AutoFi’s Express Checkout, an online car-buying service, is picking up steam, Rick Ricart, president of Ricart Automotive, told Auto Finance News. In the past three months, Express Checkout has been used for more than 200 vehicle purchases at the Columbus, Ohio-based dealership group.
The tool aims to connect dealers, lenders, and buyers, allowing consumers to complete most of the car-buying experience from the comfort of their home. On average, consumers that use Express Checkout spend 45 minutes at a dealership, as opposed to 3.5 hours.
“A lot of dealers, including us, have a payment calculator that basically takes the payment that [the customer] puts together and actually submits it to the bank,” Ricart said. “As long as everything is what the customer says it is when we verify it at the dealership, it makes for an extremely fast delivery process.”
Ford Motor Credit has been rolling out Express Checkout nationwide since the partnership was announced in January. Ricart’s dealership tested the fintech for 18 months.
Along with Ford Credit, Huntington National Bank and Chase Auto Finance are signed up for the program, Ricart said.
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