Ford Motor Credit has partnered with SF fintech startup AutoFi to launch a new platform on the Ford dealerships website for purchasing and financing cars, accessible from anywhere and on any device. Providing digital financing options is appealing to customers since it allows them to secure a loan online without having to go to the showroom. As of now, the only in-store location is in Ohio, however the platform will soon be rolling out to all national Ford and Lincoln dealerships.
Personally, I think this is a great strategic move on Ford’s part and I believe many others in the automobile industry will follow in their footsteps. They were smart to act on the data they had collected from a survey conducted by Harris Poll that showed 83% of Americans said that they would like to spend as little time as possible at the dealership when shopping for a vehicle. Not surprisingly, the respondents also said they would like to touch and feel a car before purchasing it. Thus, this new platform caters towards both of these survey results since it speeds up and simplifies the buying process using technology, while also offering it in-stores so that customers can still have the opportunity to see the car in person before purchasing it. As customer expectations are evolving, as seen from the survey, Ford’s decision to adopt AutoFi’s technology will be a game changer for both consumers and car dealers.
Source: http://www.altfi.com/article/2602_fintech_car_finance_firm_strikes_deal_with_ford
http://www.marketwatch.com/story/ford-teams-with-startup-for-online-car-shopping-2017-01-23