Artificial intelligence underwriter and digital auto retail vendor Upstart seeks to facilitate indirect auto lending in four states by the end of this quarter and roll out the capability to dealerships nationally next quarter.
The company reported significant first-quarter gains in auto refinancing volume, the other key element of the auto finance push it planned for 2022.
Upstart estimated in February it would serve as an intermediary for $1.5 billion worth of auto finance volume during 2022. Upstart CFO Sanjay Datta predicted during a Feb. 15 earnings call this figure would draw heavily upon the company's more mature auto refinance business for the first half of the year.
But CEO Dave Girouard told an earnings call Monday the indirect auto business would contribute "meaningfully" to Upstart's monthly transaction volumes by the end of the year. The company would be poised for a "significant ramp in 2023," he said.
"This is one of the most exciting developments in Upstart's history," Girouard said. "You should feel confident that we have a lot of executive attention on getting it right."