Car Capital adds CarLotz to list of dealer clients using underwriting technology
Within the week of being named one of this year’s Emerging 8 honorees, Car Capital showed again why it’s gaining momentum in auto financing.
The technology company that strives to get any deal bought no matter the consumer credit background is continuing to build its network of dealer partners with CarLotz coming aboard on Wednesday.
According to a news release, Car Capital is starting out its relationship with CarLotz in four states, including Illinois, Florida, North Carolina and Texas.
“We are delighted to have CarLotz, our first public dealer group, join our rapidly growing group of dealer partners,” Car Capital co-founder and chief executive officer Justin Tisler said in the news release. “We believe CarLotz demonstrates a dedication to car sellers and buyers on the same high level as Car Capital and we are enthusiastic about our future together helping everyone involved in the car buying process.”
Car Capital dealer partners have access to a proprietary, SaaS platform — Dealer Electronic Auto Loan System (DEALS) — that can give them the ability to approve up to 100% of typically credit-challenged vehicle buyers that come into their dealerships, allowing those consumers to have greater confidence in their ability to purchase a vehicle at CarLotz dealerships.
In DEALS, dealer partners can make real-time modifications to deal terms based on the economics of each unique vehicle and consumer and dealers can earn back-end profit off their sales determined by performance, instead of the commonplace, industry-standard minimum portfolio size requirement.
In February, RightWay, which operates more than 40 independent dealerships in the Midwest, started to use Car Capital’s platform. Now CarLotz will be.
“Car Capital welcomes CarLotz as a significant addition to our flourishing network of dealer partners,” Car Capital chief revenue officer Cory Cox said. “The innovative model of CarLotz fully aligns with the ideals of Car Capital and our shared goal to help those customers typically underserved in the marketplace.”
Car Capital along with the other Emerging 8 honorees will be in the spotlight during the Auto Intel Summit, which is scheduled for April 12-14 in Raleigh, N.C.
The agenda for the event designed to answer “what’s next” within auto financing and more can be found at www.autointelsummit.com.