National Automotive Experts and NWAN (NAE/NWAN) finalized a partnership with Ultimar this week.
The companies explained the partnership allows NAE/NWAN to provide direct manufacturer access to Ultimar’s interior and exterior surface protection product technologies.
NAE/NWAN said Ultimar and the entire Granitize line of products are known throughout the chemical industry for their high-performance appearance protection products, EPA antimicrobials and EPA disinfectants. Products include protection for the exterior painted surfaces of a vehicle, the interior fabric and leather/vinyl surfaces, as well as Bac Shield — an antimicrobial product proven to eliminate 99% of germs and microbes.
“We are very excited to offer Ultimar’s full suite of appearance products,” NAE/NWAN president David Neuenschwander said in a news release. “As a provider to the auto, powersport and RV industries, it is important for us to have programs that are available across each industry. Our relationship with Ultimar further enhances our chemical product offerings.”
Ultimar’s chemicals can be paired with any of NAE/NWAN’s surface protection product warranty agreements. These agreements are designed to provide consumers with protection from weather-induced fading, UV exposure, oxidation, hard water etching, bird droppings, tree sap, road salt, road de-icing agents, acid rain, insect damage, including love bugs, accidental spray paint overspray and industrial fallout.
Coverage is also provided for the interior fabric and carpet against stains, dye transfers, rips, cuts, tears, punctures and burns. Antimicrobial protection inhibits odors, mold, mildew, fungus, microbes, germs, bacteria, viruses and odors from harmful microbes.
“Ultimar is blessed to partner along with NAE/NWAN,” Ultimar president Marty Raymondo said. “The Ultimar technology is unique and unlike the everyday appearance products. These technologies have been used by transportation industry giants such as Boeing, Learjet, and Rolls Royce.
“Ultimar’s cutting-edge technology, together with NAE/NWAN’s exceptional service, excites us to have the responsibility in assisting all NAE clients to not only maximize profits, but more importantly, to provide their clients with worry-free performance appearance products that will maintain the like-new appearance for many years,” Raynondo went on to say.
For more information, visit www.naenwan.com or call (877) 222-1645.
PassTime is looking to reiterate to the industry that its devices can work well on more than just cars and trucks.
This week, the GPS solutions provider announced it was selected as the exclusive partner for Fuel Capital Group, which provides financing and lease options for motorcycles.
The companies highlighted in a news release that the partnership will make PassTime an integral piece of Fuel Capital Group’s funding program to consumers with less than perfect credit and will help to provide access to financing that may otherwise not be available to consumers wishing to purchase or lease a motorcycle.
The program will utilize PassTime’s new hardware platform — Encore — a battery-powered GPS solution that does not require any vehicle power to operate, and therefore won’t cause any drain on the motorcycle battery.
Additionally, consumers in the program will have the option to utilize the Encore GPS device themselves as a theft recovery solution. Through PassTime’s InTouch VP program, consumers can download the mobile app to monitor their motorcycle’s location history and activate the device in the event of a theft, adding valuable protection.
Fuel Capital dealer partners who participate in the PassTime program can order GPS solutions easily through the dedicated online order portal.
“We think PassTime’s Encore device is a perfect fit for our program,” Fuel Capital Group senior vice president of sales and marketing Stephen Pietrowicz said.
“The fact that it can be used on a motorcycle and not drain the battery is really a game-changer. It is the device we’ve been waiting for and we will now be able to provide financing options to even more riders while protecting the quality of our portfolio,” Pietrowicz continued.
At the core of Fuel Capital Group’s strategy is a technology driven platform that is designed to provide dealers with near immediate approvals, 100% paperless DocuSign contracting and 48-hour funding commitment.
Fuel’s mission is to become their dealer partners’ preferred funding solution by offering dealers and consumers a full credit spectrum of options with a fast and seamless application, approval and funding process.
Meanwhile, PassTime is looking to be an asset for Fuel Capital Group and its customers.
“Having Fuel Capital Group as a powersports finance partner is a tremendous value to PassTime customers,” PassTime vice president of financial services Kevin Carr said.
