CarMax Auto Finance (CAF) has expanded its omnichannel finance-based shopping offering to give prequalified customers real-time updates to their monthly payment estimates as they shop the dealership lot online or in person.
CAF’s prequalification, which was rolled out earlier this year, allows consumers to receive a multi-lender prequalification with no impact to their credit score and browse the used-car retailer’s online inventory of 30,000 to 40,000 vehicles with monthly payment information at their fingertips, Denise Brown, chief credit officer at CarMax, said at the Auto Finance Summit last week.
For consumers who prefer to visit a dealership, CAF’s technology allows car buyers to scan the sticker on a car’s window to receive updated payment estimates, Brown added.
Consumers “can go up to a sticker on the lot whenever they’re walking around… and see their actual monthly payment from their actual lender,” she said.
“We have customers that want to do everything online,” Brown said. “We have customers that want everything in store, and we have to be there for all the journeys in between.”
CarMax’s total portfolio grew 10.2% year over year to $16.2 billion in the second quarter of fiscal year 2023.