White Clarke Group and Solutions by Text are now working together to provide a fast, more convenient means of regular communication among finance companies, dealerships and their customers.
This week, the finance technology company and the automated SMS software provider announced an integration partnership; one they classified as “synchronizing solutions.”
The companies explained that the integration coordinates White Clarke Group’s existing CALMS loan origination software with Solutions by Text’s automated outbound messaging services, allowing finance companies to send informative SMS notifications on the progress of ongoing applications.
In addition to the configuration of automated outbound text notifications between parties, Solutions by Text offers customer identity authentication to validate customer phone numbers and an opt-in data capture function to ensure Telephone Consumer Protection Act (TCPA) compliance.
The service also offers White Clarke Group customers a convenient method of uploading and retrieving document image submissions and the ability to provide instant feedback from underwriting or funding teams on the approval status of loan applications.
“Our recent partnership with Solutions by Text opens up new avenues for fuss-free communication with customers,” said Jonathan Dodds, chief executive officer at White Clarke Group.
“Customizable and flexible integration with existing systems means that White Clarke Group can offer an additional customer-focused service compatible with CALMS Loan Origination Software — providing maximum utility with minimum hassle,” Dodds continued in a news release.
Solutions by Text chief executive officer and founder Danny Cantrell added, “We are so proud to be associated with White Clarke Group.
“It’s a foregone conclusion that with a 98% read rate in three minutes or less,” Cantrell went on to say. “Texting customers is effective, efficient and helps create lasting relationships. Combining this capability with an exceptional loan origination software is a home run.”
For more information, go to www.whiteclarkegroup.com and www.solutionsbytext.com.
Officials from 700Credit recently finalized another alliance to make their credit reports, compliance solutions and consumer pre-qualification products available to more dealerships. The latest relationship is with Advent Resources, which offers Advent DMS, a cloud-based platform for dealers.
The companies noted this new 700Credit integration can provide dealerships with seamless access to 700Credit’s credit report and compliance workflow that can optimize the sales process.
“The Advent Resources DMS is truly revolutionary with a strong following in the automotive industry. We are very thrilled to have Advent as a partner and welcome their customer base to our 700Credit family,” 700Credit managing director Ken Hill said in a news release.
“This integration will maximize efficiencies for dealerships and expedite the purchase process,” Hill continued.
Advent Resources chief executive officer Tim Gill added, “Our job at Advent is to partner with vendors like 700Credit to enable data and workflow in the most efficient way possible for transaction processing.”
Gill added: “700Credit meets this criterion and we are excited to be working with them.”
The relationship with Advent Resources arrived just a couple of weeks after 700Credit finalized a partnership with NCompassTrac to boost credit-driven dealer campaigns.
For more information about 700Credit, visit www.700credit.com. To learn more about Advent Resources, go to www.adventresources.com.
Dealertrack is heading to Las Vegas for annual events hosted this week by the American Financial Services Association (AFSA) and the National Automobile Dealers Association (NADA) armed with a half dozen new-product enhancements and enriched partnerships to highlight.
These latest partner integrations and enhancements include:
— Dealertrack partners with Darwin: Darwin brings the latest in analytics and mobile technology to Dealertrack’s platform. The result is less keystrokes and more deal data from Darwin’s final menu, telling the dealer which aftermarket products were accepted and which were declined by the customer and how those choices affect monthly payment, term of loan and cash down. All this information can flow seamlessly into Dealertrack’s one online deal jacket to ensure deal compliance.
— F&I insights reporting powered by StoneEagle F&I: Dealertrack is partnering with StoneEagle F&I, a provider of innovative solutions for the automotive retail industry, to bring SEcureMetrics F&I to the Dealertrack platform. This partnership can allow dealers to analyze the deal and see new ways to grow profits using insights that will be presented within the online deal jacket. SEcureMetrics F&I is easily customizable and can arm dealers with actionable insights to help improve efficiency, drive performance and increase potential profitability.
— Dealertrack partners with National Credit Center (NCC): Dealers now have access to an enhanced financing process through an all-new partnership with National Credit Center (NCC). NCC credit bureau service will integrate directly into Dealertrack’s online deal jacket, improving the finance process for dealers to make smarter and immediate credit decisions. Key features and enhancements include Military Lending Act (MLA) inclusion on reports and Smart Default capabilities (coming in March 2020) that can give deeper insights to secure better finance terms and to automatically pull an additional bureau if a higher score is available. This improved financing process increases the value dealers derive from Dealertrack’s credit application network.
— New CRM integrations: Committed to mapping to a dealership’s unique workflow, Dealertrack will offer enhanced integrations with several CRM providers to now push a completed credit application directly from their CRM to Dealertrack, helping save time and reducing the need for data re-entry.
— Enhanced compliance checkpoints throughout the deal: Dealers can protect profits and ensure mishaps are mitigated through real-time updates and checkpoints along each step of building one complete digital deal jacket. Dealertrack’s annual Compliance Guide is also going paperless in 2020, so dealers can easily access and share updates.
