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Aussie fintech to enter US market

September 6, 2019
Australian financial technology startup CarDeals2Me is in the final stages of preparations for a U.S. rollout on the heels of growing its Canadian presence, Chief Executive Shaun Sumaru said.
The 2-year-old company later this year will start testing a new product in the U.S. that enables consumers to complete the vehicle purchase and finance process without physically going to a dealership. Once the platform is in full swing in the U.S., Sumaru said he expects to add 30 lenders spanning a range of geographies and credit levels.
The company already has a growing presence in Canada.
"Even though the engagement via our platform (in Canada) was great, there was still a steep consumer drop-off when they transitioned to the dealership directly, which is leading us to create a better experience for those consumers wanting to deal indirectly with dealers or brokers for finance and the end purchase," Sumaru said. "There was a customer service disconnect."
After six months in Canada, consumer engagement on the platform is 10 times what it was in the company’s first six months in Australia, Sumaru said. For reference, app traffic in June hit 16,000 visits.  "The system wasn’t set up to scale that quickly," he said, adding that the team enhanced the app’s framework to support the growth anticipated in the U.S. market.
CarDeals2Me is an app that provides car buyers with a price quote that expires within 24 hours. The company partners with financiers, OEMs and dealerships in Canada, Australia and New Zealand. Consumers choose a car on the app and apply for financing, and then they receive a quote in 24 hours on the new or used car with trade-in option.