SelectFI provides auto dealerships with a SaaS platform that uses predictive lending analysis to prequalify customers for financing. This allows dealerships to identify likely buyers and streamline the sales process by matching customers with appropriate loan options.
Funding
$2M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Auto dealerships face challenges in providing transparent payment options to customers without impacting their credit scores, while also needing to navigate complex lender requirements and regulatory compliance. Customers are often hesitant to undergo formal credit inquiries early in the sales process, and dealerships struggle to efficiently match customers with appropriate loan options from a multitude of lenders. This can lead to lost sales, reduced profitability, and increased risk of compliance violations.
Solution
SelectFI offers a predictive lending platform that enables auto dealerships to prequalify customers for financing with no impact to their credit scores. The platform uses AI to analyze customer data and lender decisioning patterns, predicting approval rates and terms from various lenders. This allows dealerships to present accurate payment options upfront, streamline the sales process, and improve customer satisfaction. SelectFI also automates compliance processes, such as delivering risk-based pricing notices and standardizing margins, helping dealerships mitigate regulatory risks.
Target Audience
SelectFI primarily targets auto dealerships seeking to improve sales efficiency, increase customer satisfaction, and ensure compliance with fair lending regulations.
Features
- Soft credit pulls to estimate financing options without impacting customer credit scores
- AI-powered lender matching based on real-time lender decisioning data
- Automated compliance tools for fair lending regulations, including risk-based pricing notices
- CRM integration to streamline customer data entry and management
- Digital consent capture for soft credit pulls, privacy policies, and contact permissions
- Lender Selector feature to compare financing options from multiple lenders
- Mobile accessibility via email, text, QR code, and website/ad campaign links