Problem

At Cox Automotive, we recognized that the process of financing a vehicle was often a frustrating and time-consuming experience for consumers. The existing solutions in the market were fragmented and lacked integration with other platforms, making it difficult for consumers to find the best financing options available to them. Additionally, our platform partners were also struggling to provide a seamless financing experience to their customers due to the lack of a universal credit application.

We needed to create a solution that would address these challenges and provide consumers with an easy-to-use experience that integrated with our partners' systems seamlessly. This would require us to build an API-based composable solution that could be easily integrated into any platform or digital retailing partner's system.

Learn more about our solution here.

Solution

We developed a universal credit application that could be easily integrated into any platform or digital retailing partner's system. This API-based composable solution allowed consumers to choose new and used vehicles for financing through our nationwide network of lenders. Our team worked closely with our partners to ensure that the solution was fully integrated into their systems, providing a seamless experience for their customers.

The development of this product required significant collaboration between different teams within Cox Automotive. We had to work closely with our lending partners to ensure that we were able to offer competitive rates and terms on loans while also ensuring that the application process was simple for consumers.

Impact

Over $1 billion in annual transactions
Increased customer satisfaction due to a seamless financing experience
Improved partner relationships through the provision of a universal credit application

"The benefits we are receiving from Retail360 Deal are exponential. From our employee and guest experience all of it is better and what the customer wants."

Team

Adam Wright - Senior Product Manager
- Led the cross-portfolio strategy and development of the universal credit application
- Collaborated with lending partners to ensure competitive rates and terms on loans
Corinne Lombaiso - Lead Product Owner
- Oversaw the development of the API-based composable solution that integrated with partner systems seamlessly
- Collaborated with other teams within Cox Automotive to ensure successful integration of the solution into partner systems

Cox Automotive Simplifies Vehicle Financing