With more business happening in the “cloud” nowadays, Repay Holdings Corp. and TurnKey Lender recently finalized a partnership as a result.
REPAY, a provider of vertically-integrated payment solutions, announced its partnership with TurnKey Lender, a cloud-based lending software for evaluating borrowers, decision-making support and online-lending process automation. REPAY and TurnKey Lender both serve clients in the United States and Canada.
The companies explained the integration between REPAY and TurnKey Lender can enable credit unions, finance companies and lenders to fund loans 24/7 and subsequently accept loan payments via card and ACH directly through the TurnKey Lender platform as well as consumer-facing payment channels, including Interactive Voice Response (IVR)/phone pay, text pay, mobile appps and white-labeled online portals.
“We believe our partnership with TurnKey Lender will create major efficiencies in loan servicing, payment collection and reconciliation processes,” REPAY chief revenue officer Susan Perlmutter said in a news release. “The integration between the two systems will create a seamless and convenient payment experience for our clients and their borrowers.
“We’ve assessed that Canadian lenders are largely underserved when it comes to payment options, so we’re excited about the opportunity this presents in filling a void and further empowering the Canadian lending marketplace with this powerful combination,” Perlmutter continued.
TurnKey Lender chief business development officer Elena Ionenko added, “The partnership will streamline the onboarding process for new companies on both TurnKey Lender and REPAY systems by accelerating legal verification and technical connection procedures for new customers who want to use online payment processing.
“Customers can elevate their business operations with lending and payments services at the same time to see substantial growth with their financial transactions, an important win in today’s digital first environment,” Ionenko went on to say.
Market Scan Information Systems recently expanded its collection of industry partnerships.
The automotive solutions and data provider announced it has teamed up with Tekion, a cloud-native dealer management system. Through the partnership, Tekion’s Sales module will be powered with Market Scan’s mScanAPI solution, a leading database and payment calculation technology.
“Technology continues to reshape the future of dealership operations,” Market Scan president and co-founder, Rusty West said in a news release. “Tekion’s cloud-native DMS, Automotive Retail Cloud, is a testament to that.
“Market Scan’s mScanAPI is a superb match for their revolutionary new DMS,” West continued. “mScanAPI gives Tekion’s dealership customers access to the industry’s best data and calculations. These work seamlessly together to generate scientifically perfect solutions for the dealership and consumer.
“This alliance is consistent with Market Scan’s mission to evolve automotive commerce by combining science, technology and data to transform the industry. We are very excited to play a pivotal role in Tekion’s go-to-market efforts,” West went on to say.
Tekion explained that it chose Market Scan because of its unique and proprietary software, data, analytics and calculation technology. Market Scan can track data in the five critical sectors of the market — manufacturer, finance company, dealer, municipality and consumer.
“We are proud to partner with Market Scan to develop an unrivaled Desking experience within Automotive Retail Cloud through mScanAPI,” said Napoleon Rumteen, senior vice president of commercial operations at Tekion. “We vow to always deliver the best experience to our dealer partners and consumers. Our partnership with Market Scan will do just that.
“Market Scan has proven to be the industry leader in accurate vehicle payment calculations by combining science, technology and data which aligns very well with Tekion’s mission to build the world’s best business applications on the cloud,” Rumteen continued. “We are delighted to integrate this cutting-edge technology into our seamless, cloud-native platform.”
To learn more about Market Scan, visit www.marketscan.com. For more information about Tekion’s automotive retail cloud, visit www.tekion.com.
DealerSocket, Audi and Volkswagen are collaborating to make deliveries more efficient for their chain of franchised dealerships.
On Monday, DealerSocket announced that VW Credit selected its customer relationship management (CRM) suite to help drive connections between vehicle buyers and its nearly 1,000 U.S. franchised dealers.
Through deep integration with DealerSocket’s CRM, the captive finance arms of Volkswagen and Audi can funnel more than 40 critical data points on prospective buyers, including contract rates and terms, base payment amount and outstanding balances, as well as vehicle health metrics like odometer readings.
DealerSocket explained the power of this deep and seamless integration — which stems from Maturity Manager, the dealer portal VW Credit created to facilitate end-of-term transactions and initiate maturity programs — can give dealership employees, including the business development center and sales teams, critical insights inside DealerSocket’s CRM on what moves a customer to a buying decision, which can help increase sales for the dealership.
