Disrupting the Auto Industry Customer Experience through Digitalization
TEMPE, Ariz. and SAN FRANCISCO, Oct. 11, 2022 /PRNewswire/ — DriveTime, the largest privately owned used car sales and finance company in the country, is proud to announce that it can now verify income for the majority of customers in seconds. No longer the days of printing paystubs and other stipulations, DriveTime has created a process for customers to digitally upload their documents and receive a review response within seconds through the use of AI – based optical character recognition (OCR) technology.
This significant customer experience upgrade has been achieved through a partnership with Informed.IQ, a technology company used by financial institutions to instantly and accurately verify loan origination data. Informed.IQ has become the fastest-growing supplier of automation software to the auto finance industry and now counts the majority of the country’s top auto lenders as customers.
For several months, the two companies have collaborated to implement the cutting-edge software, allowing DriveTime customers to electronically upload their required documents for an auto loan application, eliminating burdensome paperwork and vastly reducing the amount of time needed to get their loans approved. Typically, the auto loan application process can take anywhere from hours to days. With DriveTime’s new process, customers can expect that time to be reduced to mere seconds, making it more convenient to get their loans approved quickly so they can drive away happily in their new cars.
“At DriveTime, we continuously request feedback from our customers. Simplifying the stip upload and income verification process has been at the top of their list. DriveTime is proud to offer this digital capability to allow customers of all financial backgrounds to seamlessly get their auto loan application reviewed and approved in a fast, easy manner,” said Brandon Kreitinger, Vice President at DriveTime.
“It’s been a wonderful working with the dedicated team at DriveTime to bring this new venture to life,” said Justin Wickett, CEO of Informed.IQ. “Gone are the days of having to obtain physical composite documents to complete sales. We are proud to support DriveTime as it continues to find ways to support its diverse customers across the country.”
Over the past 25 years, DriveTime has made a name for itself as a leading innovator in the U.S. auto industry. The company guarantees a car-buying experience like no other, boasting 99.9% approval odds, no-pressure sales advisors, personalized financing options, and 135+ dealerships. Customers can view thousands of vehicles on the company’s website and get personalized financing terms with the click of a button. This new functionality of offering a digital stip upload process with real time income verification is another big leap forward in disrupting the auto-buying experience and transforming the customer journey.
Headquartered in Tempe, Arizona, DriveTime is the largest privately owned used car sales and finance company in the country. With more than 135 dealerships, 3 operation centers, and 15 reconditioning centers across the nation, DriveTime’s 4,000+ employees are focused on getting the right customer in the right car, at the right terms. Starting with selection at auction, DriveTime sources over 200 different vehicle makes and models. Each vehicle is then sent to reconditioning centers for inspection before being delivered to the dealership. Once on the lot, DriveTime’s no-haggle pricing model and belief in transparency provide a pressure-free sales environment for every customer. Using its proprietary scoring technology and financing model, DriveTime helps customers get into the car that’s right for them, regardless of their credit situation.
Informed.IQ uses AI and ML to instantly verify income, assets, residence, insurance, auto and credit stipulations, and more, enabling real-time, reliable credit decisions without bias. Our models process hundreds of document types and consumer-permissioned data sources, automating stipulation clearance. In 2021, Informed processed over 3.4 million credit applications, automating $110+ billion in loan originations to date. The solution automates verifications with 99% accuracy in seconds with no humans-in-the-loop.
Originally focused on auto lending, where six of the top ten auto lenders use Informed, financial institutions now use Informed for mortgages, credit cards, personal and student loans, and automated bank account openings. Visit informediq.com and follow Informed on LinkedIn.