CarGurus and Capital One Auto Finance are allowing eligible CarGurus.com shoppers to pre-qualify for financing prior to visiting the dealership.
Pre-qualified car buyers will be able to know their monthly payment on any eligible vehicle listed on CarGurus, prior to completing a credit application at the dealership.
“CarGurus' partnership with Capital One Auto Finance allows car shoppers to expedite their purchase from their mobile device or computer before they walk into the dealership,” said Tom Caputo, chief product officer at CarGurus. “As a trusted automotive shopping leader to both shoppers and dealers, CarGurus believes that providing visibility into financing not only gives consumers the information they need to make a purchase decision, but also creates a more seamless, efficient experience at the dealership. We understand that financing is critical to dealerships and we believe that this partnership will bring qualified shoppers while still enabling dealerships to offer additional financing options.”
Due to the data presented to pre-qualified customers, their decision on purchasing their cars is likely close to being final before they step in the dealership store.
“Our customers prefer transparency and efficiency when shopping for a car, and we understand that more of the car shopping process is occurring before they visit one of our locations,” said Adam Moore, director of pre-owned vehicle operations at McDonald Automotive Group. “Our sales and finance teams believe that combining CarGurus, one of our most powerful used car lead sources, with the ability to market Capital One, one of our approved financing lenders, will not only create a better customer experience but will also help us grow our business.
“Capital One has long been a leader in auto financing as well as digital banking, and we understand the challenges faced by both consumers and dealers,” said Jeffrey Rabinowitz, head of consumer auto finance at Capital One. “This capability helps bring transparency to the car buying process, and we're excited to offer it to CarGurus shoppers.”
The resulting program from the partnership will be launching in the next few weeks to over 10,000 dealerships that work with both CarGurus.com and Capital One.