— Paperless deal submission: Dealertrack’s unique Digital Contracting capabilities now include local file upload so dealers can now add stips and documents in multiple ways. Additional enhancements, such as built-in verifications, live funding checklists and point-of-sale capture allow dealers to submit more accurate contracts for same day funding to a growing list of leading lenders.
One Dealertrack user shared his experiences with some of these enhancements.
“From a customers’ viewpoint, the less time they have to spend at the dealership, the better,” said Will Pollard, finance director of Tim Short Auto Mall in Corbin, Ky.
“On Dealertrack uniFI, we’re now able to connect the entire deal workflow through one single platform, minimizing back and forth and enhancing employee productivity for faster funding and happier customers,” Pollard continued in a news release.
Cheryl Miller, senior vice president and general manager of Dealertrack F&I Solutions, elaborated about what the company is trying to deliver to finance companies and dealerships.
“At Dealertrack, we believe in the course of doing business dealers should never have to turn their back on a customer to access the information needed to structure a payment, secure financing, calculate taxes and fees, or jump between technology solutions,” Miller said.
“By leveraging the power of partnership, Dealertrack is giving dealers the flexibility and connectivity they need to drive a seamless workflow for faster funding and a renewed, more fully engaging customer experience,” Miller went on to say.
For more information about Dealertrack and to schedule a demo at NADA 2020, visit https://us.dealertrack.com/ or visit the company Booth No. 2336C.
Cloud-based dealer management system provider DealerCenter finalized enhanced relationships with a subprime auto finance company and a provider of vehicle service contracts with the developments aimed at helping independent dealers.
According to separate news releases, DealerCenter now has improved connections with Nicholas Financial and GWC Warranty.
Officials explained DealerCenter’s users now have one-click access to GWC’s F&I products within their existing sales workflow, eliminating the hassle of navigating separate systems for rates and approvals.
“As one of the top-rated dealer management system platforms, DealerCenter’s mission is to provide outstanding service and functionality to our customers,” said Barry Lane, vice president of business development with DealerCenter. “Partnering with GWC, one of the top vehicle service providers in the nation, allows us another opportunity to do just that.”
Since 2002, DealerCenter has been committed to improving a dealer’s ability to manage their business, control costs and maximize profits with technology solutions designed to improve the vehicle-buying process. This strategic partnership can allow independent dealers to streamline the customer experience, delivering a more efficient and transparent way to write service contracts by processing loan originations and back-end products all in one place.
“At GWC, our goal is to help dealers drive results from their used car operation. Integrating with DealerCenter means our dealers can make faster decisions and close more deals in less time,” said Wendy Pratt, area vice president of strategic alliances with GWC.
“This partnership is another milestone in our mission to deliver a best-in-class experience,” Pratt continued. “The level of efficiency that this integration brings to the purchase process means our dealers can offer their customers the right F&I products upfront and push transactions through more quickly, cutting down on vehicle delivery time. Everybody wins.”
Nicholas Financial sees victories ahead for independent dealerships now that the branch-based subprime auto finance company is a preferred lender on DealerCenter.
As a preferred lender on the platform, Nicholas Financial highlighted that it will be able to help independent dealers get more deals approved and funded with a click of a button.
“We listen very closely to our customers’ suggestions, and they have been asking for an additional integrated lender to be added to our preferred lender platform,” Lane said. “Nicholas Financial is the perfect complement to our existing sources.”
DealerCenter also emphasized this new partnership connects independent dealers with a subprime, local branch-based finance company to streamline the buying process, allowing dealers to sell more vehicles to more customers.
“Nicholas has been focused on partnering with and servicing the local independent dealer since our inception in 1985. For 35 years, we have prided ourselves on being the independent dealer’s local lending partner. This partnership with DealerCenter allows the company to help more dealers more quickly than ever before,” Nicholas Financial director of operations Grant Martin said.
“Our partnership with DealerCenter is just one more example of how Nicholas is leveraging technology with common sense lending and good old-fashioned customer service in our journey to remain an industry leader,” Martin went on to say.
For more information on GWC, go to www.GWCwarranty.com. For more information on Nicholas, visit www.NicholasFinancial.com. For more information on DealerCenter, go by www.dealercenter.com.
Equifax recently made another move to give its auto-finance company clients a more vivid picture of what their applicants’ credit background truly might be.
The Automotive Intelligence Council member announced new direct-to-consumer partnerships with Esusu, MoCaFi and Zingo that Equifax said will help develop a more complete picture of a consumer’s financial profile.
Equifax explained in a news release that it wants to offer real solutions that can meet people wherever they are on their personal finance journey. The rent-reporting platforms can enable consumers to opt-in to include rental payment data as part of their respective credit report to allow a more complete picture of financial history.
All three companies, as part of their credit education initiatives, will also present their users with a free weekly or monthly VantageScore credit score so they can track score changes over time.
