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Led by Jim Landy, one of the industry’s leading authorities on auto finance, SpringboardAuto’s proprietary technology is now available in 22 states
Irvine, CA – September 26, 2017 – SpringboardAuto, a digital retail company that is revolutionizing the automotive fintech space, today announced it has expanded operations to 22 states and to over 70% of the U.S. population – a growth rate driven by dealers’ desire to further improve customer satisfaction and the consumers’ demand for a streamlined dealership experience.
“The difference in our model is how we define our customer base,” said SpringboardAuto CEO Jim Landy. “Our goal when building the technology was to create a secure, fast and flexible platform that mutually benefits dealers and customers. Today’s car buyers are tech savvy and time constrained. In our model, we significantly reduce the administrative work so dealers and customers can enjoy the car selling and buying experience.”
Driving this change is the need for speed: consumers want to spend less time in the showroom, specifically when it comes to doing paperwork. According to recent studies, customer satisfaction decreases as time spent at the dealership increases. Of that time, 33% is taken up with finance and paperwork(1); creating an opportunity for dealers to increase customer loyalty by reducing the time a customer spends in the dealership.
“The fact that consumers will spend less time in the dealership doesn’t mean they need the dealers less. Rather, the consumer needs them to play a greater role in selling products,” continued Landy. “Ultimately, our technology gives dealers and customers the advantage of doing more in less time.”
Dealers and customers are catching on and becoming fans of this simple and straightforward process as evidenced by SpringboardAuto’s increase in completed loans - a compound monthly growth rate of 20% in 2017.
For example, Brant Tessinger, Finance Manager of Los Angeles’ Diamond Honda Dealership says of SpringboardAuto: “SpringboardAuto delivers ready-to-buy customers, with cash in hand, reducing labor costs and helping to eliminate hours of tedious paperwork. As a result, SpringboardAuto customers are more receptive to aftermarket sales and usually deliver a higher CSI.”
SpringboardAuto was developed by Landy and other industry veterans upon recognizing the opportunity to simplify and automate a complete auto retail experience. The proprietary technology provides self-serve, real-time financing tools including a loan configurator that lets customers accurately and instantly reconfigure loan terms within personalized parameters, a secure portal to easily upload documents, and instant approvals complete with an e-check. The live e-check can be printed from any computer and is ready-to-deposit – giving both parties confidence in the transaction.
“Many of the consumers who come to us want to control their experience and are in a financial bracket that requires extra care and time on their financing,” said Connie Oropeza, Director of Operations at SpringboardAuto. “We are able to create confidence with this customer while eliminating risk, excess paperwork, rewrites and other time costs that create headaches for dealers.”
Brandi Hicks, who recently completed a loan through SpringboardAuto has vowed to spread the good word about her SpringboardAuto experience: “It was the easiest car purchase I have ever experienced. I've been at dealerships for well over 8 hours before to get approved for a car loan and get the paperwork done. This place was amazing. The whole thing took less than an hour and I left with my new SUV. I will recommend them to everyone I know!”
SpringboardAuto is currently doing business in the following states: Arizona, California, Colorado, Florida, Georgia, Illinois, Kansas, Maryland, Michigan, Missouri, Nebraska, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Tennessee, Texas, Utah, Washington, and Wisconsin.
SpringboardAuto (www.springboardauto.com) is an automotive digital retail company and technology solutions provider created by industry veterans and backed by CUNA Mutual Group. Our proprietary technology was architected by experts who saw gaps in the digital auto-buying experience. The company’s mobile-friendly, auto finance solution simplifies a secure online transaction for customers, dealerships and private sellers. Additionally, we offer this complete suite of end-to-end technology, marketing and fulfillment services to credit unions, banks and other partners as an extension of their customers’ experience. As
a complete digital ecosystem, SpringboardAuto is empowering the industry and revolutionizing the auto fintech landscape.
(1) Source: 2016 Car Buyer Journey provided by Autotrader and Kelley Blue Book