Used-vehicle retailer and financier DriveTime introduced a new mobile website this week after it identified that 80% of its online traffic is coming from mobile, up from 60% last year, Shawn Curran, managing director of retail, marketing, and product development, told Auto Finance News.
The new site was built in-house and features enhanced personalization options, said Scott Worthington, vice president of retail sales and marketing. For example, the site includes geolocation, search filters, previous search information, and a more user-friendly layout.
Separately, DriveTime opened a $750 million line of credit with Ally Financial Inc. to make loans through DriveTime’s network of 145 used-car dealers, the companies announced in January.
The agreement is meant to help DriveTime extend into the near-prime segment, following a 387% year-over-year surge in losses, as of the third quarter 2017, according to an S&P Ratings report.
DriveTime is in the process of tightening credit underwriting standards, according to a Kroll Bond Rating Agency presale report.
“We are always evaluating our credit models,” Worthington said, adding that although the company lends to customers across all credit buckets, the mobile site provides an “advantage” to tap into more near-prime customers.
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