AutoFi raises $85 million to expand online auto finance business – Reuters.com

March 7 (Reuters) – AutoFi, the San Francisco-based provider of dealership systems to support online vehicle sales and financing, has raised $85 million to expand its operations, the company said on Monday.
The investment values AutoFi at nearly $700 million, the company said. Investors in the new round include Santander Holdings USA, Silicon Valley Bank and Crosslink Capital.
The pandemic has spurred increasing consumer interest in online vehicle financing and purchases from U.S. auto dealers, a trend acknowledged and generally supported by automakers.
Previous investors in AutoFi include BMW iVentures and Ford Motor Credit (F.N), according to investor website PitchBook.
AutoFi said its digital commerce platform was used to process more than one million vehicle financing requests in 2021, supporting more than $3 billion in retail sales.
The latest funding round will be used to expand AutoFi’s platform to banks, as well as captive and specialty finance companies, according to Kevin Singerman, AutoFi’s chief executive and co-founder.
Santander Consumer USA said it will expand its partnership with AutoFi to roll out Santander's online sales and financing program nationwide.
Our Standards: The Thomson Reuters Trust Principles.
Sign up to our business newsletter for a daily digest of breaking business news.
Subscribe to our newsletter to get all the news you need to start your day.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved

source

By Kwetu Buzz

Leave a Reply

Your email address will not be published.