“This integration, which no other automotive CRM provides, means Volkswagen and Audi dealers simply log into DealerSocket’s CRM to access Maturity Manager,” said Darren Harris, executive vice president and general manager of retail solutions at DealerSocket.
“By centralizing access to the portal within DealerSocket’s CRM, users can access insights on past buyers without toggling between systems, saving valuable time while ensuring intelligent touchpoints that ultimately drive brand loyalty,” Harris continued.
The new functionality can enable Audi and Volkswagen dealers to centralize further day-to-day operations within DealerSocket’s CRM, which provides end-to-end sales, marketing, communications, service, data mining, and retail management capabilities.
On the back end, DealerSocket’s CRM can fuel informed decision-making for dealers by providing real-time access to extensive reports, analytics and dashboards.
“This innovation provides Volkswagen and Audi dealers actionable data and insights that drive better customer experiences,” Harris continued. “This functionality is just the beginning, as additional innovations between DealerSocket’s CRM and VW Credit, are already in the works.”
FunnelAI, a real-time, purchase-ready customer acquisition platform that uses artificial intelligence to turn social intent and web activity into prospects for businesses, recently announced that it has become a participant in the CDK Global Partner Program.
The company highlighted that joining the CDK Partner Program is a critical step forward for FunnelAI to provide dealerships and OEMs with a real-time, purchase-ready customer acquisition and enterprise business analytics platform solution.
Developed by CDK Global, the CDK Partner Program is one of the largest marketplaces of third-party automotive applications and integrations.
By accessing FunnelAI data in real-time, FunnelAI can provide dealerships and OEMs with prospective customers who expressed interest to be connected with dealerships or OEM teams, and yet maintain privacy of the consumers.
“We connect them with new or existing customers who are or will be in the market for new or used cars or who are looking for parts and the best service options,” FunnelAI chief executive officer Sri Kamma said.
“We are leading the way with connecting businesses to purchase-ready, in-market customers from social and digital platforms by finding high purchase intents using AI,” Kamma continued in a news release.
“We offer comprehensive AI tools and lead gen solutions, both in terms of technology and in scope, and we are hyper-focused within the automotive industry,” Kamma went on to say.
FunnelAI can connect various dealerships, OEMs, e-commerce sites, automotive financing and insurance companies with a wide ecosystem of customers in need of a vehicle, servicing, parts, aftermarket parts, insurance or financing. FunnelAI’s real-time solutions include:
— Customer acquisition from social and digital platforms, community forums and social sites
— In-app communication capability between the FunnelAI app and multiple digital platforms including forums and social media
— Customer Lifecycle Management (CLM) for businesses to proactively engage with their customers based on their life events or purchase intent
— Personalized communication with engagement tools to curate audiences with purchase intent and communicate with them with relevant information
— Unique and specific preferences of all prospective customers, including location-based analytics
“We’re very pleased to introduce FunnelAI as the newest member of the CDK Partner Program,” said Howard Gardner, vice president of data services at CDK Global.
“FunnelAI is a welcome addition to our vibrant program that provides dealers with a range of partner choices and the assurance that their programs can be seamlessly integrated with our applications,” Gardner added.
ActivEngage turned to an honoree among this year’s Emerging 8 to form its latest partnership to help dealerships work with online vehicle shoppers.
The provider of managed automotive solutions and communications services has partnered with CreditIQ, a provider of integrated automotive finance and banking technology, to release a comprehensive digital retailing product.
The companies highlighted this new solution extends well beyond the idea of current digital retailing and provides maximum flexibility for dealerships who want to start, complete or enhance their retailing process online.
ActivEngage’s retailing solution was designed to help dealers build trust with their customers and streamline the entire vehicle-buying experience from discovery to delivery. The features include:
• Certified integrations with DMS and bank systems for easy, real-time funding
• Fully-integrated, street-level, tax and fee desking
• Immediate bank decisions with stipulations provided
• Seamless functionality with other digital retailing platforms
“When developing this new retailing product, our primary focus was to bring true online financing and bank approval through a simple interface to the forefront of this product,” said Bill Liatsis, chief executive officer at CreditIQ, which was among the honorees included in the Emerging 8 announced during the Automotive Intelligence Summit.