“Fuel Capital’s focus on technology to make a better lease and finance experiences for its dealer partners and consumers mirrors PassTime’s commitment to providing GPS technology that allows finance companies to protect their assets, while also giving riders a GPS theft recovery solution that won’t drain their battery,” Carr went on to say.
For more information, or to sign up, contact PassTime at (877) 727-7846 or info@passtimegps.com or Fuel Capital Group at (239) 315-7535 or sales@fuelcapitalgroup.com.
This week, Launcher Solutions announced its third major development since the second half of May.
The newest one involved the technology provider specializing in automotive finance originations finalizing an integration partnership with Neo to help finance companies build a stronger portfolio and make smarter sales via Neo’s highly customized and comprehensive loan scoring algorithms.
Launcher reiterated that its origination system, appTRAKER LOS, was designed by subprime experts in the automotive finance industry with credit risk management at its core.
“The use of artificial intelligence is transforming the loan origination process by improving risk and fraud detection, especially in light of the current pandemic and resulting economic uncertainties. Our top priority has always been to connect our lenders with the best tools to improve their business processes and workflows such as the Neo scorecard,” Launcher president Nikh Nath said in a news release.
For Launcher clients, the company explained the ability to utilize the Neo’s scoring system will improve their risk management abilities with Neo’s A- based products.
Finance companies using appTRAKER LOS can use Neo to access a nearly endless number of attributes spanning customer stability, financial health, credit bureau, loan terms, purchase vehicle and more in real-time to provide a score for a loan.
Finance companies also may choose to let the appTRAKER LOS automate the decision-making process by utilizing the score or simply customize how it is presented to the underwriter; “in either case allowing them to make better and faster decisions on a deal,” according to Launch Solutions.
The company went on to say, “Neo’s unique approach enables auto lenders to approve even the toughest deals by providing not only a score, but also by specifying what down payment, loan terms, monthly payment etc., will make the deal approvable based on the lender’s historical data.”
This week’s development arrived after Launcher Solutions entered the credit-union market back in May with a tool tailored for those providers. Then in June, the company completed integration with HRI Analytics.
Nath discussed the current state of risk amid the coronavirus pandemic during an episode of the Auto Remarketing Podcast available through the window at the bottom of this report.
Darwin Automotive formed partnerships this week with two other companies in the F&I space.
According to news releases from the firms, both EasyCare and GWC Warranty will be a preferred partner for Darwin’s premier F&I menu system, as well as its digital retailing and consumer self-service tool. With these partnerships, EasyCare and GWC Warranty said they negotiated preferred pricing for their dealers nationwide, giving them access to Darwin’s extensive platform at a substantial discount.
“Darwin’s innovative digital retailing software allows dealers to offer the right F&I products to every customer, based on that buyer’s specific needs,” said Matt McKenna, senior vice president of GWC Warranty and APCO. “Darwin’s platform aligns with our mission to provide solutions for our dealers that generate value for their customers while driving more profit for the dealership.”
EasyCare senior vice president of business performance Dave DeCredico added, “Our goal as a company is to partner with companies that provide a seamless experience for our dealers and their customers.
“Our partnership with Darwin is yet another milestone in our mission to make sure our dealers have access to the most effective tools that generate value for their customers and increased efficiency and profitability for the dealership,” DeCredico went on say.
Darwin Automotive currently operates in all 50 states with more than 6,300 dealerships subscribed to its programs. According to the company, Darwin delivered 504,000 deals on its platform in June and is on track to deliver 6.5 million units for the year.
“We are extremely happy to partner with EasyCare, as it is clear that the customer experience is their top priority. We look forward to helping their dealers create an efficient online experience that provides customers with options to choose the online transaction method that’s best for them, Darwin Automotive chief executive officer Phillip Battista said.
“We are excited to partner with GWC Warranty as it is clear they understand the importance of an integrated shopping experience to help boost business by simplifying the online sales process,” Battista continued. “Enabling their dealers’ sales teams and customers to transact the way they need and want to transact right now, which should increase both CSI and profits.”
For more information about these companies, visit www.GWCWarranty.com, www.EasyCare.com and www.DarwinAutomotive.com.
