CAMBRIDGE, Mass. –
CarGurus continues to build relationships with finance companies, with the newest one connected with a provider that caters in part to the subprime market.
On Tuesday, the online automotive marketplace announced that Global Lending Services has joined its financing platform that can allow eligible consumers to get pre-qualified for auto financing from the CarGurus website.
CarGurus launched its online financing capability last year through a partnership with Capital One and has since added Westlake Financial Services and now GLS as additional providers to its financing program.
CarGurus highlighted that adding a third finance company to the program will not only continue the transparent and efficient process that shoppers are used to experiencing on its site, but will also provide those shoppers with competitive rates for almost all of the U.S. vehicle inventory on CarGurus.
“As a trusted automotive shopping leader to both consumers and dealers, CarGurus is thrilled to welcome GLS as the latest lender to our financing platform,” CarGurus chief product officer Tom Caputo said in a news release. “Adding GLS is a win for shoppers that will see a wider selection of rates to choose from and a win for dealerships that will have better-informed, ready-to-buy shoppers coming to their locations.
“Financing is an often forgotten, yet crucial step in the online car shopping journey, and creating a marketplace of lenders for online auto financing will help consumers conduct this research earlier in the process and ultimately come to dealerships better prepared to buy a vehicle,” Caputo continued.
According to CarGurus buyer insights data, 36% of vehicle shoppers want to finance their vehicle online before their purchase. The CarGurus online financing platform not only can help enable shoppers to do so transparently, but also can ensure that dealerships both maintain financing flexibility and the ability to offer additional financing options to these down-funnel shoppers.
“We are excited to partner with CarGurus to provide customers financing options early on in their car buying experience and from the safety of their own home,” GLS chief executive officer Steve Thibodeau said. “The last few months have really highlighted the importance for customers to be able to complete as much of the buying process online, before heading into the dealership.
“Knowing that you’re approved and what your payment will be before you step into the dealership, allows customers to focus on the vehicle they want without the stress of financing,” Thibodeau went on to say. “For dealers, knowing they have qualified buyers being referred to their showrooms, improves sales volumes and cuts down on time in the finance office, leading to a better customer experience.”
For dealerships and finance companies with questions about the CarGurus financing platform, send a message to email@example.com.