Carvoy Launches New Product to Streamline Finance Process

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Carvoy has announced the launch of Carvoy Ignite, a white-label digital plug-in for dealerships that streamlines the car-buying process to enhance the dealer experience, Daniel Yuabov, co-founder and chief executive, told Auto Finance News.

“We offer [users] the ability to apply for lending through our plug-in — through our technology,” Yuabov said. “It’s not meant to replace [the dealership], it’s meant to enhance the experience. We want everyone to win in this type of situation.”

Carvoy Ignite originally existed as only a technology that pushed live inventory, but it has been re-purposed as a brand. The new product is available to dealerships nationwide.

Previously consumers could customize a vehicle and find financing through Carvoy’s website and its network of dealers. Carvoy Ignite cuts out third-party sites, and customers can use a streamlined version of the Carvoy platform directly on the dealer’s website.

Though one of Ignite’s goals is to shorten the amount of time a customer has to spend in a dealership, Aida Takyrbasheva, vice president of business development, told AFN that Ignite will benefit both consumers and dealers.

“We’re not looking to replace any department or anything. We’re looking to enhance, we’re looking to streamline, we’re looking to automate, we’re looking to digitize,” Takyrbasheva said. “At the end of the day, in my opinion, the car-buying experience is a relationship type of business, so we’re absolutely not trying to take that portion out of it. We’re just trying to make it easier.”

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As Associate Editor of Auto Finance News, Matt Wood reports on the latest developments and trends of the auto and powersports finance world, from innovation to compliance. He's also a movie/TV show buff and is willing to argue about Lost anytime. Former bylines include Scout Media and CinemaBlend.

One thought on “Carvoy Launches New Product to Streamline Finance Process

  1. Dealerships pay good money to use third party websites and although they aren’t exactly best friends, research shows that’s overwhelmingly where buyers start or spend time while searching for a car. For me (Just an opinion people), cutting out a funnel of customers isn’t a solution for Improving volume which is what matters in a market where interest rates and used inventories are both headed upward. A dealers first priority is to sell, second to that is how they feel about it later. That fact will never change.