“We integrate with every bank a dealer can work with via DealerTrack and RouteOne. Additionally, our list of banking partners, which includes well-known regional and national banks, is growing rapidly, allowing us to offer dealers more options than ever,” Liatsis continued.
ActivEngage president Ted Rubin added, “One of our biggest goals for ActivEngage’s new retailing suite is to offer dealerships a platform that integrates with their current systems, while offering car buyers guidance and flexibility through an express service.
“What we’ve built with CreditIQ is an innovative, versatile solution that will adapt to evolving consumer behavior and in-store processes,” Rubin went on to say.
Along with ActivSEO and AcceleRater, the retailing platform is part of ActivEngage’s customer journey optimization suite.
Dealers interested in the offering can learn more by visiting www.activengage.com.
On Wednesday, defi SOLUTIONS announced a partnership with Zest AI, a leader in AI software. Zest AI will provide defi clients direct access to Zest Automated Machine Learning (ZAML) software for loan decisioning.
Officials explained the partnership between defi SOLUTIONS and Zest AI can make machine learning credit scoring and advanced risk management capabilities more accessible to banks, credit unions, finance companies and other lenders.
Organizations using ZAML software to predict creditworthiness typically achieve a 15% approval rate increase with no added risk, or a 30% decrease in charge-offs with constant approval rates, according to Zest AI.
“defi helps lenders of all sizes leverage and capitalize on innovations such as Zest AI technology,” said Charles Sutherland, defi SOLUTIONS chief strategy officer. “We welcome Zest AI to the defi COMMUNITY and are excited to bring the benefits of their software to our clients through our defi products.”
Mike de Vere, chief operating officer at Zest AI, added in a news release, “AI and machine learning are the future of business, and our platform is helping lenders better manage and dramatically advance their credit underwriting business.
“defi SOLUTIONS’ ability to quickly and easily integrate our software into their offerings is of great benefit to their current and future clients,” de Vere went on to say.
Market Scan Information Systems and Experian recently released a solution for finance companies that want to know what underwriting strategy their competitors might be using to add to their portfolio.
Through a collaboration, Experian and Market Scan will offer mGauge, what they described as a state-of-the-art analysis tool for finance companies hoping to gain more insight into the interest rates that competitors offer based on geography, vehicle and credit risk tier.
“We are excited and proud to join with Experian to evolve automotive commerce,” Market Scan president and co-founder Rusty West said in a news release. “With Experian’s extensive industry relationships and Market Scan’s unique software, data and calculation technologies, this joint effort builds on the natural synergies between our two companies.
“Together, we will offer one-of-a-kind solutions that empower automotive lenders and OEMs to create compelling and competitive programs for their clients and specific offers directed at consumers,” West continued.
Powered by Market Scan’s proprietary technology, analytics and data, mGauge can analyze competitors’ published lease and retail financing programs. This insight can enable finance companies to create and offer competitive finance options for in-market vehicle buyers and dealers — ultimately leading to an increased bottom line and improved customer loyalty.
For example, a finance company could see that a competitor will offer a subprime car shopper a specific rate on a full-sized pickup truck — opening the door to offer a better interest rate or match the contract terms.
“In an overly competitive marketplace, lenders need to find ways to attract and retain car shoppers — comparable loans terms are a keen way to accomplish that goal,” said John Gray, Experian’s president of automotive.
“Unique insight into how competitors are pricing vehicles can level the playing field across the lender spectrum,” Gray continued. “More importantly, consumers can access favorable loan terms that can make vehicles more affordable and improve their financial health down the road.”
To learn more about mGauge, visit www.marketscan.com/OEM/Products/mGauge. For more information about Experian’s automotive suite of products and services, visit www.experian.com/automotive/auto-data.
Automakers have their captive finance companies as a preferred option to facilitate leases and retail installment contracts. And at least one online vehicle retailer is trying to create a similar scenario.
On Tuesday, Vroom announced a preferred lending and strategic relationship with Chase. In addition to a simplified financing experience, the company explained this innovative partnership is designed to bring unique value to both Vroom and Chase customers.
In 2020, the companies will launch Vroom Financial Services Powered by Chase, which designates Chase as Vroom's preferred finance company. According to a news release, Chase will have an experienced, aligned team of underwriters, marketers and servicing representatives to support customers who use Vroom.
