Rocket Auto Launches Online Vehicle Marketplace, Empowering Buyers to Choose Their Perfect Car Leveraging the Rocket Platform
With more than 35,000 vehicles for sale from 300 dealers at launch, Rocket Auto has the selection to meet the needs of every buyer
DETROIT, Aug. 24, 2021 /PRNewswire/ -- Detroit-based Rocket Auto, a digital automotive retail marketplace and part of Rocket Companies (NYSE: RKT), today introduced RocketAuto.com – a website with a primary focus on providing a simple and transparent car buying experience.
"Buying a car is one of the largest purchases anyone makes in their life, but the process can be intimidating and overwhelming. Rocket Auto is reimagining this experience by building a marketplace with massive inventory and tools specifically engineered to make it stress free," said Victor You, CEO of Rocket Auto. "We have used Rocket Companies' decades of experience bringing simplicity to the mortgage space through Rocket Mortgage and married it with our learnings from years supporting sales for Vroom, to demystify the car-buying experience and help our clients select the right car and get on the road quickly."
The Rocket Auto marketplace currently hosts more than 35,000 used cars, trucks and SUVs from over 300 dealers nationwide. Additional inventory partners are expected to join the marketplace through the remainder of 2021, boosting choice and vehicle availability. Rocket Companies' mission is centered around always putting the client first and ensuring simplicity and certainty are core to every transaction. Rocket Auto applied this same philosophy to its tech-enabled process for vehicle purchases.
"Rocket Companies interacts with millions of Americans every year through our mortgage, real estate and personal lending businesses. More than 90% of those clients choose to come back to us time and again because of the experience we provide," said Jay Farner, Vice Chairman and CEO of Rocket Companies. "With Rocket Auto, we are growing our car sales platform so those who know us and trust us have a place to purchase their next car within the Rocket ecosystem – using the technology and best-in-class client service they are used to."
Rocket Auto's marketplace format gives buyers the ability to view various makes and models, at every price point, from an incredibly diverse network of dealers. In the coming months, it will also be the only marketplace to provide buyers the ability to self-service, handling the entire process from beginning to end regardless of what dealer the vehicle comes from.
Rocket Auto has supported vehicles sales since 2017, honing the skills needed to sell vehicles nationwide from a centralized location. In that time, Rocket Auto has demonstrated the strength of its platform through tremendous growth. In the second quarter of 2021, the company facilitated the sale of 15,600 auto units, up more than 143%, as compared to Q2'20. In total, Rocket Auto expects to more than double its car sales in 2021, compared to the gross merchandise value (GMV) in 2020.
Currently, buyers can view the inventory from Rocket Auto's partner dealers and express their interest in purchasing a vehicle. A virtual garage also gives marketplace visitors an opportunity to select vehicles from the expansive inventory that are of interest, 'park' them to view later and compare to others. The company's Rocket Cloud Force of advisors are highly trained to then guide clients through the marketplace website as buyers search, secure financing and set up delivery of their dream car. Once they find their next car, Rocket Auto can provide an instant cash offer to facilitate the trade-in of the client's current vehicle.
The Rocket Auto platform is the perfect way for dealers to connect with buyers. Dealers have the opportunity to display their inventory in front of the 14 million+ Americans who have a relationship with Rocket Mortgage, Rocket Homes or Rocket Loans. Plus, clients are three times more likely to buy a car after a mortgage inquiry, and 50% more likely to purchase a vehicle after refinancing – as reported by Transunion research. Most importantly, Rocket Auto assists clients, even those just in the consideration phase, so dealers have structured deals not just leads.
Rocket Auto expects to add new car sales and leasing to its used car inventory in 2022.
Forward Looking Statements
Some of the statements contained in this document are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are generally identified by the use of words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this document and are based on our management's current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled "Risk Factors" in our Annual Report on Form 10-K, Current Reports on Form 8-K, and other filings with the Securities and Exchange Commission. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in our SEC filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.
About Rocket Auto
Rocket Auto is a virtual marketplace where consumers can shop and compare vehicles of many makes and models from a wide network of dealers, granting them more choice and transparency throughout the purchase process. By innovating digital solutions for the automotive retail industry, Rocket Auto will push the limits of what is imaginable in the car buying experience. For more information, or to shop for a car, visit RocketAuto.com
About Rocket Companies
Rocket Companies is a Detroit-based holding company consisting of personal finance and consumer technology brands including Rocket Mortgage, Rocket Homes, Rocket Loans, Rocket Auto, Rock Central, Amrock, Core Digital Media, Rock Connections, Lendesk and Edison Financial. Since 1985, Rocket Companies has been obsessed with helping its clients achieve the American dream of home ownership and financial freedom. Rocket Companies offers an industry-leading client experience powered by our simple, fast and trusted digital solutions. Rocket Companies has approximately 26,000 team members across the United States and Canada. Rocket Companies ranked #5 on Fortune's list of the "100 Best Companies to Work For" in 2021 and has placed in the top third of the list for 18 consecutive years. For more information, please visit our Corporate Website, Investor Relations Website, Twitter page, and our LinkedIn page.
SOURCE Rocket Auto
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