Despite the year’s significant challenges, innovation paved an exciting road forward for automotive in 2021. We at AutoFi were proud to play a part in that innovation, enabling top automotive innovators—including individual dealers, groups, digital dealers, OEMs, marketplaces, and lenders—to transact in a more efficient and profitable way.
Our efforts resulted in tremendous growth in 2021. Here are the accomplishments we’re most proud of.
Driving digital transactions, not just leads
AutoFi drove more digital transactions than any other digital retailing provider in 2021. To be specific, AutoFi received 13x more online credit applications compared to leading digital retailing platforms. We now process 10,000 funded loans per month, representing a 605% increase year-over-year (Nov 2020 vs. Nov 2021) for a total of $3B in loans funded in 2021.
At the forefront of lending innovation
In 2021 we expanded the AutoFi Lender Network with the addition of major banks like Wells Fargo, U.S. Bank, and Truist. The AutoFi Lender Network now represents more than 80% of the top lenders in the United States, who offer instant approvals and decisioning through our platform. In fact, over 1M lender decisions were processed this year alone.
Dealers leaned into digital retailing
AutoFi now works with more than 2000 dealers across North America, enabling them to offer customers an end-to-end buying experience whenever they want and wherever they are—at home, on the go, or in-store. In 2021 our dealers, supported by our Dealer Success team, leaned into solutions that drove sales and profitability such as Remote Deals, Standalone Credit App, Credit Estimator, and F&I Plus.
Powering the experiences of leading brands
This year we experienced massive growth in our Enterprise business adding major players such as Lithia Driveway, Sonic Echo Park, CarLotz, Group1, TrueCar, Rocket Auto, CarGurus, and Santander. These companies incorporated AutoFi’s technology into their branded experiences to drive more transactions and market share.
OEM partner expansion
AutoFi was recognized for powering the #1 luxury OEM digital retailing experience in 2021 and our list of OEM partners grew with the addition of Kia, Subaru, Volkswagen, and Lexus.
Investment in platform and customers
To support all this growth, we needed to have the right team in place. During the last 12 months, our full-time team grew more than 139% in size—with significant investments in our engineering, product, and dealer success teams.
Our team will build off of this growth and deepen our solutions and capabilities in 2022. At NADA in March we are looking forward to debuting our all-new in-store solution, Deal Center, which will infuse digital into your showrooms, BDCs, and call centers—transforming the sales process and empowering your team to sell vehicles in an unprecedented way.
We couldn’t have achieved any of this without our amazing partners across the industry who share in our mission “to bring joy and trust to the auto retail experience.” So thank you, Happy New Year, and here’s to an even better 2022!!