Benzinga | Aug 25, 2021 04:12PM EDT

What To Know About Rocket Auto's New Online Vehicle Marketplace

Rocket Auto, the digital automotive retail marketplace division of Detroit-headquartered Rocket Companies (NYSE:RKT), has launched the online car-buying marketplace RocketAuto.com.

What Happened: The Rocket Auto marketplace is going live with more than 35,000 used cars, trucks and SUVs from over 300 dealers nationwide. Additional inventory partners are expected to join the marketplace later in the year and new cars will be available for sale and leasing in 2022.

According to the company, buyers can view the online inventory while the company's Rocket Cloud Force of advisors provides assistance in securing financing and setting up delivery. Rocket Auto can provide an instant cash offer to facilitate the trade-in of the client's current vehicle.

See Also: Rocket Companies Expand Focus To Solar Installations

Why It's Important: In promoting the new online marketplace, Rocket Auto pointed out its parent company's other enterprises -- Rocket Mortgage, Rocket Homes and Rocket Loans -- found consumers were three times more likely to buy a car after a mortgage inquiry and 50% more likely to purchase a vehicle after refinancing, according to TransUnion (NYSE:TRU) data.

"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," said Jay Farner, vice chairman and CEO of Rocket Companies.

RKT Price Action: Rocket's stock closed Wednesday at $18 per share.