PR & News Rocket Mortgage (Quicken Loans) Jumping in the Online Used Car Space?

[Ryan Everson]

Back in July, I brought up that Quicken Loans IPO paperwork referenced a used car business they were in the process of starting.




I still haven't been able to locate any additional details on "Rocket Auto" but then this job posting appeared a few days ago:




Quicken Loans quickly became the largest home lender in America through an easy and transparent online mortgage process. It seems like they're taking their knowledge and success of transforming the biggest purchase of someone's life (a home) and applying it to the second largest purchase of their life...a car.

Information is still vague so their business model isn't clear but if I had to guess they will be carvana-like but use dealership inventory. So would pay dealerships full asking price but Rocket would keep all F&I profits. Just a guess, time will tell...

 

[Dan Sayer]

Back in July, I brought up that Quicken Loans IPO paperwork referenced a used car business they were in the process of starting.

View attachment 5063


I still haven't been able to locate any additional details on "Rocket Auto" but then this job posting appeared a few days ago:

View attachment 5062


Quicken Loans quickly became the largest home lender in America through an easy and transparent online mortgage process. It seems like they're taking their knowledge and success of transforming the biggest purchase of someone's life (a home) and applying it to the second largest purchase of their life...a car.

Information is still vague so their business model isn't clear but if I had to guess they will be carvana-like but use dealership inventory. So would pay dealerships full asking price but Rocket would keep all F&I profits. Just a guess, time will tell...

@Ryan Everson I think you should take it. You'd be perfect for that role. You can use me as a reference.

 

[Ryan Everson]

It's official, Quicken Loans has launched RocketAuto.com!

RKT Holdings

We are a Detroit-based hub with an international footprint, dedicated to supporting the Rocket Family of Companies.

www.rocketauto.com

Dealers can become a partner here:

Rocket Auto | Car Buying Made Simple

Find the perfect car or truck. Thousands of vehicles. One marketplace.

www.rocketauto.com

I’m guessing quicken / rocket handles all of the financing and backend products so dealers are just left with front end.

Should be a strong competitor against Carvana if they have even half the success they had with RocketMortgage.

It will give single-point dealerships and smaller groups an opportunity to be able to better compete with Carvana since they don't have the resources to create their own solution like Driveway (Lithia), Clicklane (Asbury), CarShop (Penske), etc.

 

[Feduk]

If you are trying to do something like this, you should get educated and do a lot of research on this topic. This is a serious thing that can mess your credit score up. Maybe it looks fine at first, but you have to be careful when you want to take a loan because you can calculate your Investment property loans on various websites. You should compare loans and then evaluate your options before proceeding to the next step in order to have your credit score untouched.

 

[ElizabethPullman]

Hello all!!

 

[simonhard]

You should consider some things before you decide to use money like this. I would typically make a pro and cons list just to get a good look at everything before deciding. Before I took my mortgage, I talked with an advisor from Mortgage Advisor Doncaster, and he helped me see everything from a different perspective. He told me how I should pay the loans back efficiently to get rid of this problem later. I would also recommend you to think everything through and if you feel ready, go for it!

 

[HughesStewart]

Hey! I remember someone mentioning Quicken Loans' plans for a used car business called "Rocket Auto" a while back. It's interesting to see how they're leveraging their success in the mortgage industry to potentially transform the car buying process. Can't wait to see how it pans out!

 

[JingleXV]

Yeah, I remember hearing about Quicken Loans' "Rocket Auto" too! It's pretty cool how they're taking their success in the mortgage industry and looking to shake things up in the car-buying process. I mean, if they can bring the same level of ease and transparency to buying a car as they did with getting a mortgage, that would be awesome! I'm curious to see how their business model will work, especially with leveraging dealership inventory.

 

[joe.pistell]

Bot spam.

 

[joe.pistell]

Just reviewed Rocket Auto - Drivly
Great UI for filtering (i.e. narrowing the consideration set).