24. Removing Friction in the Used-Car Sales Process with Real-Time Payments
Lithia Motors, one of the largest automobile dealers in the United States and owner of the Driveway.com used-car marketplace, recently started to send real-time payments to sellers on Driveway.com to help remove friction from the payment – which was traditionally done via check, ACH, or sometimes cash. Now, with real-time payments over the RTP® network, sellers can receive payment for their vehicle even before it leaves the driveway. The result is a smoother sales process that removes the uncertainty with slower forms of payments and gets funds to the seller immediately. Lithia and Driveway are working with US Bank to send the payments over the RTP network. Listen to George Hines, Senior Vice President, Chief Innovation & Technology Officer at Lithia Motors and Driveway.com, and Mike Jorgensen, Head of Emerging Solutions & Strategy at US Bank, describe how used car sellers are receiving real-time payments for their auto sales. Listening on a desktop & can’t see the links? Just search for Payment Nerds in your favorite podcast player.