Bank of Internet (BofI) has successfully implemented an auto lending platform it unveiled in April that is designed to assist franchised automobile dealerships.
BofI’s Auto Platform uses data and technology to streamline funding decisions.
Senior Vice President Tim Chung says the program has been successful so far.
“In the past six months alone, 191 dealers have been enrolled through the platform. By implementing a series of innovative digital market campaigns, we increased the number of loan applications and conversion rates. The net result was a 92 percent increase in funding in the three months between Independence Day and Labor Day.”
After piloting in Southern California, BofI is expanding to several additional states.