SpringboardAuto.com, a marketplace lender for auto finance, expects to launch a direct-to-consumer loan product in the fourth quarter, said Stuart Holmes, the company’s co-founder and chief marketing officer.
The new “Dealer Purchase” program, as it’s called, enables dealers to validate vehicle information and select their method of funding — ACH, check, or wire funding — when an approved consumer comes to the dealership.
Springboard can then fund the dealer for the consumer’s loan in real time. “At the end of the day, it’s really about creating alignment between the consumer, Springboard, and the dealer, and that means having transparency throughout the process,” Holmes said.
Springboard launched with private-party financing sales in December 2015, then debuted a refinancing program in July. The company does business in 17 states, with plans to expand nationwide by yearend 2017, Holmes said.
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