Dealers have the competitive advantage in auto lending. Traditionally car buyers don't think twice when buying a new car and take dealer financing. The last few years have brought a lot of changes. There have been big moves in digital lending. More frequently consumers are researching lending options before stepping foot on the lot. Dealers have been a major pain point for car buyers for decades. In addition to paying higher interest rates, buyers often feel like they've been taken advantage of.
At SpringboardAuto I owned design on 2 responsive web products: 1) our consumer facing app & 2) our internal tool. I used both qualitative and quantitative data to increase conversions and identify area's of opportunity. SpringboardAuto was acquired by Oportun, Inc.
There is a huge drop off at BoFu. It's time consuming and expensive because the verification process is manual. We have a team of 6 agents manually verifying all the loan documents uploaded by customers.
Most Competitive State
When it comes to Auto lending, hands down, California is the most competitive.
68% drop off at the bottom of the funnel.
Reduce Operations Costs
A large percentage of the loans that churn have had 1 or more stipulation manually verified by an agent.
A recent study shows that 3 out of 4 vehicle buyers would skip the dealership all together because it's the most irritating part of shopping for a new car. So, we gave our borrowers the option. We partnered with Autoland to bring our borrowers a new end to end car buying experience. They'll find, negotiate, and deliver your new car to the location of your choice. I mean, really, no one likes dealing with the dealer.
Our sprints are 2 week cycles. We moved quickly from concepts and assumptions to prototyping. We did 1 round of usability testing, synthesized findings, and iterated on the design before shipping.
I interviewed a total of 11 users. 4 users had recently closed on financing through SpringboardAuto. The other 7 where people who had recently, or were in the process of purchasing a new car from a dealership.
I had to pay an extra $3,000 after loan closed for a warranty that the dealer said was included. When I argued with him, I was told that the offer was only included if I took his financing.I didn’t read my paperwork before signing. - Jonelle
People don’t know how to negotiate properly. Even more alarming, people don’t know they can negotiate APR.
Paperwork and Accuracy
When users are unable to understand the PO, they are also unlikely to check for accuracy.
Only a small percentage of buyers are going into the dealership with pre-approved financing.
I wanted to understand the pros and cons of where we place Autoland in the funnel. I like to use JK Rowlings technique 1st by scrawling text and arrows before sketching out different solutions. This is a personal exercise that helps me organize my thoughts and account for all variables.
I design mobile 1st because 60% of our users are on a mobile device. I circulated the following flows with legal and risk for feedback before finalizing on a design for MVP.
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