Santander strengthened its consumer credit subsidiary in the United States and partnered with Mitsubishi to finance cars in the country. To this end, and taking advantage of the AutoFi union launched in 2021 to improve the digitalization of financing this type of goods, the car company and the financial institution launched ClickShop 2.0, which connects the car purchase process from on Mitsubishi Motors websites. and its distributors associated with financing, which reduces the time in which the transaction is made.
Thus, there will be a personalized store that will allow Santander Consumer USA’s credit prequalification capabilities to be extended so that consumers can find vehicles in stock that meet their financial needs. When these pre-qualified customers arrive at the dealership, the AutoFi solution allows them to proceed with the transaction. In this way, and according to Mitshubishi data, the purchase time is reduced by 70%.
Santander’s business in the United States focuses primarily on consumer credit with a special focus on the auto market. Last week, when presenting the results to analysts, the CEO of Banco Santander, Héctor Grisi, noted that the auto financing business in the United States has achieved “very good growth in 2023.” In this sense, he admitted that he expects the country’s performance to continue in 2024, supported by high vehicle prices and the prevention of bad debts in this business.
“We are excited to see our first Powered by Drive offering come to life through our partnership with MMNA and their ClickShop 2.0 solution. Powered by Drive is powered by our proprietary pricing model, which allows us to provide consumers with the proper pre-qualification you can take to a local Mitsubishi dealer, simplifying the buying process and generating valuable leads for dealers,” said Bruce Jackson, CEO of Santander Consumer USA .