Wednesday, May. 17, 2017, 11:50 AM UPDATED 11:56 AMBy SubPrime Auto Finance News Staff
PayLink Direct and Omnisure Group, two specialty finance and vehicle service contracts, recently merged to create one of the largest VSC payment plan providers in the United States.
Rebecca Howard, co-founder and chief executive officer of PayLink Direct, and Paul Walder, co-founder and chief executive officer of Omnisure Group, announced the completion of the transaction on April 28. Officials said the union of these companies creates a combined entity with “unsurpassed funding power and unparalleled client support abilities.”
Officials added the alliance will allow the new company to meet the predicted growth demands of the service contract market through “best-in-class” payment plan financing.
Walder said, “The merger and resulting combination of our companies' core competencies will provide many benefits to our clients and to consumers. We’ll be able to offer them expansive product solutions that are administered quickly and conveniently, making VSC sales an integral stream of revenue for direct marketing companies, auto dealerships and service contract administrators.”
Howard said, “Remaining a leader in our niche market means continually looking for new ways to grow and adapt. Today’s car buyers are keeping their vehicles longer, with an average car loan term of more than 60 months. This partnership will allow us to meet the demands of the growing service contract market by giving consumers, contract administrators and sellers of service contracts ultimate product flexibility through a state-of-the-art technology platform, exceptional customer service, and an extensive portfolio of attractive financing solutions.”
The combination of PayLink Direct and Omnisure Group brings together two highly complementary client networks and will serve more than 3,000 auto dealerships, 100 direct marketers and 50 administrators nationwide.
The new merged entity will operate under the PayLink Direct name and the marketing brand will be a combination of brand elements from both organizations. Howard will be the CEO of the merged entity and Walder will maintain an ownership position and remain involved in an executive capacity.
“The leadership teams are excited about bringing an enhanced level of service and an expanded depth of experience to their clients, business partners and employees and they anticipate the integration to be seamless,” the company said.