Upstart (NASDAQ: UPST), the AI lending marketplace, today announced it has been named the fastest growing auto retail software in the U.S. for Q2 2022, according to data released by Automotive Market Data. From April to June, nearly 240 dealerships went live using Upstart Auto Retail, which was the highest level of growth among dozens of auto software platforms in the survey.1
Our market data shows Upstart Auto Retail had the highest net growth in dealer count in the second quarter of this year, including preferred and exclusive OEM digital retail providers, said Pete Batten of Automotive Market Data, a leading supplier of automotive market insights.
The rapid adoption of Upstart Auto Retail among car dealerships is thanks to its unique combination of in-store customization for dealerships and online access for customers. Earlier this year, Upstart announced that it added mobile-first retail capabilities to its platform, further optimizing the customer experience. Subaru and VW were the latest OEMs that announced support for Upstart Auto Retail, joining Toyota, Lexus, Mitsubishi, and Kia, as well as top franchised dealers from 37 brands including Ford, Honda, and BMW.
“We saw an early opportunity to create a more transparent, seamless experience for both dealerships and customers, which is now being realized in the market, With inventory shortages, dealerships, OEMs, and customers are all looking for a retail experience that reduces time, cost, and complexity. The rapid growth of the Upstart Auto Retail platform indicates a bigger opportunity to enhance how people are buying and financing their cars, which we look forward to bringing to innovative dealer groups across the country.”
-Michia Rohrssen, General Manager of Upstart Auto Retail.
The growth marks an important milestone for Upstart, which continues to transform the car buying experience for customers and dealers – from browsing and selecting a car to quickly securing the best rates for an auto loan. Upstart introduced AI-powered financing to the auto market in 2021, so dealerships could offer affordable financing to more of their customers. Upstart’s AI models take into account more than 1,000 data points to paint a more accurate picture of creditworthiness than traditional credit scores.
Upstart (NASDAQ: UPST) is a leading AI lending marketplace partnering with banks and credit unions to expand access to affordable credit. By leveraging Upstart’s AI platform, Upstart-powered banks and credit unions can have higher approval rates and lower loss rates for every race, ethnicity, age, and gender, while simultaneously delivering the exceptional digital-first lending experience their customers demand. More than two-thirds of Upstart loans are approved instantly and are fully automated. Upstart was founded by ex-Googlers in 2012 and is based in San Mateo, California and Columbus, Ohio.