Auto loans is the largest market that still remains largely untapped by the marketplace lending industry. There are just a few marketplace lenders that offer car loans and there is a tremendous opportunity. There are over $400 billion worth of car loans made every year and DriverUp is one of these companies that hopes to capitalize on the trillion dollar market opportunity. I spoke to Sam Ellis, Founder and CEO to learn more about their approach to auto loans and to talk about their latest fundraising round.
In 2012, DriverUp started with the goal to bring transparency to the auto lending market. They started with a few dealer partnerships in order to build the core processes and developed the software for selling loans directly. DriverUp officially launched in February of 2015.