Ally Financial Inc. and Drive Motors entered a strategic relationship yesterday, naming Ally as the preferred lender for the Drive Motors platform.
The partnership provides the lender with the opportunity to receive credit applications submitted digitally by dealerships using Drive Motors’ e-commerce solution for dealership websites, according to an Ally press release.
Drive Motors makes software for car dealerships to offer the entire car-buying process directly online. The platform can incorporate the valuation of a trade-in and aftermarket products sales, as well as Ally financing. Customers still need to go to dealerships to finalize paperwork and pick up vehicles, unless a dealership delivers.
Drive Motors facilitates more than 1,000 vehicle sales a month nationwide, according to the press release.
Ally has been active lately in the auto finance sector. Earlier this week, the lender announced it will launch a new feature called Clearmatch on its direct-lending platform Clearlane in April. Clearmatch will enable consumers to browse dealership inventory in real time and apply for multiple financing offers on those vehicles.
“Clearmatch will allow customers to easily take care of their financing online and have a faster close at the dealership — which can be a key dissatisfier,” Jeff Danford, senior vice president of Clearlane, said in a previous press release. “Meanwhile, dealers will benefit from happier, more satisfied customers.”
Since launching online checkout for car dealers in 2016, Drive Motors has surpassed 1,000 car orders per month, and $250 million in annual order volume for its dealership customers.
For more content like this, attend the Auto Finance Performance & Compliance event, slated for May 9-10, at the Omni Dallas. For information, or to register, visit autofinanceperformance.com.
