tiprankstipranks
Upstart Launches Auto Retail Software to Enable Superior Car Buying Experience
Market News

Upstart Launches Auto Retail Software to Enable Superior Car Buying Experience

Upstart (UPST) announced the launch of Upstart Auto Retail software with AI-enabled auto loans. Notably, dealers will be able to provide a fully comprehensive shopping experience that consumers demand, from shopping and vehicle selection to financing and check-out.

So far in 2021, the company noticed that the registration of dealerships has nearly tripled. In Q2, more than $1 billion worth of vehicles were sold through the Upstart Auto Retail platform. Furthermore, with the inclusion of Upstart-powered loans, those dealerships will be able to offer affordable financing to their customers.

AI-powered lending is currently being rolled out to a limited number of dealers. It will be available to all dealers using the platform beginning in early 2022. (See Upstart stock charts on TipRanks)

Upstart CEO and Co-Founder, Dave Girouard, said, “Buying a car is an iconic and memorable experience for most Americans, but the financing step is where things often unravel. Upstart Auto Retail will provide millions of consumers with a car buying experience worthy of 2021, including that all-important financing step.”

Last month, Citigroup analyst Peter Christiansen downgraded Upstart to a Hold from a Buy with a price target of $350 (upside potential of 13.8% from current levels).

The analyst is optimistic that loan growth momentum will continue, and volumes in autos will materialize in 2022. However, given the 644% rise in the stock price year-to-date, he advises investors to wait for a better entry point.

Consensus among other Wall Street analysts is a Strong Buy based on 6 Buys and 1 Hold. The average Upstart price target of $261.29 implies 15.1% downside potential to current levels.

Furthermore, Upstart scores a “Perfect 10” from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.

Related News:
Williams Prices $1.25B Senior Notes Offering
Acuity Brands Posts Upbeat Q4 Results
Quipt Bolsters Footprint in Mississippi; Street Says Buy

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles