SAN MATEO, Calif.–(BUSINESS WIRE)–Jul. 27, 2022– Upstart (NASDAQ:UPST), the AI ​​Loan Marketplace, today announced that it has been named the fastest growing automotive retail software in the world. WE for Q2 2022, according to data published by Automotive Market Data. From April to June, nearly 240 dealerships went live with Upstart Auto Retail, representing the highest level of growth among dozens of automotive software platforms in the survey.1

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quote from Pete Latte of Automotive Market Data, a leading provider of automotive market information (Graphic: Business Wire)

“Our market data shows that Upstart Auto Retail experienced the strongest net dealership growth in the second quarter of this year, including preferred and exclusive OEM digital retail vendors,” said Pete Latte automotive market data, one of the leading providers of automotive market information.

Upstart Auto Retail’s rapid adoption among auto dealers is due to its unique combination of in-store customization for dealers and online access for customers. Earlier this year, Upstart announced that it had added mobile-first retail capabilities to its platform, further optimizing the customer experience. Subaru and VW were the latest OEMs to announce their support for Upstart Auto Retail, joining ToyotaLexus, Mitsubishi and Kia, plus top franchise dealerships from 37 brands, including Ford, Honda and BMW.

“We saw an early opportunity to create a more seamless and transparent experience for dealers and customers, which is now being realized in the market,” said Michia RohrssenManaging Director of Upstart Auto Retail. “With inventory shortages, dealers, 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 greater opportunity for improve the way people buy and finance their cars, which we look forward to bringing to innovative dealer groups across the country.

This growth marks an important milestone for Upstart, which continues to transform the car buying experience for customers and dealers – from researching and selecting a car to getting the best rates on a loan fast. automobile. Upstart introduced AI-powered financing to the automotive market in 2021, so dealerships can offer affordable financing to more of their customers. Upstart’s AI models take into account over 1,000 data points to paint a more accurate picture of creditworthiness than traditional credit scores.

About Upstart

Upstart (NASDAQ:UPST) is a leading AI lending marketplace that partners with banks and credit unions to expand access to affordable credit. By leveraging Upstart’s AI platform, banks and credit unions powered by Upstart can have higher approval rates and lower loss rates for every race, ethnicity, age and sex, while simultaneously delivering the exceptional digital lending experience their customers demand. More than two-thirds of Upstart loans are approved instantly and are fully automated. Upstart was founded by former Googlers in 2012 and is based in San Mateo, California and Columbus, Ohio.

Forward-looking statements

This press release contains forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “target”, “aim”, “believe”. , “may”, “will”, “should”, “become”, “look ahead”, “could”, “may have”, “likely”, and other words and terms of similar meaning within any discussions about the timing or nature of future operational or financial performance or other events. Forward-looking statements give our current expectations and projections relating to plans, objectives, assumptions; our financial condition; macroeconomic factors; plans; Goals; product development; growth opportunities; hypotheses; risks; and future performance. Neither we nor any other person assumes responsibility for the accuracy and completeness of these forward-looking statements. The forward-looking statements included in this press release relate only to events as of the date hereof. Upstart undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.

All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those we expected. Further information about the factors that could affect our results of operations and the risks and uncertainties are provided in our public filings with the Security and Exchange Commission, copies of which may be obtained by visiting our Investor Relations website at www.upstart.com or the SEC’s website at www.sec.gov. These risks and uncertainties include, but are not limited to, our ability to maintain our growth rates; the effectiveness of our credit decision models and risk management efforts; general economic conditions, in particular interest rates; geopolitical events, such as RussiaUkraine conflict; disruptions in credit markets; our ability to retain existing banking and lending partners and attract new ones; and our ability to operate successfully in a highly regulated industry.

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1
Results of the April-June survey of automotive software platform deployments at automotive dealerships, conducted monthly by Automotive Market Data, LLC.

mike nelson[email protected]

Source: Upstart

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