MoneyMe’s bespoke auto financing product, Autopay, has broken through $25 million in originations after just 5 months of operation.
The new approval system, which can see auto loans approved in the time it takes for a test drive, was launched in Q4 and has accelerated in July and August to surpass the $25m milestone.
“Autopay is a breakthrough innovation where dealers and brokers can offer a customer driveaway finance within 60 minutes,’ explained MoneyMe CEO Clayton Howes.
“In fact, most of our transactions are done in under 30 minutes. That’s an unheard of experience, in an environment which usually takes about seven days, we’re doing under 60 minutes.”
“It’s not about the decision: it’s complete settlement, end to end. From the first interaction with us, all the way through to security lodged, dealer paid and the customer gets to drive the car away.”
“Beyond that, we have a really clever risk-adjusted pricing model that allows for customers to have a high probability of getting access to the car that they want to buy without having to be shopped around by a bank or others.”
For auto brokers, Howes said that Autopay was a no-brainer.
“MoneyMe traverses across the lending spectrum and allows for the customer to feel that they are getting the best rate,” he said. “For the dealer and the broker, it’s a one stop shop.”
“The broker is an incredibly important part of this. With Autopay, it removes the friction of leaving it up to the lender to orchestrate the outcome. The broker has access to Autopay at their fingertips.”
“When they log into the portal, they’re in control. They’re in control of the process, they’re in control of the outcome and they get to give the customer and the dealer an experience that makes the broker really relevant.”
“Right now, when dealers think about brokers it’s because they need them to facilitate the transaction between lenders. They’re a necessary part of the business.”
“But when you get an Autopay solution for brokers, they’re not just accessing finance, they’re accessing an efficiency that complements the sales process. They can get access to finance, at good rates, and with confidence.”
“The broker is in control and can give the dealer an experience that they’ve not had before, so the proposition is incredibly important for them.”
“If the broker wants to stand out, they stand out because they’re not occupying time for days to get a response to the customer and dealer, they’re giving real time response, and then they can drive the car away.”
“There’s no doubt that brokers that have access to Autopay have an advantage over other brokers.”
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