Online Automotive Retailer Vroom Announces Strategic Relationship with Santander Consumer

New Deal Will Make It Even Easier for Vroom Customers to Obtain Auto Loan Financing

NEW YORK--(BUSINESS WIRE)--Vroom (www.vroom.com), an innovative ecommerce platform that offers a better way to buy and sell used vehicles, today announced a multi-year strategic preferred lending relationship with Santander Consumer USA, a full-service consumer finance company focused on vehicle finance and third-party servicing. The partnership is designed to enhance Vroom’s customer experience through a streamlined financing process and competitive lending rates. The new relationship will make it even easier for Vroom customers of all profiles to obtain auto loan financing. The two companies have begun operationalizing the partnership and will continue to refine and enhance aspects of it through 2020.

Santander Consumer has been a valuable Vroom lending partner since 2018 but this new preferred lending relationship will streamline the transaction process and provide access to enhanced pricing, financing options and tools. In addition to the benefits for Vroom customers seeking financing, the new partnership offers strategic co-marketing opportunities intended to scale vehicle sales and acquisitions.

“Santander Consumer is pleased to form a strategic partnership with a cutting-edge company like Vroom that is changing how consumers buy and sell used cars by offering a streamlined, hassle-free online experience,” said Shawn Allgood, Head of Chrysler Capital and Auto Relationships at Santander Consumer. “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.”

“We’re thrilled to name Santander Consumer as a strategic lending partner, as it is a respected and experienced auto lender with deep ties to the automotive market,” said Mark Roszkowski, Chief Revenue Officer at Vroom. “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 has strategic relationships with Santander Consumer and Chase and maintains a large network of lenders as part of its mission to create a frictionless online transaction for its clients. The company’s lender relationships support Vroom’s overall strategy to best serve the used car market across all customer profiles and market segments. Strategic partnerships, like the Santander deal, allow Vroom to optimize the customer experience by offering seamless financing arrangements, competitive rates, and operational efficiency.

About Vroom:

Vroom is an innovative, end-to-end ecommerce platform designed to offer a better way to buy and a better way to sell used vehicles. The company's scalable, data-driven technology brings all phases of the vehicle buying and selling process to consumers wherever they are and offers an extensive selection of vehicles, transparent pricing, competitive financing, and contact-free home pick-up and delivery. Vroom is based in New York and Houston and also operates the Texas Direct Auto brand. For more information, visit vroom.com.

About Santander Consumer USA Holdings Inc.:

Santander Consumer USA Holdings Inc. (NYSE: SC) is a full-service consumer finance company focused on vehicle finance, third-party servicing and delivering superior service to our more than 2.9 million customers across the full credit spectrum. The company, which began originating retail installment contracts in 1997, had an average managed asset portfolio of approximately $59 billion (as of December 31, 2019), and is headquartered in Dallas. (www.santanderconsumerusa.com)