A 'captive-like' finance option for car dealers?

Software provider Solera Holdings has created a "captive-like" finance option it says would put franchised dealerships on the same footing as "the most prominent used-car disrupters."

Solera said Solera Auto Finance integrates with Solera's Auto/Mate dealership management system, features competitive interest rates, offers customers the ability to arrange financing online and can make an auto loan decision in seconds.

"Additionally, as the Solera Auto Finance AI-driven technology continues to mature, dealer funding time is expected to shrink to mere hours," Solera said in a release.

The program will be available first in Georgia, Indiana, Kentucky, North Carolina, Oklahoma, Virginia and Washington.

Dealerships using Solera Auto Finance could cut part or all of their DMS costs through a rewards program, the company said.