“A seamless financing process is one of the key components of our mission to bring the car buying process online and into the digital age, so we’re thrilled to partner with Chase to make this part of the purchase experience even faster and easier for our customers,” Vroom chief revenue officer Mark Roszkowski said.
“We’re looking forward to having Chase as our preferred lending partner and collaborating with the team on an ongoing basis for additional opportunities to serve our customers,” Roszkowski continued.
Roszkowski pointed out that Vroom has helped arrange financing for hundreds of thousands of vehicle buyers to date. While other retailers might act as their own finance company or participate in a more traditional agreement with outside providers, Vroom insisted its partnership with Chase creates “a more tightly integrated and flexible financing relationship, which when combined with continuous testing and optimization of a new digital end-to-end lending process, will ultimately provide increased lending power across a broad array of customers.”
The company said its team will begin to operationalize aspects of this partnership later this year.
Credit union members in one of Ohio’s largest cities now can take advantage of what truPayments is geared to deliver.
The financial technology company announced on Tuesday that it has teamed up with Kemba Credit Union to offer its members a vehicle-buying benefit, tru Shop-by-Payment, through the Kemba Member Auto Center website.
The company explained the tru Shop-by-Payment is designed to be a unique personalized shopping experience, which can connect the right inventory and financing options to each customer based on their unique preferences and profile (including real credit).
“They’ll discover vehicles they didn’t know they could afford or a payment they didn’t know they could get,” truPayments said in a news release.
By transforming and personalizing the shopping experience, tru Shop-by-Payment can engage, surprises and delight customers — accelerating their movement through the vehicle shopping and buying process.
Visiting the Kemba Member Auto Center can provide credit union members with a personalized shopping experience, which quickly connects them to the right inventory and financing options based on their buying preferences across thousands of vehicles from participating new- and used-car dealers.
“We’re very pleased to introduce tru Shop-by-Payment as a member benefit to our more than 100,000 members,” said Dennis Wander, dealer relations manager at Kemba Credit Union, which is based in Cincinnati. “truPayments is a welcomed addition to our Member Auto Center which gives our members everything they need to find the right car at an affordable monthly payment.”
The Kemba Member Auto Center offers credit union members valuable tools to assist them with the car buying process, and tru Shop-by-Payment is one example. Members also have access to special pricing on thousands of new and used vehicles, car buying tips, plus trade tools fueled by NADA Valuation Services.
Sagent Lending Technologies and Experian are collaborating to help finance companies make sure applications coming through dealership websites or showrooms are in fact from the individual they came to be.
Last week, Sagent announced it has teamed with Experian to integrate the company’s fraud and identity solution, Precise ID, into its auto loan origination system (auto LOS). As a result of the integration, the company explained that finance providers using Sagent’s Auto LOS System now will be able to streamline the identity verification process, more accurately detect fraudulent behavior, approve more contracts and create an improved borrower experience all while making quicker loan and lease decisions at scale.
Experian’s Precise ID, a component of its CrossCore platform, is designed to empower finance companies to use more passive authentication measures and a multi-layered approach to manage fraud risk across the entire customer lifecycle. The solution can enable providers to analyze first- and third-party fraud information and identify any inconsistencies that could indicate fraudulent behavior during the application process.
Additionally, the solutions can strengthen compliance efforts with the USA PATRIOT Act and the FACTA Red Flags Rule by detecting inconsistencies in consumer-provided application information and screening against OFAC and other high-risk alerts.
“Sagent’s commitment to delivering agile, compliant, scalable and configurable solutions to lenders has been further strengthened through the integration of Experian’s Precise ID. Our growing suite of alternative data integrations protects lenders from fraud while streamlining the entire loan or lease process for lenders, dealers and borrowers,” Sagent Lending Technologies chief product officer Charles Sutherland said in a news release.
Kathleen Peters, Experian’s senior vice president and head of fraud and identity, added, "With so many compromised identity records, we believe the best defense against fraudulent behavior is a multi-layered approach that leverages advanced data and technology.
“Fraud is becoming more of a focal point within the automotive industry and with access to analytical capabilities, lenders will be better positioned to assess fraud risk quickly and accurately, make the right lending decisions and create an improved experience for prospective borrowers,” Peters went on to say.
For more information on Sagent’s auto LOS system, visit this website. To learn more about Experian’s Precise ID solution, go to this website.
