CHERRY HILL, NJ and SAN FRANCISCO, April 19, 2022 – TD Bank and AutoFi, the leading commerce platform for end-to-end digital automotive sales and financing, announced today that TD Auto Finance, a division of TD Bank N.A., has joined the AutoFi network and will now be an online lending option for AutoFi’s automotive dealerships and marketplaces nationwide.
AutoFi's suite of products integrates the online, remote, and in-store sales experiences, providing automotive commerce solutions and tools that help dealers close sales. Customers can select the financing terms and monthly payment that work best for them, learn the value of their trade-in vehicle, and select finance and insurance (F&I) products online.
“Joining the AutoFi platform underscores our commitment to the digital space, from both the dealer and customer perspective," said Andrew Stuart, President and CEO of TD Auto Finance. "We can now offer vehicle shoppers instant credit approvals and a firm financing offer completely online, from anywhere. We are making a concerted effort at TD Auto Finance to create the best possible experience for our dealer partners and their customers. Consumers expect the brands they work with to be tech-powered, online, and accessible, and we see no reason why automotive financing shouldn’t be the same.”
Consumers are increasingly reviewing automotive financing options online. Overall, 45% of all automotive shoppers research financing options online. Among them, 60% apply for a pre-approval, according to the J.D. Power 2021 U.S. Consumer Financing Satisfaction Study.
"The AutoFi platform enables consumers to conduct their vehicle buying entirely online or start online and then complete the purchase or lease at the dealership," said Kevin Singerman, CEO and co-founder of AutoFi. “Financing is a critical element of the shopping process. TD Auto Finance is focused on providing an optimal digital finance experience for consumers and retailers, and we're proud to have them in our network."
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 9.7 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US and www.twitter.com/TDNews_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD." To learn more, visit www.td.com/us.
AutoFi is the leading commerce platform for end-to-end digital automotive sales and financing, powering billions of dollars in transactions every year. AutoFi empowers sellers, including the nation's top dealers and digital retailers, to sell more efficiently and profitably through its innovative platform and expansive network of trusted lenders. Additionally, AutoFi's Lending as a Service API offers customized solutions that power the financing for the largest branded automotive marketplaces in the industry. For more information, visit www.autofi.com.