- MoneyMe (MME) has unveiled its Autopay product, a secured vehicle finance solution for the automotive finance industry
- The Autopay solution will use the company’s existing Horizon technology platform to serve dealers, brokers, and consumers in the market
- Finance will be processed and approved in an average of one hour, resulting in a same-day, drive away settlement experience
- Autopay is now available for direct use in dealerships, with over five dealerships already set up in the system
- MoneyMe is up 3.82 per cent and trading at $1.50 per share
MoneyMe (MME) has unveiled its Autopay product, a secured vehicle finance solution for the automotive finance industry.
Autopay’s technology will process and approve financing for dealers, brokers and consumers in the automotive finance market. The company’s newly launched Autopay solution will leverage MoneyMe’s existing Horizon technology platform, arming the product with high automation, dynamic pricing and best-in-class speed.
Dealerships and brokers which use the company’s new solution will have direct access to Autopay. By processing, approving, and settling the finance in an average of one hour, on any day of the week, Autopay will provide a same-day, drive away experience.
This is an Australian first that stands in stark contrast to current finance providers, which regularly take several days to process, approve and settle finance transactions. These wait times can be delayed even further by weekends, despite dealerships usually being open on those days.
MoneyMe’s Managing Director and CEO, Clayton Howes, expects that Autopay, with its ability to quickly assess and price credit worthiness, will be a key driver of the company’s future growth.
“We believe dealers who have access to finance that is settled in minutes and is a same-day drive away product will have a distinct sales advantage,” he said.
“In the same way that people look to Afterpay for where they shop, we expect consumers will look to Autopay when they purchase their vehicles,” he added.
MoneyMe’s Autopay solution is now available for direct use in dealerships, with over five dealerships already set up in its system.
MoneyMe is up 3.82 per cent, trading at $1.50 per share at 12:14 pm AEST.