Octane receives FinTech’s Customer Lending Innovation award
FinTech Breakthrough, an independent market intelligence organization that recognizes the best companies, technologies and products in the global FinTech market, has announced Octane as the winner of the “Best Consumer Lending Product” award 2023. This year marks the 7th annual FinTech Breakthrough Awards program and Octane is recognized for its pioneering innovation of the Octane Prequal solution.
Octane’s innovative products, including the soft pull e-commerce tool, Octane Prequal, bring speed and ease of use to customers looking to finance large recreational purchases in industries where many companies have been slow to digitize. Octane Prequal brings lifestyle purchases within reach of more enthusiasts by providing real loan offers in seconds through Octane’s in-house lender, Roadrunner Financial.
Octane Prequal is part of Octane’s seamless digital-to-retail experience. The tool resides directly on dealer and OEM websites, allowing customers to pre-qualify for financing when shopping online before ever going to the dealership. When a customer searches, their information is sent directly to the dealer or routed to a nearby dealer that has the desired vehicle in stock. Customers can then submit their pre-purchase documentation in advance, saving time at the dealership. Since Octane Prequal uses a soft credit pull, a customer’s credit is not affected until a contract is generated. In this way, customers can gain an understanding of their purchasing power to find the best vehicle for them within their budget.
At the same time, dealers who use Octane’s digital platform can quickly and easily finance car loans, streamline the purchase process for customers and quickly reduce appointment times. Because Octane Prequal is backed by Octane’s internal lender, it is the only prequalification tool in the industry that provides 99% of applicants with a real, immediate financing decision, while making it easier for dealers to finance qualified buyers.
“Borrowing money to buy your dream vehicle can be overwhelming for the borrower and slow for the dealer, and securing a loan typically involved lengthy research into interest rates, understanding repayment terms and a range of financing options – as well as finding the perfect vehicle,” says James Johnson, CEO, FinTech Breakthrough. “Octane solves these challenges by meeting customers where they are online with a cutting-edge digital-to-retail shopping experience that is unique in the industry. Octane’s technology and lending solutions such as Octane Prequal reduce this process from hours to minutes. We are thrilled to recognize the Octane team with this well-deserved 2023 FinTech Breakthrough Award.”
The FinTech Breakthrough Awards is the premier awards program founded to recognize FinTech innovators, leaders and visionaries from around the world across a range of categories including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more. The 2023 FinTech Breakthrough Award program attracted more than 4,000 nominations from around the world.
“We’re proud to offer a seamless, end-to-end lending experience that’s fast and easy, helping more people enjoy the outdoors,” said Jason Guss, CEO and co-founder of Octane. “55% of customers said their Octane Prequal experience gave them confidence in their purchasing power, and 70% said they purchased their dream vehicle sooner because of instant decisions through Octane Prequal. We are excited to continue working with our dealers and OEM partners to connect even more people to their passions and further reduce friction in the buying experience.”
In just over a year since its launch, over 500 dealers have installed Octane Prequal on their websites, and applications generated through Octane Prequal are closed 1.4 times more often than other prequalification tools.
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