Solera launches an innovative used car loan solution

The big disruptors in the used car space have a clear advantage over most franchise and independent dealerships. They have their own financing solution or have a captive financing solution. Solera Auto Finance offers franchise and independent dealerships access to a “captive-style” financing solution that rivals even the largest used car disruptors.

Solera Auto Finance adds a new competitive financing option that fully integrates with Solera’s Dealer Management Systems (DMS), including Auto/Mate for franchise dealerships and iDMS for independent dealerships. Solera Auto Finance offers multiple compelling benefits:

  • Attract new customers – The used car market is more competitive than ever. By offering a simple financing solution with an all-digital online option and competitive financing rates, Solera believes it will enable dealerships to engage new customers where they are most comfortable doing business and to impress them every step of the way.
  • Provide a quick and simplified lending solution for buyers and dealers With Solera Auto Finance, car buyers can receive financing decisions in seconds. It will also fund the dealership much faster than the current process, which can take several days for many franchise and independent dealerships. Additionally, as Solera Auto Finance’s AI-powered technology continues to mature, dealer financing time is expected to shrink to hours.
  • Accuracy improvement – Leveraging Solera’s proven AI and data science expertise, Solera Auto Finance has created a sophisticated and highly accurate financing tool. Solera thinks it’s good for dealers and good for their customers.
  • Reduce friction for car buyers and dealers – Solera’s purpose-built financing solution, integrated with its sophisticated dealership applications, provides dealerships with an improved workflow and a differentiated buying experience for car buyers.
  • Lower the costs – Dealers who take advantage of Solera Auto Finance will also be eligible for a unique rewards program that can reduce or eliminate their Solera DMS solution fees.

Solera Auto Finance will be launched for the first time in Georgia, Indiana, Kentucky, North Carolina, Oklahoma, Virginiaand Washington. Solera aims to add more than a dozen additional states in the near term.

Program details, including how to enroll, are available on Solera Auto Finance’s new website, solera.com/solutions/auto-finance. Solera Auto Finance experts are available at Solera’s NADA booth, 2921, or by email – [email protected].

About Solera

Solera is the world’s leading provider of integrated vehicle lifecycle and fleet management software as a service, data and services. Across four lines of business – Vehicle Claims, Vehicle Repairs, Vehicle Solutions and Fleet Solutions – Solera is home to many leading brands in the vehicle lifecycle ecosystem, including AutoPoint, LoJack, DealerSocket, RedCap, Identifix, Audatex, Omnitracs, eDriving/Mentor, Explore, CAP HPI, Autodata and others. Solera empowers its customers to succeed in the digital age by providing a “one-stop-shop” solution that streamlines operations, offers data-driven analytics, and improves customer engagement, which Solera says helps customers to drive sales, promote customer loyalty, and improve profit margins. Solera serves more than 300,000 global customers and partners in over 100 countries. For more information, visit www.solera.com.

SOURCE Solera Holdings, Inc.

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