Enterprise partners with Chase in new point-of-sale auto finance offering

Enterprise Car Sales (ECS), the retail service of Enterprise Rent-A-Car, and Chase have launched a new multi-year, private-label agreement, which aims to provide car buyers a seamless customer experience – from the selection of their vehicle to the financing of their purchase.

Under the agreement, Chase Auto Finance will be the private-label auto finance provider at more than 130 US-based ECS locations.

Marketed and serviced under the name Enterprise Auto Finance, the offering will provide customers a financing experience that complements Enterprise’s customer service. Enterprise Auto Finance will roll out later this year.

Thasunda Duckett (pictured below), CEO for Chase Auto Finance said: “Chase is pleased to provide Enterprise with a consistent source of funding and servicing as it continues to expand its car sales business.

“This is a great opportunity to deliver a world-class customer experience under the Enterprise Auto Finance brand.”

ECS customers already appreciate Enterprise’s low-pressure car-buying experience.

From the first day Enterprise began selling used vehicles in St. Louis in 1962, customers have been assured that the listed price is the price they pay. That approach allows the Enterprise sales team to focus on the customer experience – and the exceptional service that has become a hallmark of Enterprise.

Mike Bystrom, vice president of ECS said: “We are excited to join with Chase to offer a private-label financing option for our customers. We’ve enjoyed a strong partnership with Chase for many years.

A natural fit

“Our companies share a deep commitment to exceeding customer expectations, giving back to our local communities, supporting military veterans and their families, and putting the customer first.

“Chase is a natural fit to provide financing to our customers through Enterprise Auto Finance.”

Chase is the number one non-captive prime auto lender in the US and has been providing auto financing for more than 60 years.

As a full-service provider, Chase Auto Finance offers financing, leasing, dealer floorplan, commercial banking and treasury services. Chase has more than $60 billion in auto loans and leases for nearly 3 million customers in the US and has relationships with more than 70% of all US auto dealerships.

Chase is the US consumer and commercial banking business of JP Morgan Chase, a leading global financial services firm with assets of $2.4 trillion and operations worldwide.

The company serves nearly half of America’s households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing.Jack Taylor established Enterprise as “a different kind of car rental company”. Consequently when he entered the market for used cars, his approach aimed to be different from traditional used car dealers.

No haggle

For example, Enterprise pioneered “no-haggle” used car pricing, and every vehicle it sells includes a 12-month/12,000-mile limited powertrain warranty.

Furthermore, all used cars have undergone a 109-point inspection and can be returned for any reason within seven days. “We will buy it back, no questions asked”.

Since Enterprise Car Sales was launched in 1962, it has spread to more than 130 locations nationwide. It has also built partnerships with credit unions and other lending institutions.

To date the company has sold more than 1 million used vehicles. By bringing the same commitment to customer service that built its rental car business, Enterprise has “changed the way America buys used cars”.