More Canadians are going online to get a car loan before visiting an auto dealer
Twenty per cent more Canadians applied for car loans online with Canada Drives, the nation’s leading auto finance company, over the past year than the year before.
Over 502,000 Canadians applied for an auto loan in the past 12 months. Approximately 417,000 Canadians applied for auto financing over the previous period. Ontario led regional auto loan application growth at 29.4 percent, followed by British Columbia at 22.4 percent.
“Canadians are looking for a frictionless and quick way to access auto financing,” said Cody Green, founder and co-CEO of Canada Drives.
“We have been successful by focusing on giving customers what they want and constantly improving the consumer experience. Our service has drawn tremendous interest from the car-buying public because the traditional ways of obtaining auto financing are no longer practical in a digital world.”
Canada Drives makes it easy for customers to apply and secure financing online for auto or personal loans. Canada Drives is a rare example of a company that has continued to grow their customer base year over year even while incumbent financial institutions have started to adopt similar approaches to upstart financial technology companies.
“Our service has evolved quickly with the demands of our customers and we aren’t tied down to any legacy systems which allows us to move much quicker,” said Green. “These are benefits of being a digital first company and knowing from day one that we would have to continue to evolve to keep providing value to the customers we serve.”
A recent example is the development of a messaging platform that allows their customer support team to contact consumers directly from office computers to mobile phones via text message. This allows for instant communications with consumers who may not always be able to e-mail or speak on their phone. Paired with 24/7 support, this has allowed a level of customised service that is hard to replicate.
Canada Drives started in 2010, and has quickly grown to over 400 employees. Named Canada’s Fastest Growing Company by Canadian Business in 2016, Canada Drives has also been recognised by Deloitte as one of the leading tech companies in the country. Canada Drives recently expanded internationally to offer its service in the US and UK.
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