DALLAS – DRIVRZ Financial, an automotive finance and technology lender specializing in effortless leasing and formerly known as MUSA Auto Finance, has announced its partnership with Roadster to enhance the digital retail experience with an interactive payment calculator and online application for used car leases.
We are especially excited about this integration because we don’t know of any other lender that has brought used car leasing to the digital retail world.
MUSA Auto Finance recently rebranded as DRIVRZ Financial, which serves as the leasing and finance division of PowerBand Solutions (TSXV:PBX) (OTCQB:PWWBF) (Frankfurt:1ZVA) ("PowerBand", "PBX" or the "Company"). DRIVRZ Financial will continue growing its indirect lending business while also branching into direct-to-consumer financing, traditional retail financing, and lending across the full credit spectrum.
The company’s latest partnership with Roadster reflects its continued focus on using technology to create convenient, modern and transparent customer experiences. As part of Roadster’s Express Storefront solution, visitors to the dealership website can calculate their exact used car lease payment based on a set of adjustable factors. These include the amount due at signing, miles driven per year and lease term. Each factor is chosen by the website visitor, and the lease payment is automatically calculated from there. Customers can make as many adjustments to their selections as they wish until they arrive at the best payment.
The same process applies for traditional financing, so the customer can compare their finance and lease payment options side by side. Once the customer is happy with the deal, he or she can apply for a lease online, without ever setting foot in the dealership.
“We are especially excited about this integration because we don’t know of any other lender that has brought used car leasing to the digital retail world. Used car leasing is already incredibly rare. Add payment calculators and the ability to apply for a used car lease online, and you’ve got a true unicorn,” said Jon Lamb, CEO at DRIVRZ Financial.
Lamb says used car leasing adds value to dealers since it increases their customer retention rate and brings the customer back to the dealer for another car much sooner than traditional financing. Consumers like it because they save on depreciation, typically pay a lower monthly payment, and can get into a nicer car – and trade in the car more frequently – than they could otherwise afford.
Andy Moss, CEO of Roadster, expressed his thoughts on the integration. “Our vision is to create a flexible, convenient buying experience where any portion of the process – or all of it – can be completed from home and picked up in the showroom, or vice versa. With the DRIVRZ Financial integration, each used car leasing customer can build their own deal, so they are confident in the numbers and more likely to take the next steps toward closing.”
In the first week since going live with the integration on their website, Easterns Automotive noticed visitors using the lease payment calculator nearly as much as the finance calculator. “And that’s with no special promotion yet,” said Joel Bassam, director of marketing at Easterns Automotive. “This is crucial. Our website is essentially our dealership – but online. It enables customers to accomplish as much of the sales process as they wish from the comfort of their home. We requested this integration with Roadster and DRIVRZ Financial because we wanted to bring that same online convenience to the used car leasing options we already offer in store.”
Thanks to this integration, Roadster’s 2,000 dealerships nationwide will be able to add DRIVRZ Financial used car leasing to their online experience.
In the coming months, DRIVRZ Financial plans to continue its expansion into new platforms and products, including traditional retail finance and direct-to-consumer lending.
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