Latest News

AutoFi raises $85 million to expand online auto finance business

© Reuters.

(Reuters) – AutoFi, the San Francisco-based provider of dealership systems to support online vehicle sales and financing, has raised $85 million to expand its operations, the company said on Monday.

The investment values AutoFi at nearly $700 million, the company said. Investors in the new round include Santander (MC:SAN) Holdings USA, Silicon Valley Bank and Crosslink Capital.

The pandemic has spurred increasing consumer interest in online vehicle financing and purchases from U.S. auto dealers, a trend acknowledged and generally supported by automakers.

Previous investors in AutoFi include BMW iVentures and Ford Motor (NYSE:F) Credit, according to investor website PitchBook.

AutoFi said its digital commerce platform was used to process more than one million vehicle financing requests in 2021, supporting more than $3 billion in retail sales.

The latest funding round will be used to expand AutoFi’s platform to banks, as well as captive and specialty finance companies, according to Kevin Singerman, AutoFi’s chief executive and co-founder.

Santander Consumer USA said it will expand its partnership with AutoFi to roll out Santander’s online sales and financing program nationwide.

AutoFi raises $85 million to expand online auto finance business

Disclaimer:Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

What's your reaction?

In Love
Not Sure

You may also like

More in:Latest News

Leave a reply

Your email address will not be published. Required fields are marked *