Rocket Auto this week officially launched the online auto retail platform the company had announced in May.
The new rocketauto.com announced Tuesday contained more than 35,000 used vehicles from more than 300 dealers, according to Rocket Auto. The Detroit-based unit of Rocket Cos. said it expected to add new “inventory partners” throughout the rest of the year and new-car sales and leases in 2022.
Rocket Auto has traditionally served as a white-label call center for auto retailers. It said it helped clients sell 15,600 vehicles in the second quarter, a 143 percent increase over the second quarter of 2020.
This year, the company seeks to have a role in selling double the gross merchandise value it handled in 2020.
The new Rocket Auto site will face competition from established third-party used- and new-vehicle listing platforms. However, Rocket Auto noted it could put a dealer’s products before more than 14 million consumers who use the sister companies Rocket Loans, Rocket Homes and Rocket Mortgage.
“Rocket Companies interacts with millions of Americans every year through our mortgage, real estate and personal lending businesses,” Rocket Cos. CEO Jay Farner said in a statement. “More than 90 percent of those clients choose to come back to us time and again because of the experience we provide. 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 world-class client service they are used to.”
These could be strong leads. Citing TransUnion research, Rocket Auto said “clients are three times more likely to buy a car after a mortgage inquiry, and 50 percent more likely to purchase a vehicle after refinancing.”
Rocket Auto said it would make its employees available to help customers find a vehicle, obtain financing and arrange delivery through the website. The company said it could send dealers “structured deals not just leads.”
