Ford ploughs into FinTech with AutoFi investment

Auto giant Ford is making an investment in the fintech space and backing auto financing startup AutoFi.

The size of the investment in the San Francisco startup is undisclosed.

In addition to the investment Ford is partnering with AutoFi to allow customer to buy vehicle online more easily.

The company aims to connect dealers and lenders to customers through its web and mobile platform to reduce the time taken to purchase vehicles online.

Customers complete the paperwork for the vehicle when picking it up.

AutoFi CEO Kevin Singerman said: “AutoFi’s platform will help cut the time people spend arranging financing and improve the experience dealerships can deliver for their customers, no matter where they are in the car-buying journey.

“We think this will be a game changer for both consumers and dealers, and we are thrilled to work with Ford Credit to make this happen.”

Launching at Ricart Ford in Groveport, Ohio before rolling out across the US, the partnership is intended to allow users to apply for credit and receive a decision more quickly while purchasing a car online.

Ford Credit director of mobility Lee Jelenic said: “By combining our fast and efficient credit-decision process with AutoFi’s online capability, we are making the customer experience faster, smoother and simpler.

“With its experience in used-vehicle online financing and well-developed platform, AutoFi makes it easier for us to adopt new technology quickly to meet evolving consumer expectations.”

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