New Nicholas Financial president and chief executive officer Doug Marohn is continuing to make moves to bolster the finance company that specializes in subprime vehicle installment contracts.
After recently highlighting plans to enhance originations along with installing an interim chief financial officer, the National Independent Automobile Dealers Association reached a partnership with Nicholas Financial, calling the provider one of the last true “common sense” finance companies in the subprime auto finance space.
Nicholas Financial connected with NIADA as a Bronze-level National Corporate Partner, joining a highly vetted roster of product and service providers available to NIADA member dealerships.
“We are extremely excited and proud to be part of such a great organization,” Marohn said. “NIADA has been synonymous with integrity and service in the preowned automobile industry for years. Its values align well with Nicholas', and we look forward to a very long and prosperous partnership.”
With local branch offices in every market Nicholas Financial services, the company has the ability to tailor lending and purchasing guidelines to the specific needs of each dealer partner.
Marohn emphasized Nicholas Financial's unique approach to originations is designed to find ways to approve deals even when others might say no, and provides an opportunity to price each contract on its own risk level.
Marohn went on to say that Nicholas Financial strives to conduct up-front investigations and customer interviews so dealers know the approvals they get are solid. That process allows Nicholas to provide some of the fastest funding in the industry; of many company features that appealed to NIADA senior vice president of member services Scott Lilja.
“Nicholas Financial brings to our independent auto dealership members a very local-market, personalized service approach to their auto finance resource needs,” Lilja said. “Local underwriting means quick turnaround on loan applications, helping our members meet and exceed their customers' expectations.
“In this day and age of automated, centralized, technology-driven loan decision systems within the auto finance market, Nicholas brings a unique, local-market service approach that aligns with our mission as the voice and advocate for independent auto dealers nationwide,” Lilja went on to say.