Australian Fintech Driva has partnered with CARS24 - the global company on a mission to disrupt how people buy a used car - to offer customers an entirely online car buying and financing experience - a first in Australia.
The partnership will see CARS24 integrate Driva’s proprietary loan matching system on its website, allowing customers to check out “with finance” in less than five minutes and access personalised interest rates from a panel of Australian lenders. Eligible customers can have their finance pre-approved without leaving the CARS24 platform.
CARS24, the unicorn company valued at over US$1 billion, recently launched in the Australian market following its success in India. CARS24 provides customers the ability to shop for hundreds of quality-checked used cars online and enjoy free delivery, a 7-day test ownership period with a 100% money back guarantee and a 6-month warranty. “Large traditional dealerships have historically been unable or unwilling to offer a product like Driva’s - instead having to rely on direct relationships with individual lenders or old-school brokers,” said William Brown, ex-Goldman Sachs, who co-founded Driva with Scott Montarello, ex-McKinsey, in 2019.
“Driva facilitates the fastest finance pre-approvals in the market and allows customers to find the lowest rate that matches their credit profile. Our platform instantly provides consumers with accurate up-front pricing, instead of the opaque or generic pricing consumers get from almost every other market participant,” said Mr Brown.
Mr Brown said CARS24, which is striving to be the Amazon of used cars, is leading the way in offering consumers choice by providing Driva’s seamless online capability and ability to save consumers thousands by comparing multiple personalised offers at once. “New entrants like CARS24, who are laser focused on building the best possible customer experience, naturally find our proposition attractive,” said Mr Brown.
CARS24 Australia CEO Olga Rudenko said: “CARS24 is excited to partner with Driva in Australia. Working with this dynamic Fintech made sense as we strive to offer Aussies the most convenient, seamless and reliable way possible to buy a used car.” Driva, which earlier this year completed its $3m seed round led by Australian VC Carthona Capital, offers partners a white-labelled loan matching platform that allows third parties to match their customers with their best deals from a large lender panel within their own Ecosystem.
Carthona Partner James Synge said: “We see significant potential for Driva’s loan matching platform disrupting car finance in Australia. By allowing consumers to instantly find the cheapest financing available to them based on their credit profile, Driva has opportunity to capture the market once dominated by the direct relationships between individual lenders, old-school brokers and dealers.”
Driva’s AI-driven technology has in-built credit policies and pricing criteria for key automotive lenders in the Australian market, which allows instant matching of a customer’s profile to their lowest rate and pre-qualified lender option. This gives customers confidence they are seeing the lowest repayment option available to them.
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