In a first for Australia, Driva has partnered with CARS24 to provide a loan-matching system that allows customers to check out with finance in less than five minutes.
CARS24 is an Indian e-commerce platform that strives to be the “Amazon of used cars.” Following its success in India, the car marketplace has recently launched in Australia with a $271.7 million capital raise as it promises to disrupt Australia’s $55 billion used-car sector.
With Driva’s AI-driven technology, CARS24 can present the lowest pre-owned car rates based on a customer’s credit profile, which eliminates the need for a tedious credit approval process.
Customers can also take advantage of a free delivery, a seven-day test ownership period with a 100% money-back guarantee, and a six-month warranty.
William Brown, who co-founded Driva with Scott Montarello, said that large traditional dealerships are still highly reliant on individual lenders or old-school brokers—something this partnership hopes to change in the car dealership scene.
“Driva facilitates the fastest finance pre-approvals in the market and allows customers to find the lowest rate that matches their credit profile. Our platform instantly provides consumers with accurate up-front pricing, instead of the opaque or generic pricing consumers get from almost every other market participant,” Brown said.
Earlier this year, Driva completed its $3 million seed round led by Carthona Capital after the venture capital investor saw the potential in Driva’s built-in credit policies and pricing criteria.
“New entrants like CARS24, who are laser-focused on building the best possible customer experience, naturally find our proposition attractive,” Brown said.
