The company also will give dealerships using its Upstart Auto Retail platform the opportunity to let their customers obtain a car loan and even complete a purchase entirely online. These new features on what was once the Prodigy auto retail platform also will begin to roll out during the second quarter, Upstart said.
Right now, only about 30 of Upstart's nearly 800 dealership customers have been able to use Upstart's artificial intelligence-based, highly automated indirect lending system to find loans for their customers. The capability has only been available in-store, not for online retail, according to Alex Rouse, vice president and general manager of Upstart Auto Retail.
Rouse called results from dealership testing of Upstart loans "really, really impressive."
The company's partner lenders capture 24 percent of the loans pitched by dealers, Upstart spokesman Tom Brennan said. For 70 percent of the loans, Upstart was the only lender willing to finance the vehicle buyer, Rouse said.
"In 2022, we launched a successful pilot program with Upstart to extend our leadership in creating a best-in-class digital experience," Del Grande Dealer Group CEO Jeremy Beaver said in a statement. "We expect to make further progress this year by completing our start-to-finish omnichannel sales approach. Upstart has enabled DGDG to help customers that would have otherwise not had access to reasonably priced auto financing options."