Solera Auto Finance offers franchise and independent dealers a competitive edge with its AI-driven platform, optimizing the funding process and quickly providing financing for the non-prime segment of used car buyers. Using Solera’s powerful data-driven approach, Solera Auto Finance helps grow back end gross profit, increase deal speed and reduce risk for dealers. Launched in 2022, Solera Auto Finance works with franchise and independent dealers in over 30 states, with plans to be operational throughout the United States by 2023.
Frequently Asked Questions
Please tell me about this new finance offering.
The Solera Auto Finance platform was purpose-built to provide franchise and independent dealers with a full-spectrum auto lending solution for vehicle sales. Solera Auto Finance will enable dealers to fast track the sales and financing processes, minimize costs, and grow profits – all while providing an improved customer experience. Plus, it includes a unique rewards program that reduces or eliminates fees for Solera’s integrated Dealer Management Systems (DMS), Auto/Mate and iDMS.
How does Solera Auto Finance level the playing field?
The current crop of disrupters in the vehicle retail space have a distinct advantage over many franchise and independent dealerships. Most have in-house or captive financing solutions. Solera Auto Finance provides franchise and independent dealers access to a “captive like” finance solution that rivals even the most prominent disrupters’ offerings. Solera’s technology will enable car buyers to complete financing applications online or in the dealership and receive financing decisions in seconds. It will also fund the dealer significantly faster than the current process, which can take several days. And, as our AI-driven technology continues to mature, dealer funding time is expected to shrink to mere hours.
The breadth of Solera’s offerings allows us to combine a truly customer-focused finance experience with technology that simplifies and streamlines the entire car-buying experience while lowering costs and increasing profits for dealers. Solera Auto Finance combines a purpose-built lending platform with its best-in-class Dealer Management Systems, Auto/Mate and iDMS, through seamless integration and workflow to deliver a truly differentiated lending experience.
What are the most compelling features of Solera Auto Finance?
Solera Auto Finance will enable franchise and independent dealerships to directly provide a full spectrum of auto finance loans for used car buyers. Solera Auto Finance offers multiple compelling advantages for dealers.
Efficiency on the front-end and the back-end – The vehicle retail market has changed dramatically over the past two years. As car prices have rocketed upward and inventory has become scarce, successful dealers have adapted to remain successful. Offering a straightforward financing solution with an all-digital, online option and competitive financing rates can help dealers engage new customers and impress them at every step in the process. On the back end, Solera Auto Finance can offer dealers significant upside, improve the efficiency of their financing, and even drive down costs by rewarding them with discounts of up to 100% off their Solera DMS program fees based on their loan volume.
A fast, simplified lending solution for buyers and dealers – When Solera Auto Finance is launched, we expect approval times and dealer funding to be significantly faster from start to finish. And as Solera Auto Finance AI-driven technology continues to mature, dealer funding time is expected to shrink to only hours. The shift to Solera Auto Finance can accelerate the funding process and improve the experience of car buyers. Today, the funding process can take several days for many independent and franchise dealerships. Solera Auto Finance can change that paradigm for almost any franchise and independent dealer.
Improved efficiency – Leveraging the power of Solera, Solera Auto Finance has created one of the most accurate financing tools on the market. This is good for the dealer and good for their customers.
Reduced friction for car buyers and dealers – Solera’s purpose-built financing solution layered into sophisticated dealership applications provides buyers and dealers a smooth workflow and differentiated buying experience.
Why is Solera launching this product now?
We know the industry, and we listen to our customers. Dealerships are facing more competition than ever before. And, with vehicle retail markets evolving at a rapid pace, dealers need best-in-class solutions to earn and keep customers. With the superior car- buying experience that Solera Auto Finance brings, dealerships are empowered to stay ahead of the competition.
We developed Solera Auto Finance to add a unique, competitive financing solution that’s fully integrated with our DMS workflows, and to help drive efficiency and financial benefits for franchise and independent dealerships. We are moving as quickly as possible to meet market demand, launching in our first seven states over the next few months, with plans to be in 20 states by year end.
What types of dealerships should be considering Solera Auto Finance?
Any franchise or independent dealership looking for a competitive edge and a pathway to higher profits should consider this solution. Solera Auto Finance will help dealers to increase front-end profits by empowering drivers across credit bands to finance their next vehicle purchase quickly and efficiently while enabling a superior customer experience. Solera Auto Finance also aims to help dealers to increase back-end profits and cut administrative costs. The Solera rewards program offers the opportunity to eliminate or reduce the cost of Solera’s Dealer Management Systems.
How does Solera Auto Finance work?
Qualifying dealerships will collaborate with Solera account teams to integrate the Solera Auto Finance module into their existing Solera DMS. They will also be guided to incorporate the appropriate digital tools onto their website and enable online applications and engagement with car buyers.
Non-Solera dealers can also take advantage of this “captive-like” financing solution. A Solera expert can walk them through the straightforward process to get started quickly. For more information, dealers can visit soleraautofinance.com or email Solera experts directly at [email protected]
