LendKey Partners With TrueCar And Launches First Integrated Auto Buying & Lending Platform
Consumers receive pre-approved financing before visiting dealership
NEW YORK, March 9, 2015 /PRNewswire/ -- LendKey, an online lending platform that brings together lenders and borrowers, announced today that it has partnered with TrueCar, a negotiation-free car buying and selling mobile marketplace, to launch an integrated auto buying and lending program. This partnership will give consumers insight into pricing data and access to guaranteed savings as well as the ability to secure pre-approved financing automatically before visiting a dealership.
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Demand for online auto loans is strong. New auto loans reached $371 billion last year. Of consumers who purchased new cars, 85% were bought with loans. Additionally, 75% of consumers begin their car purchase online. The platform allows consumers to get a guaranteed savings certificate off of manufacturer's suggested retail pricing (MSRP) from TrueCar Certified Dealers and immediately get a pre-approved financing certificate from a local lender using LendKey's online lending platform in minutes online versus hours in person at the dealership.
"Consumers are increasingly pricing cars online before visiting a dealership and now, for the first time, they will be able to receive quick, transparent and accurate information about auto loans before stepping foot into a dealership," said Vince Passione, chief executive officer, LendKey. "This partnership allows us to combine TrueCar's upfront pricing with LendKey's pre-approved financing from our lender clients to make the process of buying a car more seamless for consumers."
"Our partnership with LendKey provides a great opportunity for both consumers and lenders to deliver a better car buying experience," said Jim Nguyen, TrueCar Co-Founder & EVP of Partner Development. "Nearly 85 percent of car purchases today require financing and we believe that consumers will find this to be a great way to purchase their new car. Lendkey has established relationships with hundreds of credit unions and banks to develop an online loan process that is designed to be simple and transparent."
"We want to make it simple for our members to purchase a car, and finalizing both pricing and financing before going to the dealer makes it easy for them to do so," says Tom O'Shea, CEO of Aspire Federal Credit Union, one of the first lenders to launch the new integrated platform. "We have been offering a car buying service powered by TrueCar to our customers and by extending this to integrate with LendKey's online loan platform, our members will have everything in hand before they step into a dealership and let them speed up the entire process."
More information about the platform is available at www.lendkey.com/autoloans
About LendKey
LendKey creates and manages online lending programs for banks and credit unions, bringing transparent, low-cost loans directly to consumers. Our vision is to transform a $3.5 trillion lending market by connecting thousands of banks and credit unions with millions of customers on the LendKey online lending platform.
LendKey's turnkey solution allows lenders to quickly launch online lending programs, enabling consumers to use a seamless digital workflow to find, compare, and apply for loans from local financial institutions. LendKey offers online lending programs in student loans, home improvement loans and auto loans and has created over 30,000 customer relationships and $725MM in loans for its 300+ clients. LendKey has 85 employees in offices in New York and Cincinnati, Ohio and is backed by DFJ, Gotham Ventures and Updata Partners. For more information, visit www.lendkey.com.
About TrueCar
TrueCar, Inc. (NASDAQ: TRUE), the negotiation-free car buying and selling mobile marketplace, gives consumers transparent insight into what others paid and access to guaranteed savings off MSRP from TrueCar Certified Dealers. TrueCar's network of more than 10,000 trusted Certified Dealers is committed to providing upfront pricing information and a hassle-free buying experience. TrueCar powers car-buying programs for some of the largest U.S. membership and service organizations, including AARP, American Express, AAA and USAA. Not all program features are available in all states. TrueCar is headquartered in Santa Monica, California, with offices in San Francisco and Austin, Texas. For more information, go to www.truecar.com. Follow us on Facebook or Twitter.
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SOURCE LendKey
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