NEW YORK –
About a week after reinforcing its floor-plan capabilities, Vroom also bolstered its ability to originate financing for its online retailing operation.
On Wednesday, Vroom announced a multi-year strategic preferred financing relationship with Santander Consumer USA. The company highlighted the partnership is designed to enhance Vroom’s customer experience through a streamlined financing process and competitive rates.
A news release explained the new relationship will make it even easier for Vroom customers of all profiles to obtain auto financing. The two companies have begun operationalizing the partnership and will continue to refine and enhance aspects of it through 2020.
Vroom pointed out Santander Consumer has been a valuable financing partner since 2018, but this new preferred financing relationship will streamline the transaction process and provide access to enhanced pricing, financing options and tools.
In addition to the benefits for Vroom customers seeking financing, the company added the new partnership offers strategic co-marketing opportunities intended to scale vehicle sales and acquisitions.
“Santander Consumer is pleased to form a strategic partnership with a cutting-edge company like Vroom that is changing how consumers buy and sell used cars by offering a streamlined, hassle-free online experience,” said Shawn Allgood, head of Chrysler Capital and auto relationships at Santander Consumer USA.
“This partnership aligns well with our focus on creating a seamless digital experience for customers across all channels and we look forward to a successful collaboration with Vroom to offer a truly integrated auto financing process,” Allgood continued.
Vroom has strategic relationships with Santander Consumer USA as well as Chase and maintains a large network of finance companies as part of its mission to create a frictionless online transaction for its clients. The company’s financing relationships support Vroom’s overall strategy to best serve the used-vehicle market across all customer profiles and market segments.
Strategic partnerships, like the Santander deal, allow Vroom to optimize the customer experience by offering seamless financing arrangements, competitive rates and operational efficiency, according to Vroom chief revenue officer Mark Roszkowski.
“We’re thrilled to name Santander Consumer as a strategic lending partner, as it is a respected and experienced auto lender with deep ties to the automotive market,” Roszkowski said.
“Santander’s underwriting sophistication, transaction speed and strategic relationships align with the core philosophies and culture of Vroom and we’re looking forward to collaborating in a larger capacity to better serve car buyers as they turn to ecommerce and home delivery options now more than ever,” he went on to say.