Bank of America recently partnered with AutoFi, a company that connects dealerships with lenders and car buyers online, to tap a new funnel of dealer partners, David Hollodick, the bank’s consumer vehicle lending product executive, told Auto Finance News.
“As a leader in auto lending, we’re continually searching for new ways to expand our business with both our existing dealer clients and dealers we might not already be working with,” Hollodick said. “AutoFi provides a digital technology platform that auto dealers use to expand their online presence, so it’s an opportunity that makes sense.”
Similarly, in June, Bank of America partnered with fintech Shift Technologies, an online retail platform and financing platform.
Meanwhile, AutoFi Chief Executive Kevin Singerman said that the prime lender fills an important role in the fintech’s strategy “to partner with a select group of consumer-recognized national brands that together support an online full-spectrum credit offering.”
San Francisco-based AutoFi is expanding operations north of the border, adding its first Canadian dealer in February. The company aims to support dealers in all Canadian provinces by yearend, Singerman noted.