Despite a year filled with ups and downs across the industry, focus and execution paved an enduring road forward for automotive in 2022. We at AutoFi were proud to play a part in that grit and growth, 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 2022. Here are the accomplishments we’re most proud of.
10,000 Dealers Live!
OEM Partner Expansion
Our list of OEM partners grew with launches of Acura, FordDirect, Honda, Lexus, Mazda, and Volkswagen. The AutoFi platform now delivers seamless, end-to-end digital commerce solutions to each of these brands.
Funding
In February of this year, we announced that we raised $85 million in funding from Santander Holdings USA, Inc., SVB Financial Group, and Crosslink Capital.
The infusion of capital will fuel continued growth, enabling us to keep innovating on behalf of our dealer, OEM, lender and enterprise clients.
“We are humbled to have some of the world’s leading financial institutions share our vision to bring innovation to automotive commerce,” said our CEO and Co-Founder Kevin Singerman. “Finance is a critical part of how people buy and sell vehicles and continues to be a main source of friction in the automotive retail process. Finance must be more integrated into digital experiences. With this additional capital we will double down on our mission to bring joy and trust in this market by enabling banks, captives and specialty finance companies to better support the massive transition of offline to online commerce.”
In March, Santander Consumer USA announced that AutoFi would develop its end-to-end digital car buying experience.
Money, Money, Money
AutoFi transform your digital experience from shopping to transactional. Our Lending-as-a-Service (LaaS) API enables organizations to offer online finance automation within a branded digital experience, making it transactional.
Here are just a few data points on how our lending innovation scaled new heights in 2022:
- 1 million credit applications
- $4 billion (yep, with a b!) in total funded loans
Creating Dealer Success
On top of supporting dealers with Trade Payoff integration, a Santander Rehash tool and a value-focused Chat product launch, our dealer success team was in dealerships everyday ensuring our dealer partners had the training and support to maximize their performance with AutoFi.
We couldn’t have achieved any of this without our amazing partners across the industry. So thank you, Happy New Year, and here’s to an even better 2023.