Credit Karma Auto cruises past major milestones; offers free car washes to Los Angelenos
Less than a year ago, Credit Karma launched an experience around the idea that people should have one central place to access information about their car. Since launch, more than 8 million members have synced their cars to the platform. To celebrate this major milestone, Credit Karma is taking the auto experience offline and hosting a free car wash for Los Angelenos on Thursday, October 11.
To understand the significance of this milestone, it’s important to reflect on how we got here. Credit Karma realized Americans were mispriced on their auto loans to the tune of more than $37 billion, yet there was nowhere for Credit Karma to have a conversation with its members about their auto finances. This insight led to the creation of Credit Karma Auto, a central hub for all information on a person’s car.
Through the Auto experience, Credit Karma members can sync their DMV profile with their existing Credit Karma profile to get a view into the health of their auto. This includes auto refinancing tools, as well as tools to monitor the value of vehicles over time and find details of recalls. Since launch, Credit Karma has helped its members save more than $150 million on their auto loans.
We’ve been encouraged by the strong engagement from our members; we know nearly 30 percent of Auto members visit the features every month. To build upon this, we knew we needed to expand the auto experience and realized another key area where we could help our members save: insurance. Earlier this week, we launched our new insurance product.
Similar to auto loans, we realized Americans are majorly mispriced on their insurance. We estimate Americans are overpaying on insurance by almost $21 billion per year. Mispricing happens for a few reasons:
- Shopping for insurance is painful
- Most people don’t know what type of coverage they should have, and
- Most people don’t know what they should be paying based on their financial and driving history.
With Credit Karma’s auto insurance experience, members now have transparency into insurance pricing and, the best part, it’s painless and easy to understand. So far, the product has rolled out in Texas and California and will roll out in other states over the coming months.
We’re proud of how much our members have saved already and want to show IRL how Credit Karma helps you take care of your car to help you make financial progress.
Come celebrate with us by getting a FREE car wash at one of our nation’s driving capitals — Los Angeles. Like all Credit Karma services, it’s on us!
Hope to see you there!
Credit Karma Team