's AI-driven technology continues to mature, dealer funding time is expected to shrink to mere hours.
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.