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

Mar 21, 2012
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Back in July, I brought up that Quicken Loans IPO paperwork referenced a used car business they were in the process of starting.

july.JPG


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

rocket auto.JPG


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

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Dec 4, 2009
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Dan
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. ;-)
 
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Reactions: Ryan Everson
Mar 21, 2012
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It's official, Quicken Loans has launched RocketAuto.com!

Dealers can become a partner here:

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.