TurboPass is continuing to build relationships with finance companies that specialize in subprime paper.
Soon after announcing a finalized strategic partnership with Turner Acceptance, TurboPass also shared that it’s working with Automotive Credit Corp. (ACC) to leverage its universal income validation solution and find more details about consumers’ ability to pay on a retail installment contract.
The companies highlighted that dealers can now send a simple text message to a consumer at the point of sale or during their shopping process to validate “ability” that’s ready in seconds, saving valuable time in the vehicle buying and closing process.
This process can enable finance companies to have funding dashboard access to validate dealer-initiated reports eliminating the need to send personal identification documents in the funding package.
“After analyzing alternatives and in light of the current unemployment situation, we are moving forward to sign up all of our dealers nationwide onto the TurboPass platform. This will allow dealers to collect income, employment and proof of residence data, streamlining the stip-clearing process to get deals done faster and to minimize incidents of errors and fraud,” ACC chief operating officer Mike Opdahl said in a news release.
Founded in Michigan in 1992, ACC has partnerships with thousands of dealers throughout the United States including Arizona, California, Colorado, Florida, Illinois, Indiana, Michigan, Minnesota, Nevada, Ohio, New York, and Utah.
“Our team members are happy to leverage this innovation because it helps our dealers succeed in many ways,” ACC business development director Michael Blasius said. “It also helps our underwriting teams make solid and fast decisions.
“With the new COVID realities, this novel method is not only customer-authorized and (trusted), it allows us to deliver great value to our dealership partners around the country,” Blasius went on to say.
TurboPass can eliminate the hassle and risk associated with document-based verification of income, employment and residence and provides trusted direct (bank and credit union) source data that can fulfill finance companies’ need for copies of bank statements, proof of income, proof of employment and other stipulations.
“The TurboPass report is a unique solution in the auto finance ecosystem. It’s something that our dealers have said is a long-time coming,” TurboPass co-founder and chief executive officer Mike Jarman said.
“In light of the coronavirus environment, verifying income and employment is difficult, yet more important than ever,” Jarman continued. “The fact that ACC, an innovative and important lender to so many used-car dealers in America, recommends and accepts TurboPass to clear stips and is now actively promoting its adoption to its thousands of dealers is both exciting for our company and indicative of where the industry is moving.”
For more details about the companies, go to automotivecredit.com and turbopassreport.com.
Turner Acceptance is bringing on some technology reinforcement to help the subprime auto finance company navigate its way through underwriting during the coronavirus pandemic.
This week, Turner Acceptance finalized a strategic partnership with TurboPass to leverage its universal income validation solution and find more details about consumers’ ability to pay on that retail installment contract.
The companies highlighted that dealers can now send a simple text message to a consumer at the point of sale or during their shopping process to validate “ability” that’s ready in seconds, saving valuable time in the vehicle buying and closing process.
This process can enable finance companies to have funding dashboard access to validate dealer-initiated reports eliminating the need to send personal identification documents in the funding package.
“Ensuring affordability is something we take very seriously at Turner Acceptance,” chief executive officer Jonathon Levin said in a news release. “We want to help our customers succeed and after testing most of the major VOI/VOE/VOR providers in the industry, we’ve found that TurboPass reports are the best way to do help our customers get into the right car at the right terms”.
Turner chief originations and marketing officer Andres Huertas added, “Because we feel that the TurboPass solution is in the best interest of our dealers, our customers and for our industry, we are not only including the requirement of TurboPass on our call-backs, but were also actively working to sign our dealers up on the solution.”
TurboPass co-founder and chief operating officer Ken Jarman elaborated about working with finance companies like Turner Acceptance, especially now as the U.S. economy has been impacted dramatically by COVID-19.
“The TurboPass Report is something that has been sorely needed for dealers for a long time. Just as dealers pull credit on almost every customer to help customize the right offering for each customer, the same can and should be done as it relates to income and employment,” Jarman said.
“In light of COVID-19, verifying income and employment is more difficult than ever,” Jarman went on to say. “Having Turner as a committed partner is exciting for our company and for the industry in general.”
