Online Automobile Purchasing System with Integrated Financing
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Solution Overview
Problem
Current online automobile buying services lack integration of loan applications and approval, have limited dealer participation, restrict vehicle types, require memberships, fail to reflect actual inventory, and lack trade-in and down payment options, resulting in an incomplete car buying experience for users.
Innovation Solution
A system that provides a comprehensive online automobile buying and financing experience by allowing users to configure vehicles, select dealers, apply for financing, and receive approval through a networked server, integrating online platforms, loan systems, and dealer systems for a seamless 'one-stop' process, including new and used cars, with guaranteed price savings and streamlined transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If current online automobile buying services are used, then users can access online car purchasing, but the services lack integration of loan applications and approval, requiring separate credit applications at the dealer
Solution Approach 1:
The patent combines the loan application and approval process with the online car purchasing platform into a single integrated system. The financing module is embedded within the purchasing workflow, allowing users to complete both car selection and financing application through the same interface without visiting dealers separately.
Solution Approach 2:
The online purchasing platform is designed to perform multiple functions: car browsing, configuration, dealer selection, loan application, credit approval, and purchase completion. This multi-functional system eliminates the need for separate services for each step of the car buying process.
2Adaptability or versatility
If current online automobile buying services are used, then users can purchase cars online, but dealer participation is limited
Solution Approach 1:
The system creates a universal platform that connects multiple dealers with varying levels of participation. Dealers can join the network with different capabilities (new cars only, used cars, both), and the system adapts to accommodate each dealer's inventory and services while maintaining a unified online interface for users.
3Ease of operation
If current online automobile buying services are used, then users can browse cars online, but the service is restricted to only new or used vehicles with vehicle type restrictions
Solution Approach 1:
The platform is designed to handle multiple vehicle types (new cars, used cars, certified pre-owned, etc.) through a single unified interface. The system accommodates different vehicle categories and dealer specializations without requiring users to access separate services for different car types.
4Ease of operation
If current online automobile buying services are used, then users can access the service, but membership is required (restricted to members only or requiring joining prior to using the service)
Solution Approach 1:
The system performs credit checks and financing pre-approvals in advance during the online application process, before the user visits the dealer. This preliminary action streamlines the final transaction and reduces the complexity of in-dealer processing.
5Loss of information
If current online automobile buying services are used, then users can search for cars, but the service fails to reflect actual new car inventory at participating dealers
Solution Approach 1:
The system implements feedback mechanisms where dealer inventory data is continuously updated and reflected in real-time or near-real-time on the online platform. This ensures users see accurate, current inventory information rather than outdated listings.
6Ease of operation
If current online automobile buying services are used, then users can apply for financing, but the service lacks the ability to account for trade-ins or down payments
Solution Approach 1:
The financing module is designed to handle multiple payment scenarios within a single application process: trade-ins, down payments, various loan terms, and different interest rate options. This universal financing solution accommodates all common car purchase payment structures.
Data Source
AI summary
Exemplary embodiments may provide an online automobile purchasing experience for a customer. The experience may be provided by, or associated with, a financial institution. The automobile buying experience may be accessible to both customers of the financial institution as well as non-customers. Customers of the financial institution may receive added benefits during and after the experience. Non-customers may have the opportunity to become a customer of the financial institution as part of the experience.