Upgrading the Used Car Financing Experience
Eric Burney, the Chief Executive Officer of AutmaticUSA.com, explains what it’s like to source used cars, “The consumer picks out the car and then sits in the auto dealership for hours waiting for auto financing to go through. Throw some kids into that mix, and it’s a real hassle.”
Burney, a husband and father to two young boys, wanted to eliminate that wait time. That’s the reason he founded Automatic USA, a Fintech platform connecting auto dealerships to accredited financial institutions.
“With the Automatic software, used auto dealers can get consumers approved for multiple loans much faster than the traditional lending process,” says Burney. “And it’s all transparent. We want the auto dealerships to be able to see everything, so they can work with the consumer to figure out what auto financing best fits their needs."
Automatic’s software doesn’t just save the time of used auto buyers; it also provides them clear used auto financing options and opportunities for increased sales among the auto dealerships that use it.
“If a conventional sale takes three to four hours to complete, that ties up a lot of people," explains Burney. Auto dealerships taking advantage of Automatic's software can finalize a sale and move on to engage with the next customer faster than the antiquated systems they use. The time saved by using the Automatic USA platform creates a greater opportunity for used auto dealerships to maximize their earning potential.”
According to Burney, Automatic focuses on user experience. “We want to make the process of submitting auto financing loan applications straightforward and painless.” Besides, he has integrated Automatic's software with additional features such as credit check capabilities and titling services. This user-friendly interface may explain why as of April 1, 2021, over 650 used auto dealerships have signed on to Automatic’s platform.
“Using Automatic is a really intuitive encounter,” says Burney. “And it’s efficient. Automatic lays out a single source of clear options and digitized data that many of these family-run auto dealerships can get behind and trust.”
Burney says the auto dealerships that have trusted ‘Automatic’ to transform the used auto financing experience digitally, and their shoppers experience the benefits immediately.