Vroom hits the gas on digital financing

The national online used auto retailer is streamlining the loan process for its customers.

Vroom is entering a preferred lending and strategic relationship with financial services provider Chase. In 2020, the companies will launch Vroom Financial Services Powered by Chase, which designates Chase as Vroom's preferred lender. Chase will have an aligned team of underwriters, marketers and servicing representatives to support customers who use Vroom.

Vroom has helped arrange financing for other car buyers. However, the retailer intends its partnership with Chase to create a more tightly integrated and flexible financing relationship. Vroom is also planning to launch a new digital end-to-end lending process, which will feature continuous testing and optimization. The two companies will begin to operationalize aspects of this partnership later this year.

“A seamless financing process is one of the key components of our mission to bring the car buying process online and into the digital age, so we’re thrilled to partner with Chase to make this part of the purchase experience even faster and easier for our customers,” said Mark Roszkowski, chief revenue officer at Vroom. “We’re looking forward to having Chase as our preferred lending partner and collaborating with the team on an ongoing basis for additional opportunities to serve our customers.”

Vroom offers thousands of low-mileage, reconditioned vehicles with delivery directly to consumers. The company, based in New York and Houston, also offers an online service which provides cash offers to customers for their vehicles in minutes.