AutoFi is expanding its dealer base this year with the help of Ford Motor Credit, entering the Michigan market and expanding its footholds in California and Texas, Head of Lender Success Ben Atkinson told AFN.
AutoFi is a company that connects dealerships with lenders and buyers online for vehicle purchasing.
This year, AutoFi will focus on solidifying and scaling existing partnerships, Atkinson said, though he declined to elaborate. Both Ford Credit and Santander Consumer USA have made equity investments in the fintech.
Since entering the Michigan market earlier this month, early indications have been favorable, Atkinson said.
“We’ve been seeing significant acceleration in dealer count in the last 90 days,” he said. “We’ve doubled our dealer base in the last 120 days, and in a joint sales effort with Ford, we’re hoping that growth rate will remain the same.”
Atkinson declined to disclose which dealerships AutoFi works with, but said he thinks “we’re going to be able to penetrate a good number of Ford dealers.”
AutoFi currently operates in 75% of the U.S., with dealers represented in “all major markets,” Atkinson said.
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