Press

TransUnion empowers digital auto buyers with a more personalized shopping experience, allowing them to secure monthly payment information directly from lenders

Enhanced digital lending solution offers a personalized car shopping experience with interactive price-point filtering tool and real-time dealer inventory

CHICAGO, IL (March 9, 2022) — To make researching and purchasing a vehicle more interactive and seamless, TransUnion (NYSE: TRU) has partnered with CarNow to better equip financial institutions with the digital lending solution Auto Payment Shopper℠. As a result, consumers will benefit from a more user-friendly and personalized car shopping experience that addresses current industry challenges such as auto affordability and availability.

Auto Payment Shopper’s technology combines decisioning technology with real-time dealership inventory, providing a direct alignment between lender and preferred dealer networks. This empowers consumers to more efficiently filter available vehicles by their desired monthly payment and know which vehicles they are prequalified to purchase – all in the comfort of their home.

“Consumers have increasingly digitized the shopping aspect of their lives, including buying large ticket items such as cars, and many consumers continue to show a preference toward conducting as much of that process as possible online,” said Satyan Merchant, senior vice president and automotive business leader at TransUnion. “The prequalification capabilities of Auto Payment Shopper affords consumers the flexibility of accurately comparing a variety of vehicles by monthly payment directly with the lender – which allows consumers to make a more informed choice as to what car is ultimately the best fit for their budget.”

Traditionally, consumers who were in the market to buy a car would first navigate the process of selecting a make and model through a dealership or manufacturer. Securing financing was typically a disjointed endeavor which often resulted in a lack of clarity from sticker price to determining the monthly payment amount or overall end cost.

Auto Payment Shopper streamlines the car shopping process by providing financial institutions with a branded turnkey microsite that is directly integrated with their preferred dealer networks. Lenders can also take steps to simplify the application process to save significant time and expense by directly obtaining consumer documents and offering capabilities such as scheduling a test drive or to add protection products. This results in decreased application drop-off and generating more quality leads for dealers.

The interactive shopping tool also offers consumers more insight into the costs that come with a car by enabling them to select various loan terms to personalize payments as well as additional options such as calculating trade-in value. Users are able to look at immediately available vehicle inventory as well as the ability to filter for what they have prequalified for and the amount they can afford for a more interactive and seamless car shopping experience.

For more information, please visit https://www.transunion.com/industry/auto-lending.


About TransUnion

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

Contacts

Michael Ingalls
SVP, Media Relations
PenVine for TransUnion
Email: michael@penvine.com
Phone: (917) 494-4909

More News