BURLINGAME, Calif. -

CarWoo and DealerTrack revealed Wednesday that they are partnering to deliver payment calculation and credit application capabilities directly to CarWoo users.

DealerTrack’s PaymentDriver and FinanceDriver tools will now be directly integrated into the site’s marketplace and its new Dealer Premium offering, officials noted.

The DealerTrack advanced digital retailing tools will allow consumers using CarWoo to see monthly payments and qualify for financing on a specific vehicle with dealers who have signed up for the Dealer Premium program, which will be available later this year.

“DealerTrack’s PaymentDriver and FinanceDriver allow CarWoo to provide dealers with buyers who are very far down the purchase funnel. These buyers are ready to close the deal and drive off," said Tommy McClung, CarWoo’s chief executive officer.

“CarWoo’s online marketplace is the best online approximation of the traditional in-dealership experience. It’s tailored to the growing population of customers who want to buy everything online and created efficiencies for dealers that translate into increased profitability,” he continued.

How exactly does the product integration work? The company explained that the financing tools will be available to participants in its new Dealer Premium program, which will be available later this year. First, a Premium dealer presents an offer to a buyer. Then, the PaymentDriver tool allows the buyer to see the range of payments they can expect.

“With PaymentDriver, the buyer has the ability to enter his or her credit score and trade-in value and then, based on current rates, residuals and rebates along with lenders and terms configured by the dealer, see vehicle-specific loan or lease deals,” the companies explained.

And with FinanceDriver, the customer can be fully qualified based on a credit application that is filled out online.

Commenting on the news, Amit Maheshwari, general manager of digital retailing solutions at DealerTrack, said, “Our digital retailing solutions and tools help streamline the online buying process for consumers while linking it with the dealer’s in-store practices.

“The additional of FinanceDriver and PaymentDriver to the CarWoo marketplace will enhance consumers’ online car buying experience, while putting more qualified buyers directly into the hands of dealers,” he continued.

Lastly, CarWoo officials highlighted some more elements of its new Dealer Premium program, which offers the following tools to dealers:

—In-market verification of buyers
—Customized profile pages and improved SEO (search engine optimization)
—The ability to upload photos, videos and PDFs along with an offer
—Loan or lease payment calculator
—Online finance qualification