AutoFi raises $85 million to expand online auto finance business

AutoFi, the San Francisco-based provider of dealership systems to support online vehicle sales and financing, has raised $85 million to expand its operations, the company said on Monday.

The pandemic has spurred increasing consumer interest in online vehicle financing and purchases from U.S. auto dealers, a trend acknowledged and generally supported by automakers. AutoFi said its digital commerce platform was used to process more than one million vehicle financing requests in 2021, supporting more than $3 billion in retail sales.

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