Upstart Launches AI-Enabled Financing

By Staff Writer October 11, 2021

Upstart, an artificial intelligence lending platform,  launched Upstart Auto Retail software, including AI-enabled financing. The cloud-based solution enables a superior car buying experience for both consumers and dealerships. For the first time, this new software will provide access to Upstart-powered auto loans as well.

Upstart Auto Retail is the evolution of Prodigy Software, acquired by Upstart in April 2021. Since the beginning of 2021, the number of dealerships signed up for the software has nearly tripled. With the addition of Upstart-powered loans, dealerships will be able to instantly offer affordable financing to more of their customers.

Upstart Auto Retail is an end-to-end retail platform that has helped top franchised dealers from 33 top brands sell more than $1 billion of vehicles through the Upstart Auto Retail platform in Q2 2021.

DGDG, a large family-owned dealer group in the San Francisco Bay Area, has been using what is now Upstart Auto Retail as the only retail solution across the entire dealership group since early 2020. DGDG is adding Upstart-powered auto loans as part of its retail process.

“The auto selling solution we’ve been using from Upstart has empowered our salespeople to make the buying process more transparent and helped sell more vehicles at a higher profit," said Tony Corini, VP of Finance, from DGDG. “Now, by adding Upstart-powered financing, we look forward to approving more borrowers and continuing to develop our No Brainer checkout experience.”

Upstart is currently rolling out AI-powered lending to a limited number of dealers. It will be available in early 2022 to all dealers using the platform.

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Last modified on Thursday, 14 October 2021 15:47