AutoFi’s relationship with Santander keeps expanding with move into Canada
The relationship involving AutoFi and Santander now is international.
After the bank was part of the investment round that pushed AutoFi’s valuation to near $700 million, the digital platform that helps to facilitate auto financing announced on that Santander Consumer Canada has joined its network of North American auto finance partners.
Santander Consumer Canada, based in Edmonton, Alberta, is part of global financial group Banco Santander based in Madrid, Spain.
Executives highlighted that participating in AutoFi’s program reflects Santander Consumer Canada’s progressive approach to digital financing, allowing customers to receive fast, easy and convenient automotive financing options and approval from anywhere.
AutoFi’s comprehensive platform can provide automotive commerce solutions for dealers, marketplaces, OEMs and finance companies, integrating the online, remote, and in-store sales experiences.
Customers shopping or researching vehicles online can obtain instant credit approval and a firm financing offer from Santander Consumer Canada through Canada’s top automotive dealers.
After selecting the financing terms and monthly payment that work best for them, customers can easily shop for their vehicle, learn the value of their trade-in vehicle, and select F&I products entirely online.
“We’re pleased to have Santander Consumer Canada join our network of more than 40-plus lending institutions in North America,” AutoFi chief executive officer and co-founder Kevin Singerman said. “Santander Consumer Canada shares in our vision of bringing innovation to the automotive purchase experience and digital finance is a large part of that.”
The two companies certainly know each other well. Coinciding with the investment made earlier this month, Santander announced the expansion of its partnership with AutoFi in the U.S.
According to a separate news release, the new Santander Consumer USA, digital experience will include mobile, desktop and in-dealership tools to identify vehicles on a dealer’s lot that fit a consumer’s budget, as well as specifications to complete deals — streamlining the financing process and allowing consumers to shop for a vehicle however, wherever and whenever they want.
Galen Gower is vice president of corporate strategy of Santander Consumer Canada and is interested to see what AutoFi’s platform can do in Canada.
“Santander Consumer is pleased to partner with AutoFi in Canada as it supports our initiatives to provide innovative lending solutions to our dealer partners and consumers nationally,” Gower said.
“We look forward to expanding our lending reach and continue our growth with prime to full-spectrum programs in automotive and powersports. Santander Consumer is now in Canada, on AutoFi and here to help dealers and consumers thrive,” Gower went on to say.