Disrupting the Auto Industry Customer Experience through Digitalization
Tempe, AZ and San Francisco, CA – October 11, 2022: DriveTime, the largest US privately owned used car sales and finance company, announced the next phase of its partnership with Informed.IQ, provider of AI-based lending software. Through this partnership, DriveTime’s customers digitally upload documents to instantly verify income data. Informed.IQ, a fast growing supplier of AI-automation software, now serves the majority of the country’s top auto lenders.
The two companies collaboratively implemented the software, allowing DriveTime customers to electronically upload auto finance required documents, eliminating burdensome paperwork. And, phase two of the partnership enabled DriveTime to reach a new milestone – reducing the amount of time the majority of customers need to get their income stipulation approved from minutes to mere seconds.
What People Are Saying
“At DriveTime, we continuously seek to make the car buying and financing experience more enjoyable for our customers. DriveTime is excited to offer this digital capability allowing customers of all financial backgrounds to seamlessly get their application reviewed and approved in a fast, easy manner,” said Brandon Kreitinger, Vice President at DriveTime.
“It’s been wonderful working with an innovative company like DriveTime,” said Justin Wickett, CEO of Informed.IQ. “We are proud to support DriveTime as they continue finding new ways to support its diverse customers in the car buying process while providing customers with access to credit across the country.”
Now, DriveTime is a leading innovator in the U.S. auto industry. The company offers a wide selection of used vehicles at 135+ dealerships across the country. Customers view thousands of vehicles on the company’s website and get personalized financing terms with the click of a button. This new functionality of digital stip upload with real time income verification extends DriveTime’s track record of transforming and improving the customer experience.
Headquartered in Tempe, Arizona, DriveTime is the largest privately owned used car sales and finance company in the country. The company has over 135 dealerships, 3 operation centers, and 15 reconditioning centers across the nation. DriveTime’s 5,000+ employees are focused on getting the right customer in the right car, at the right terms. 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, this enables real-time, reliable credit decisions without bias. Its models process hundreds of document types and consumer-permissioned data sources, automating stipulation clearance. In 2021, Informed processed 3.4+ million credit applications, automating $110+ billion in loan originations to date. The solution automates verifications with 99% accuracy in seconds without human intervention.
Originally focused on auto lending, six of the top ten auto lenders use Informed. Lenders now use the solution for mortgages, credit cards, personal and student loans, and automated account openings. Founded in 2016, Informed.IQ raised $20M in 2021 from notable investors including NYCA Partners and US Venture Partners. Finally, to learn more, visit informed.iq and follow Informed on LinkedIn.