Upstart's Auto Retail Enhancements: A Game Changer for Dealerships

Upstart, the leading AI lending marketplace, has just announced a significant set of product enhancements to its Auto Retail platform. These updates are set to revolutionize the way dealerships operate, making the sales process more efficient and profitable. Let's dive into the key features and explore how they position Upstart against competitors in the auto lending market.



Faster, Flexible Desking

Upstart's redesigned layout puts critical profit information and key workflows upfront, enabling sales managers to adjust all deal details in one view with just a few clicks. This streamlined approach allows salespeople to desk deals in under a minute, freeing up time to focus on closing sales. Chad Bouchard, General Manager of Ron Bouchard Honda and Kia, reported that salespeople are now selling up to five more cars per month due to the improved desking experience.



Deeper Credit Insights

The new credit dashboard offers initial, complimentary FICO Auto Scores on soft pulls, a downloadable credit report, and fraud and compliance checks for every customer at credit app submission. Dealers can now better prepare for a customer's visit to the showroom, make informed financing decisions, and streamline approvals without switching between multiple service providers. This depth of credit insights helps Upstart's dealer partners make smarter decisions and tailor their sales approach to each customer's financial situation.



More Efficient, Profitable Financing

Upstart's AI-powered offer and rehashing module displays approvals from Upstart and other lenders, proactively highlighting offers with lower APRs or better terms. This feature helps finance managers pick the right offer to close the deal, potentially increasing profits and customer satisfaction. Upstart dealer partners have leveraged these features to generate loan-to-value ratios as high as 185%, indicating the potential for significant revenue growth.



Positioning Upstart Against Competitors

These updates position Upstart favorably against competitors in the auto lending market by offering a more comprehensive, efficient, and customer-centric platform. Upstart's new In-Store and Financing capabilities enable dealerships to desk deals in under a minute, cut deal processing time by half, and streamline financing workflows. This efficiency helps Upstart stand out against competitors who may still rely on manual or less integrated processes.

Upstart's new credit dashboard offers initial, complimentary FICO Auto Scores, a downloadable credit report, and fraud and compliance checks for every customer at credit app submission. This depth of credit insights helps Upstart's dealer partners make informed financing decisions and better prepare for customer visits, providing a competitive edge.

Upstart's AI-powered offer and rehashing module helps finance managers pick the right offer to close the deal, potentially increasing profits and customer satisfaction. This feature, combined with the platform's ability to generate loan-to-value ratios as high as 185%, sets Upstart apart from competitors in the auto lending market.

In conclusion, Upstart's enhancements to its Auto Retail platform are set to revolutionize the way dealerships operate, making the sales process more efficient and profitable. These updates position Upstart favorably against competitors in the auto lending market by offering a more comprehensive, efficient, and customer-centric platform. Dealerships adopting these enhancements can expect increased sales productivity, elevated customer experience, and boosted dealership profitability.