Auto-Matic - The FastPass Digital Podcast
Fastpass Digital is turning the world of automotive purchase and finance on its ear. We've create an end-to-end platform that keeps the buyer in complete control and their pre-approved credit union financing front and center.
We created Auto-Matic to help bring clarity to the whole topic of automotive retail, explaining why virtually all of the legacy systems are broken and how FastPass fixes them. We'll feature discussions that explain key FastPass concepts, as well as industry experts to give their take on the current and future states of automotive retail.
Auto-Matic - The FastPass Digital Podcast
FastPass Under the Hood: How We're Changing Automotive Retail Forever
This episode of Auto-Matic dives deep into FastPass, a SaaS platform changing how credit union members buy cars. Hosts Lucy and Nick explore its features and benefits, using internal FastPass documents and the Los Angeles Federal Credit Union (LAFCU) website as their guides.
FastPass connects credit union members with dealerships, leveraging pre-approved auto loans. Its "exclusive private access" creates a tailored shopping experience. The Purchase Capacity Calculator helps members determine affordable monthly payments based on loan amount, down payment, term, and interest rate. FastPass boasts a massive inventory of over 10 million vehicles, prioritizing those within the user's budget. Features like "swipe right to save" and a personalized "garage" simplify browsing and tracking potential vehicles much like online shopping.
The platform emphasizes anonymous communication, allowing members to interact with dealerships using only their first names, fostering a no-pressure environment. After selecting their top five vehicles, members receive "out-the-door" price quotes, including all fees and taxes, promoting transparency. A "test drive" button facilitates scheduling directly with dealership managers. FastPass distinguishes itself from competitors like TrueCar and CarGurus by not charging dealerships fees, potentially translating to better deals for buyers.
For LAFCU, FastPass integrates seamlessly with their existing car loan options. The credit union gains insights into members' shopping activities, including browsing, communication, and test drives. AI-powered features, including an "AI negotiator," offer data-driven insights for smarter decision-making. The anonymous chat feature is highlighted as a key selling point for the platform. LAFCU offers a 1% cashback incentive for members using FastPass and also promotes a "switch and save" refinancing offer, although the app itself focuses on new car purchases.
The hosts conclude by summarizing FastPass's core advantages: transparency, control, and potential savings, emphasizing how it empowers credit union members in the car-buying process. They also pose a thought-provoking question about how this buyer-centric approach could improve other significant purchasing experiences like buying a house or navigating healthcare costs.