Artificial intelligence (AI) lending marketplace Upstart has introduced enhancements to its auto retail platform.
The updates, announced Wednesday (Jan. 15), help car dealers streamline financing and close sales more quickly.
“With consumer confidence and vehicle sales on the rise, and the majority of car buyers still preferring to complete their purchase at a dealership, the ability to deliver a high-quality in-store experience — including financing — is imperative for dealers,” Upstart said in a news release. “Upstart’s new In-Store and Financing capabilities make that possible by saving crucial time in the showroom and generating deals with higher margins.”
The new enhancement includes a redesigned layout that places “critical profit information and key workflows upfront for easy access.” This lets sales managers adjust deal details such as payment and financing options into one view.
There’s also a new credit dash that offers initial, complimentary FICO Auto Scores on soft pulls, a downloadable credit report, and fraud and compliance checks for each customer.
“This enables dealers to better prepare for a customer’s visit to the showroom, make informed financing decisions, and streamline approvals without the need to switch between multiple service providers,” the release said.
PYMNTS wrote last month about auto dealers’ embrace of AI. This move has driven revenue gains for these car sellers, according to a recent survey by auto customer information company Fullpath.
That survey also showed that four out of five car dealerships plan to increase their AI spending during 2025, using the technology for areas like customer support, personalized marketing campaigns and optimization of digital advertising.
As PYMNTS wrote, this “tech is transforming the traditional dealership model by analyzing customer data gathered during sales to personalize offers and provide digital tools that give consumers more control over their purchases.”
Other dealerships have added AI-powered chatbots to their websites to promptly address customer inquiries and schedule appointments, improving response times substantially.
“With AI platforms, dealerships gain a comprehensive view of the buying experience from start to finish, including online browsing habits and past purchase history, allowing them to accurately predict who is most likely to buy and when,” David Boice, the CEO and co-founder of Team Velocity, a B2B automotive tech company, said in an interview with PYMNTS.
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