Disrupting the Auto Industry Customer Experience through Digitalization
Tempe, AZ and San Francisco, CA – October 11, 2022: DriveTime, the largest privately owned used car sales and finance company in the country, announced the next phase of its partnership with Informed.IQ, a provider of AI-based software for financial institutions. Through this partnership, DriveTime has created a process for customers to digitally upload their documents to instantly verify income data. Informed.IQ is a fast growing supplier of automation software to the auto finance industry and now counts the majority of the country’s top auto lenders as customers.
The two companies collaborated to implement the software, allowing DriveTime customers to upload required documents for an auto finance application electronically, eliminating burdensome paperwork. This next phase of the partnership enabled DriveTime to reach a new milestone of reducing the amount of time needed for the majority of customers to get their income stipulation approved from minutes to mere seconds.
“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 it continues to find new ways to support its diverse customers in the car buying process while providing access to credit for 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 offers a wide selection of used vehicles at 135+ dealerships across the country. 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 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. With more than 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, enabling 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, where 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. To learn more, visit informed.iq and follow Informed on LinkedIn.