CreditIQ
CreditIQ is white labeled Automotive Lending as a Service Enabling automotive retailers to provide their consumers with true e-commerce.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor investor | €0.0 | round |
| N/A | €0.0 | round | |
| N/A | €0.0 | round | |
$30.0m Valuation: $30.0m | Acquisition | ||
| Total Funding | 000k | ||
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CreditIQ operates as an automotive financial technology (fintech) platform, engineering digital retail financing technology to streamline the car buying process for consumers, dealers, and lenders. Founded in 2014 by Bill Liatsis, Anthony Liatsis, and Bill Gerhard, the New York-based company was established to address the complexities of purchasing a car online, aiming to create a more efficient and profitable experience for auto dealers.
The company's core offering is a digital platform that facilitates instant online loan screening and approvals. This technology enables car shoppers to apply for financing directly through a dealership's website or the Cars.com marketplace and receive immediate decisions from the dealer's network of lenders. A key feature of the platform is its "Bring Your Own Lender" (BYOL) approach, which allows dealers to integrate the technology without altering their existing financing processes or back-end systems. This flexibility extends to a Lending-as-a-Service (LaaS) framework, permitting marketplaces, OEMs, and other software providers to utilize its fintech capabilities. For dealers, the platform is designed to increase lead conversion, improve profits per vehicle retail (PVR), and provide valuable attribution data.
In November 2021, CreditIQ was acquired by Cars.com (NYSE: CARS) for an initial $30 million, with up to an additional $50 million in performance-based consideration. This acquisition allowed CARS to enter the auto finance market and integrate CreditIQ's technology across its platform, including Dealer Inspire websites and the Online Shopper digital retailing tool. The business model post-acquisition involves generating revenue directly from lenders on a per-transaction basis for funded loans.
Keywords: automotive fintech, digital auto financing, online car sales, dealer software, auto loan approval, lending-as-a-service, digital retailing platform, vehicle financing, automotive lending, dealer technology, online car buying, fintech acquisition, consumer lending, auto finance platform, credit screening