Detroit-based Ally, a digital financial services company, today introduced an online marketplace called Clearlane, which connects consumers with auto finance providers to finance or refinance their vehicles.
Clearlane’s digital interface provides customers with quotes from a network of finance providers, and offers personalized support for applying and completing transactions.
“With Clearlane, Ally adds a unique online platform to our digital financial products and services in the auto space, allowing consumers to easily secure financing or refinance their vehicle through a trusted source,” says Tim Russi, president of auto finance at Ally. “We are excited about the opportunities to offer more financing and F&I products through the platform in the future, and to eventually leverage the technology to power online sales for our dealers.”
The Clearlane network includes numerous national, regional, and local providers, offering auto finance and refinance products. The Clearlane site was brought to market following Ally’s acquisition of BlueYield, a California-based technology company, in 2016. The site was designed to simplify the customer experience and rebranded to align with Ally’s assortment of products and services.
Russi adds that the ability to more easily refinance a vehicle could have a “meaningful impact” on monthly costs for budget-conscious consumers. Data from Ally’s website indicates Clearlane customers reduced their monthly auto payments by an average of $100 per month by refinancing their vehicles with a new provider.