CARMEL, Ind. — Automotive Finance Corp. (AFC) and TradeRev, a dealer-to-dealer digital mobile auction app, announced a promotion aimed at encouraging dealers to “go digital.” The promotion allows dealers to pay no AFC floorplan financing fees and zero percent interest for 45 days on any vehicles bought and sold on TradeRev. It expires Dec. 31.
“AFC is committed to helping our customers finance the best inventory possible as quickly and as easily as possible,” said Jim Money, president of AFC. “Partnering with TradeRev will give dealers access to more vehicles across the growing digital marketplace. And this promotion will allow them to experience the speed, convenience and power of TradeRev with the same confidence and value of AFC’s physical auction financing.”
AFC is a business unit of KAR Auction Services Inc., which holds a 50% stake in TradeRev. When dealers use TradeRev, they have access to real-time bidding auctions that run the freshest franchise trades. AFC financing is fully integrated into the TradeRev app, so dealers can immediately begin the financing process as soon as auctions are won. With thousands of North American dealers utilizing TradeRev, more than 500,000 dealer auctions have been launched through the mobile app, generating over 8 million dealer bids, all according to the company’s executive vice president, Keith Crerar.
“AFC is one of the largest providers of independent dealer inventory financing in North America, so this partnership marks a significant milestone in the digitization of automotive sales,” Crerar said. “Digital dealers can source cars better, faster and cheaper on TradeRev’s digital platform and seamlessly finance vehicles won at rates unmatched anywhere else in the industry.”