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“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
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
“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
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.
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
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
1 Results of the April-June survey of automotive software platform deployments at automotive dealerships, conducted monthly by