Banks, Credit Union and Finance Companies (Lenders) only Fund 50% of their in-house originated auto loans. In an $800B annual auto finance marketplace, $150B of Lender originated auto loans get flipped by automobile dealerships to be distributed to other Lenders.
Through LOANIFYs' Cloud Data System and Duplex Mobile apps, Lender approved borrowers are digitally packaged as Qualified Referrals through the FastPass app and delivered to Dealers using the latest in location tech to push lot entry event notifications with no fee to Dealers. The exchange, each Lender receives credit for providing a qualified buyer referral, and retains auto loan financing. Through this process, LOANIFY increased its' first Lender Clients closed "auto loan ratio" from 46% funded in 2016 to 74% through 2017/2018. Dealers are notified through their proximity sensing LOANIFY DealerHost app and or SMS when a shopper (name and vehicle of interest) arrives on their lot. Happy shoppers bypass the standard sales process, saving money and time having their financing in their phone. CEO, Kirk Klinkhammer notes that "typical shoppers purchase a car in less than 3 hours using LOANIFY FastPass.