For more details about the companies, go to www.turneracceptance.com or www.turbopassreport.com.
DDI Technology is now more entrenched in the Hoosier State.
On Thursday, the electronic lien and title technology firm and subsidiary of IAA announced a partnership with the Indiana Bankers Association (IBA). DDI was selected by IBA as a preferred service provider for electronic lien and title services.
Officials highlighted the new agreement allows DDI to offer its customizable web-based technology to the IBA and its 124 member banks as the state of Indiana begins to implement a new law for ELT that will take effect in the first quarter of 2021.
Driving efficiency, cost-savings, and fraud prevention, DDI’s technology can provide complete title management solutions for a finance company’s motor vehicle title portfolio. The web-based platform can enable a bank to receive notifications and electronic copies of the title directly from the Bureau of Motor Vehicles, while interacting with the bank’s existing loan system.
DDI insisted its platform also can significantly streamline the lien release process.
“We are excited to have DDI as a preferred service provider,” IBA executive vice president Rod Lasley said in a news release. “With their excellent web-based platform and their outstanding customer service, we know our banks will get an excellent ELT solution when they partner with DDI.”
DDI vice president operations Ann Gunning added, “DDI Technology offers the nation’s leading electronic lien and title technology, directly integrated with over 5,200 financial institutions, as well as the department of motor vehicles of 26 states.
“DDI’s suite of technology solutions focuses on critical areas of title and lien release management including electronic vehicle registration, electronic lien and title processing, and electronic lien payoff,” Gunning continued. “It drives an expedited titling process, eliminates paper storage and creates a more responsive customer support system.”
Point Predictive finalized four different relationships this month with a variety of auto-finance industry companies that plan to use the firm’s products to curb fraud.
The company that offers machine learning solutions now is working with MidAtlantic Finance, TCI, Nicholas Financial and Tricolor Auto.
The newest development arrived on Monday when Point Predictive announced that MidAtlantic Finance has selected the company’s scoring solutions to help improve underwriting decisions prior to funding contracts. MidAtlantic Finance plans to use two scoring solutions from Point Predictive: Auto Fraud Manager to score applications for risk of early payment default, fraud and material misrepresentation, as well as IncomePass to assess borrowers’ stated incomes for validity for improved application streamlining.
“In our retrospective testing with Point Predictive, we saw significant lift of the solutions to help us achieve multiple business gains,” MidAtlantic vice president Michael Pereira Jr. said in a news release. “In the highest risk scores, we were able to identify loans that have a significantly higher risk of early payment default due to fraud or material misrepresentation. We can use those high scores to scrutinize those deals more carefully.
In the low risk scores, we found loans had significantly lower rates of risk and default,” Pereira continued. “We can use those low scores to clear loan stipulations, route loans for faster funding and in general make the whole funding process easier for our dealers and customers. Our plan is to integrate those scores into our existing processes and internal scores to achieve those benefits across all loans going forward.”
To Point Predictive, the addition of MidAtlantic to the consortium is growing proof that shared intelligence and artificial intelligence is the future of auto-finance fraud and risk mitigation.
“We’re proud to partner with MidAtlantic,” Point Predictive Tim Grace chief executive officer said. “Our consortium data and AI scoring will enable them to identify significantly more early payment default before funding and. just as important, they will help them understand which deals have low risk of misrepresentation and default so they can proceed down a faster path to funding.
“Better targeting is the key to profitability and growth and that’s exactly where we aim to help MidAtlantic,” Grace added.
MidAtlantic said it will use Point Predictive’s Auto Fraud Manager to helps address the $7 billion-dollar annual problem of misrepresentation and fraud in the auto finance industry.
Point Predictive reiterated that Auto Fraud Manager uses machine learning to mine historical data from applications across the industry to precisely pinpoint where fraud is happening and how it is perpetrated.
More than 70 million applications have been evaluated and scored by the system, which is continuously learning new patterns as they emerge.
Additionally, MidAtlantic will use Point Predictive’s IncomePass — a solution that can provides an instant assessment of the accuracy of an applicants stated income.
