27 Feb DriverUp Launches Online Auto Financing Marketplace for Investors
DriverUp is the first online marketplace for automotive financing, and their launch was announced earlier this week.
DriverUp gives accredited investors the opportunity to “enter the $379 billion auto lending industry and provide dealers with an expedited, streamlined credit process,” according to the press release. DriverUp is the exclusive brand of Sierra Auto Finance, an auto finance company with $50 million in Series A financing, led by Emerald Development Managers and RRE Ventures.
The DriverUp platform has improved on how loans are secured and serviced by creating a direct-to-investor option enabling “efficient processing and direct investment in auto loans, with full transparency and reporting.”
“Auto lending historically has been riddled with inefficiencies and lack of innovation; it’s ripe for fundamental transformation and we are leading that change with a technology-driven approach,” said Sam Ellis, president and chief executive officer, DriverUp. “DriverUp democratizes the auto lending industry and brings incredible efficiency and transparency to the process. Consumers, investors, and dealers all benefit.”
DriverUp is the first technology that allows accredited investors to participate directly in high yield auto lending, whereas previous investments were limited to large institutions.
“DriverUp is the first of its kind auto-lending marketplace, and a critical solution to radically improve all stages of the auto-lending pipeline,” said Stuart Ellman, co-founder and managing partner of RRE Ventures. “This is a highly attractive investment vehicle for the 99% of investors who previously could not access this asset class; a turnkey credit process for dealers; and delivers increased financing for consumers.”