TD Auto Finance to Fund Loans on AutoGravity
TD Auto Finance joined the online marketplace AutoGravity to fund loans through the platform, the companies announced today in a press release.
When AutoGravity’s more than 1 million users search for vehicles on the app, TD Auto Finance could be one of the four personalized finance offers consumers see.
“We realize the impact that cutting-edge technology will have for our current and prospective dealer partners,” Andrew Stuart, president and chief executive of TD Auto Finance U.S., said in the release. “Given consumers’ desire for digital options, our partnership with AutoGravity positions us to reach car buyers right on their smartphones and will help to drive the next wave of innovation in our industry.”
Last week, AutoGravity announced another partnership with U.S. Bank in which the lender uses the startup’s technology as a white-label solution hosted on the bank’s website. In contrast, TD Auto will not utilize this white-label solution, an AutoGravity spokesman confirmed to Auto Finance News.
With more than $2 billion requested in financing on the app from a majority millennial audience, TD Auto looks to “further its reach to this set of consumers,” according to the release.
Across TD Auto Finance’s U.S. and Canadian book, it held $50.5 billion in indirect auto loans in the first fiscal quarter 2018, up from $47.9 billion the same time the year prior, according to the latest earnings report. The company’s U.S. balances totaled $28 billion in the first quarter up from $21.6 billion the same period the year prior.
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