In case you missed it, Cars.com has acquired fintech company Credit IQ. The $30 million deal is welcome news for many dealers as a seamless car-buying transaction is at the top of many consumers’ lists. On today’s show, we’re joined by Bill Liatsis, Credit IQ’s Co-Founder and CEO, and Joe Chura, Co-Founder, and CEO of Dealer Inspire.
|Related: CARS acquires CreditIQ Automotive Fintech Platform, enabling instant financing for consumers, dealers and lenders|
Chura says the acquisition came to play because they were trying to figure out, how could they make the consumer and dealer experience as efficient as possible? Credit IQ had great relationships with a lending network. Credit IQ also allows the dealer to do everything online without touching anything regarding their profits.
Liatsis says they’ve been very focused on the dealer to have those options and choices. He says they’re able to give them new features to help accelerate the process and add new efficiencies into the experience. He says, there they have champions of the dealer.
Buying a car is complex and the transaction is complex says, Chura. You’re arguably buying an asset versus a product. He says one of the benefits to the Credit IQ transaction, is not only the technology on the lending side, but they have the ability to provide the backend products and pricing for those as well.
Liatsis says they have an incredible opportunity that’s in front of them. They can get things rolled out through the core properties but the technology has been built to provide the right connection points to make sure they can do a lot more than just in the shop. He says they’re doing some things that haven’t been seen elsewhere and they look forward to making sure the industry sees those in the near future.
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