In conjunction with its recent $10 million Series A funding round, AutoFi has also entered into a strategic agreement with Tricor Automotive Group to bring its business to dealerships across Canada.
AutoFi is a fintech startup that offers a white-label solution to dealerships that automates online vehicle sales and financing. The startup also recently expanded to offer auto leasing, the company said in a statement.
AutoFi’s partnership with Tricor Automotive Group provides a strong foothold in the Canadian auto markets, as Tricor is one of the largest retail groups in Canada. Tricor provides finance and insurance products to its more than 200 dealers.
“AutoFi has experienced strong growth this year,” Kevin Singerman, AutoFi’s chief executive, said in a statement. “I’m excited that this new round of funding will help us accelerate that growth with our dealer, manufacturer, and lender partners — both here in America, and now Canada in the year to come.”
AutoFi will launch in the Canadian market beginning in 2018, but the company does not plan to partner with only Tricor.
“We will be working with a wide variety of well-known banks, captives, credit unions, OEMs etc.,” a spokesman for AutoFi told Auto Finance News. “The focus here is to provide an industry-wide solution for all lenders and all dealers.”
Founded in 2015, AutoFi also has an ongoing relationship with Ford Motor Credit Co., after forming a partnership in January 2017. At the time, Ford Credit said the platform would launch at more U.S. Ford and Lincoln dealerships in the near future. AutoFi’s latest funding round included Ford Credit, as well as other existing investors Crosslink Capital and Lerer Hippeau Ventures.
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