Expected to launch in the first quarter of 2016, SpringboardAuto will allow consumers to refinance existing auto loans, or finance the purchase of new or used cars, directly online or via smartphone.
“The market for auto loans has changed dramatically over the past few years, yet auto lenders have not kept up with today’s consumer demands, especially those of the technical-savvy millennials who live and breathe on their smartphones and account for 37% of all funded auto loans,” Landy said in a statement on Wednesday.
“In general, borrowers, especially those with less-than-perfect credit, are incredibly dissatisfied with the opaque and frustrating car-financing process. Our mission is to change that.” Landy is chief executive of SpringboardAuto, while Holmes is chief marketing officer.
Previously, Landy served as president and CEO of CarFinance. He left the company after private equity firm Perella Weinberg Partners merged CarFinance with Flagship Credit Acceptance a year ago. Holmes was vice president of partner development at CarFinance.