Blinker joins with Ally to enhance the auto industry's only peer-to-peer e-commerce platform; expands to largest car markets in the US
The Colorado-based company launches in California and Florida today; teams with Ally to offer industry-leading vehicle protection products
DENVER, Feb. 20, 2018 /PRNewswire/ -- South by Southwest® Interactive Innovation Award winner and 2018 LendIt Fintech Industry Award finalist Blinker, the only peer-to-peer e-commerce platform that provides an end-to-end solution for anyone buying, selling or financing cars, announced two major milestones for its business today:
• Blinker is now available in the largest car markets in the US – Beginning today, Blinker is expanding its proprietary e-commerce and loan origination platform from Texas and Colorado to California and Florida, allowing millions of customers to buy, sell and finance vehicles easier, quicker and safer with other people. Thirty percent of vehicle sales across the US every year are between people, yet private-party marketplaces including Craigslist, Letgo, Autotrader, Cars.com and Facebook Marketplace don't have services such as integrated financing or lien payoff support. Leveraging artificial intelligence and machine learning, Blinker customers get guidance and tools to complete the entire purchase process themselves, from instant vehicle valuation to real-time auto loan approval to e-signing documents to secure funds transfer, all for free within Blinker's mobile app.
• Blinker joins with Ally to offer best-in-class auto protection products – Blinker will now give customers the option to add Ally's vehicle protection coverage, including Ally Guaranteed Asset Protection (GAP) and Ally Premier Protection vehicle service contracts, for their vehicle purchases in the app. GAP covers the difference between the cash value of a vehicle and what Blinker customers still owe on their loan if the vehicle is totaled or stolen. Ally vehicle service contracts cover the repair cost for over 7,400 mechanical, electrical, safety or digital components, as well as some related expenses like trip interruption, rental car coverage, towing and 24/7 roadside assistance.
"Ally is thrilled to work with Blinker, a cutting-edge trailblazer in the automotive digital space, to offer our industry-leading vehicle protection products that provide consumers with peace of mind," said Doug Timmerman, President of Ally Insurance. "Like Blinker, we're committed to being customer-centric and innovating in the marketplace."
In its commitment to empowering customers, Blinker has helped sellers earn an average of $2,900 over trade-in, saved buyers an average of $2,000 below dealer retail value and saved customers who refinance an average of $130/month on their car loans. Since launching in 2016, the company has secured 13 patents, increased its Net Promoter Score (NPS) to the mid-90s and generated over $44,000,000 in vehicle sales. Blinker will continue to roll out new features in 2018, including a collision insurance solution, and a digital retailing platform for dealers and off-lease companies.
"Blinker is on a mission to change the way people manage their vehicle ownership – putting them in control of the entire process right from their smartphones," said Rod Buscher, Founder and CEO of Blinker, who has 35 years of automotive experience founding the John Elway Dealerships in Colorado. "By expanding our financing and refinancing services, as well as our strategic partnership with Ally to the largest car markets in the nation, Blinker is proud to empower more drivers than ever. Blinker gives people the power to do in minutes what traditionally took hours, saving people precious time, money and stress typically associated with the vehicle ownership process."
Blinker is the only peer-to-peer e-commerce platform that provides an end-to-end solution for anyone buying, selling, financing and refinancing cars. Blinker's AI-powered vehicle recognition technology makes everything from getting pre-qualified for financing to selling a car with a lien as easy as snapping a photo. The company verifies the identity of every buyer, seller and vehicle, and offers free CARFAX reports. Plus, Blinker securely transfers funds and even assists with DMV paperwork. Launched in 2016, Blinker is headquartered in Denver, Colorado, and led by a team of automotive, technology and finance industry veterans from US Bank, CarMax, GM Financial and Cox Automotive. Blinker has partnerships with CARFAX, Black Book and Ally. For more information, visit www.blinker.com or download the free app from the App Store or Google Play Store.
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