Vroom Partners With Santander On Auto Loan Financing

Vroom, the eCommerce platform for buying and selling used vehicles, has reached a multi-year deal with Santander Consumer USA to simplify auto financing.

In an announcement on Wednesday (April 8), New York-based Vroom and Santander of Texas said the “preferred lending relationship” is designed to enhance Vroom’s customer experience with streamlined financing and competitive rates.

The firms said their new tie-up will make it easier for Vroom customers to get a car loan. The two companies said they the service is operational and they will continue to work on it through the year.

In addition to the benefits for Vroom customers who need financing, the company said the collaboration will allow the firms to combine marketing efforts and boost sales.

Shawn Allgood, head of Chrysler Capital and auto relationships at Santander Consumer USA, said this deal fits with Santander’s focus on creating a seamless digital experience for customers.

“This partnership aligns well with our focus on creating a seamless digital experience for customers across all channels and we look forward to a successful collaboration with Vroom to offer a truly integrated auto financing process,” Allgood said. “Santander’s underwriting sophistication, transaction speed and strategic relationships align with the core philosophies and culture of Vroom and we’re looking forward to collaborating in a larger capacity to better serve car buyers as they turn to ecommerce and home delivery options now more than ever.”

Vroom Chief Revenue Officer Mark Roszkowski said adding Santander Consumer as a lending partner is key because it is a respected and experienced auto lender with deep ties to the automotive market.

“Santander’s underwriting sophistication, transaction speed and strategic relationships align with the core philosophies and culture of Vroom and we’re looking forward to collaborating in a larger capacity to better serve car buyers as they turn to e-commerce and home delivery options now more than ever,” he said.