Point Predictive said that finance companies have found that IncomePass can help them automatically identify and clear stated incomes on up to 80% of their applications without costly database checks and onerous requests for documentation such as pay stubs, which are subject to high rates of forgery
Nicholas Financial picks Point Predictive
Another finance company to select Point Predictive as a service provider is Nicholas Financial, which specializes in subprime contracts.
Like MidAtlantic, Point Predictive said Nicholas Financial will use Auto Fraud Manager as well as IncomePass
“Point Predictive is excited to partner with Nicholas Financial to help them achieve better relationships with their borrowers and their dealer network,” Grace said. “Our solutions help lenders reduce their risk of early defaulted loans by up to 50% and, in the process, help them streamline an additional 30% of their loans for reduced stipulations and friction in the lending process.
“By better targeting risk, the end beneficiaries are their dealers and borrowers who can see a reduction in the time it takes to fund loans,” Grace continued.
Nicholas Financial chief executive officer Doug Marohn explained why he believes solutions from Point Predictive will further enable to deliver on the company’s strategy to provide their customers and dealers a quick, easy and hassle-free funding process.
“At Nicholas Financial, we understand that ensuring risk control while providing great customer service is a delicate balancing act. We’ve been able to successfully mitigate and price for risk by identifying fraud throughout the underwriting and funding process,” Marohn said.
“In the current market, managing fraud and early payment default risk is critically important; we need to know who we can trust, and who we cannot. We believe Point Predictive will help us become even more effective in doing just that,” he went on to say.
Tricolor Auto goes with Point Predictive
Point Predictive’s active month began with the company announcing Tricolor Auto will use its Auto Fraud Manager solution to improve risk identification during the underwriting process.
“We are delighted to have Tricolor join our growing list of lenders that are leveraging the power our Ai,” Grace said. “Our unique approach of combining Artificial + Natural Intelligence (Ai+Ni) and harnessing the power of our proprietary consortium data has proven to work time and time again for lenders across the risk spectrum.
Our testing with Tricolor showed that we were not only able to help them better streamline low-risk applications for quicker funding, but we could also help them identify high-risk applications that might require more scrutiny for potential fraud or misrepresentation,” Grace continued.
“In the end, this will result in lower early payment defaults and more pull through, since they can potentially avoid costly and time-consuming stipulations when the risk is low,” he went on to say.
Tricolor is enjoying success as a subprime auto-finance provider that specializes in working with Hispanic consumers, receiving designation as a Community Development Financial Institution (CDFI) by the U.S. Treasury Department last year.
“Tricolor’s focus has always been to use advanced data analytics and Ai technologies to deliver high quality used vehicles at affordable loan rates for low income families,” Tricolor chief risk officer James Li said. “Point Predictive’s solution fits right into that strategy because of the unique insights their consortium and Ai bring to our decisions.
“With their scores, we can instantly assess the risk of both misrepresentation and the related probability of default,” Li continued. “This helps us make more informed fraud management decisions about each loan application — which ones can be queued for streamlined processing and which one we might need to take a closer look at.
“Ultimately, we will fund more loans, faster and more safely, to worthy borrowers,” Li added.
Origination platform opts for Point Predictive
Finance companies aren’t the only organization aligning with Point Predictive.
Point Predictive also a new standard integration with TCI, a leading loan origination platform provider, to help lenders and finance companies better address the rising risk that they face with fraud and misrepresentation.
As part of this standard integration, Point Predictive’s full suite of artificial intelligence solutions can be delivered to TCI’s customer base of more than 500 finance and lending companies. The integration with TCI now means that all TCI customers will have quick access to solutions to help them better address fast-growing types of fraud such as synthetic identity fraud, income fraud and auto lending fraud.
“TCI is committed to delivering state-of-the-art capabilities to our lenders,” TCI president Bill Nass said. “Right now, fraud and risk are at the forefront of every lender’s mind; with the solutions provided by Point Predictive, we can help lenders rest a little easier.
