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TransUnion Launches Auto Payment Shopper to Empower Consumers During Their Shopping Experience

New solution bridges gap between lenders, dealers, and consumers to improve transparency across the auto purchase process

From navigating the obstacles around auto affordability and financing to spending hours at a dealership, the auto shopping experience can be an arduous process for many consumers. A new solution from TransUnion (NYSE: TRU) – Auto Payment ShopperSM – aims to turn the age-old practice of buying a vehicle on its head by offering a more seamless and transparent experience.

Auto Payment Shopper bridges the gap between lenders, dealers and consumers by creating a personalized online marketplace for car shopping. The turnkey solution combines financing offers with dealer inventory into a one-stop shop for consumers to more easily self-select affordable vehicles during their auto search. The integration of prequalification offers helps to remove friction from the buying process and improves the consumer experience, while meeting evolving market needs.

“Historically consumers had to do a lot of legwork to find the right car at the right price and then secure financing,” said Brian Landau, senior vice president and automotive business leader at TransUnion. “Consumers today want a better understanding of their financing options early in the car-buying process. Auto Payment Shopper allows consumers to streamline their research online and select vehicles by monthly payment – directly through the lender­ – and automatically connects them with dealer inventory at their price point.”

Auto Payment Shopper is powered by a combination of TransUnion DecisionEdge, an industry-leading suite of decisioning solutions, and a partnership with iLendx. The fusion of this information allows consumers to filter and interact with real-time inventory of millions of vehicles from preferred dealers and assess financing options all in a single digital interface. As a white-label solution, Auto Payment Shopper can easily be customized and integrated into a lender’s website to create an interactive and seamless buying experience that helps consumers easily see vehicles they can afford.

Auto Payment Shopper comes at a time when consumer preferences and shopping behaviors are changing and continue to shift towards digital experiences. Over 60% of consumers initiate the car buying process online and three out of four consumers consider completing the buying process online1. In a highly competitive, mobile-first world, lenders that use technology to create a better customer experience will be able to edge out the competition and capture more customers earlier in the buying process. The power of consumer prequalification coupled with real-time vehicle inventory fills a gap in the auto loan origination process – helping consumers quickly locate affordable vehicles from preferred dealers.

Other benefits of Auto Payment Shopper include:

  • Lenders can build on their brand presence with consumers and offer a differentiated experience that reduces the amount of time spent at the dealership.
  • Dealers benefit from higher quality leads and significantly reducing the administrative burdens of the car buying process that may have traditionally caused consumers to abandon the purchase. As a result, lenders are empowered to strengthen their relationships with dealers, which can lead to more booked loans.

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About TransUnion (NYSE:TRU)

Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion has a global presence in more than 30 countries and a leading presence in several international markets across North America, Africa, Latin America and Asia. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide.

We call this Information for GoodSM.

About iLendx, LLC.:

Based in Texas, the team at iLendx creates innovative digital lending and banking capabilities for financial institutions. As a strategic partner of TransUnion, iLendx, co-developed Mobile Offers NowSM a platform that delivers credit offers directly to a bank’s customers through mobile device technology. iLendx is also the creator of the Digital Lending Experience (DLX), a subscription based platform for financial intuitions which revolutionizes the origination of auto loans, credit cards, unsecured loans, HELOCs and new account opening for checking & savings products. DLX is used by large institutions like AAA, credit unions and community banks like Broadway National.