“Point Predictive solutions will help our customers decide instantly, before they make decisions to fund loans, which applications contain accurate information and which ones do not,” Nass continued. “Partnering with Point Predictive gives our lenders instant access to Point Predictive’s multi-billion attribute fraud consortium and cutting edge Ai+Ni technology.”
Point Predictive explained that its suite of AI machine learning scores and fraud alerting technology will give financial services companies using TCI’s loan origination system the ability to streamline applications for loans and new accounts by precisely identifying which applications contain misrepresentations. In most cases, Point Predictive said it is able to help lenders and finance companies identify a majority of their fraud risk in the riskiest 10% of their total application pool so they can perform greater due diligence on those applications prior to funding.
At the same time, lenders can also use the technology to auto clear and remove burdensome friction from up to 30% of their applications that contain virtually no risk of fraud or misrepresentation.
“We’re excited that TCI completed the standard integration of the Point Predictive Ai auto loan application, dealer and income risk management products. We know finance companies and lenders want easier access to solutions in real-time that can help them immediately reduce fraud risk with low false positives,” Grace said.
“With a respected solution provider like TCI, we can now easily provide access to our powerful scores and alerts to many finance companies that grapple with fraud issues each and every day but may not have the technology resources to implement quickly,” he continued.
TCI’s clients will have access to a full suite of risk scoring technologies including Auto Fraud Manager, Auto Fraud Alert, IncomePass and SyntheticID Alert.
For more information about leveraging Auto Fraud Manager, Auto Fraud Alert, IncomePass or SyntheticID Alert, contact Point Predictive at info@pointpredictive.com.
Send a text message. Collect a payment. That’s what Blytzpay and ABCoA Deal Pack are looking to accomplish for finance companies via its new integration.
The companies recently indicated customers utilizing ABCoA’s Deal Pack DMS will now be able to leverage BlytzPay’s comprehensive and straightforward technology solutions that can enable businesses to communicate, invoice and collect from their customers via text message.
“Our partnership with BlytzPay adds to the ways our customers can support the digital payments experience,” ABCoA president Jonathan Hedy said in a news release. “The integration offers our customers visibility into their payment and communications metrics, via a secure and convenient user experience, among many other benefits.”
The companies went on to mention the integration between BlytzPay and ABCoA Deal Pack allows the two technology platforms to communicate seamlessly providing dealers or finance company customers the ability to digitally manage the full scope of the payments portion of their business.
“As we look towards the future, there is no doubt that remote payments, facilitated by efficient technologies, will create robust businesses capable of succeeding in periods of volatility,” BlytzPay chief executive officer Robyn Burkinshaw said.
“Text messages have a 95% response rate, which is an extremely attractive metric for businesses looking to help their clients make regular and real-time payments,” Burkinshaw continued. “We are thrilled to partner with ABCoA Deal Pack and support their customers build and grow their businesses.”
GWC Warranty recently joined the National Independent Automobile Dealers Association as a Gold-Level National Corporate Partner.
As a Gold-level NCP, GWC Warranty is recognized as one of the NIADA’s most trusted resources, with a proven track record of quality and excellence as a provider of F&I solutions for used vehicles.
Officials reiterated the National Corporate Partner program provides NIADA members with an extensive, highly vetted roster of partners they can rely on to help them grow their business, protect their assets and enhance their profitability.
Matt McKenna, senior vice president of GWC Warranty & APCO Marketing noted NIADA’s role to provide its member dealers with opportunities and resources to make their business stronger and escalate their ability to serve consumers.
“All of us at GWC are incredibly pleased NIADA has chosen us to bring our expertise and resources to its members,” McKenna said, “helping them drive success, better serve their customers and find higher profit potential with our F&I solutions that are geared toward the independent market.”
GWC has delivered what it calls a “No Worries, Just Drive” experience to more than 11 million drivers nationwide as part of the APCO Holdings family of brands.
“Now more than ever, our members need access to customizable and profitable F&I solutions,” NIADA director of business development James Gibson said in a news release. “Having access to GWC Warranty’s training and support will go a long way in helping our dealers sell more cars.”
For more information about the APCO Holdings family of brands, visit www.gwcwarranty.com and www.easycare.com.