Equifax acknowledged most renters’ on-time housing payments are not reflected on their credit reports — even though it is often one of the largest and recurring bills consumers pay. Having little to no credit can impact a consumer’s ability to qualify for a mortgage, finance a car or take out college loans.
These direct-to-consumer Equifax partnerships with Zingo, Esusu and MoCaFi continue to give the underserved population an opportunity to add additional payment depth to their credit histories.
Esusu can enable tenants to build and establish their credit scores while helping property owners reduce turnover and missed payments to increase their operating income.
“Esusu’s partnership with Equifax will help accelerate our growth,” said Abbey Wemimo and Samir Goel, co-chief executive officers of Esusu. “It will also help in creating more financial opportunities and access for millions of Americans.”
MoCaFi, short for Mobility Capital Finance, is a platform that seeks to provide banking services to the underbanked, while helping them build credit and improve their economic mobility.
“MoCaFi’s partnership with Equifax represents a new paradigm of what’s possible when two organizations come together to drive financial inclusion,” said Wole Caxum, founder and CEO of Mobility Capital Finance. “Our work is already allowing people, especially communities of color, to see the benefits of using rent reporting to impact their credit scores. These are exciting times for us as our work is just getting started.”
The Zingo platform collects, verifies and reports rental payments initiated by the consumer, thus enhancing their credit profile when consistent payment history is reported.
“The Zingo automated rent reporting platform puts the consumer in control,” Zingo CEO Maria Gallegos said. “Our mission to empower consumer-initiated rent-reporting to Equifax supports their goal to help consumers live their best financial lives.”
Tom Madison, senior vice president and general manager at Equifax Global Consumer Solutions, elaborated about what collaborating with Zingo, Esusu and MoCaFi means
“Our partnership with these market leading rent-reporting agencies reaffirms our commitment to become a more consumer friendly data and credit reporting agency,” Madison said. “This will help provide a more comprehensive view of consumers’ payment histories and help people in the pivotal moments in their financial lives, such as applying for their first mortgage or buying a car.
“Everyone, regardless of their income or living situation, deserves the chance to reach their financial goals. Through these partnerships and continued efforts, Equifax aims to help consumers live their financial best by understanding their credit throughout their lifetime,” Madison added.
During this summer’s Automotive Intelligence Summit, masterQueue finalized a partnership with PassTime. On Thursday, the web-based Software-as-a-Service platform that can automate the skip-tracing process expanded its relationship with PAR North America, a business unit of KAR Auction Services.
According to a news release, PAR said it has enhanced its capabilities through the power of masterQueue — giving PAR a more efficient tool for skip-tracing.
“As they face higher recovery costs, our customers demand solutions that can provide efficiencies while increasing recovery rates,” PAR president Lisa Scott said. “Partnering with one of the most reliable, respected automation platforms in the industry gives our customers confidence, knowing they are getting the most precise skip tracing information that ultimately could lead to increased recovery rates.”
masterQueue can improve productivity and efficiency by combining the power of artificial intelligence and data with its seamless, streamlined collections and skip tracing information solution. Its platform is a single software solution uniquely designed to automate data collection, manage regulatory compliance and maintain data privacy.
“The skip-tracing process has its challenges, especially when lenders lose touch with their customers,” said Shannon Berry, skip services and project manager at PAR.
“Now, together with masterQueue, we have simplified the process with aggregated, up-to-date information in one easy-to-use solution. PAR customers will benefit from enhanced, informed reporting and potentially improved recovery rates,” Berry went on to say.
Representatives from both masterQueue and PAR will be participating in Repo Con, which is presented by Millennium Capital and Recovery. Repo Con is part of the industry-leading conference conducted during Used Car Week, which begins on Nov. 11 at the Red Rock Resort in Las Vegas.
Agenda details and Early Bird Registration discounts available through Oct. 1 can be found by going to www.usedcarweek.biz.
Westlake Financial Services recently made inroads into Canada. On Tuesday, the finance company turned its attention back to the United States to grow its refinancing operations.
Subsidiary Westlake Direct announced a partnership with CarFinance to purchase auto refinance loans originated through the CarFinance platform.
The companies explained CarFinance will market to customers and originate all loans, and Westlake Direct will be the loan holder and handle all servicing, including customer service, collections, and titles administration once the contract has been finalized with the customer.
In a news release, the firms mentioned that customers will be able to make payments through Westlake’s MyAccount Portal, available online and as a mobile app.
“Partnering with CarFinance to add auto loan refinancing is a perfect complement to our current portfolio of auto loans being originated through LoanCenter.com,” said Ralph Ontiveros, vice president of Westlake services and lending solutions.
Westlake’s Group President Ian Anderson added, “Westlake’s push towards direct lending refinancing is a big part of moving our business forward. Our partnership with CarFinance will contribute to their growth in providing refinancing options.”
Westlake Direct started originating direct-to-consumer financing in 2018 through LoanCenter.com. The website can offer customers pre-approvals for auto loans in seconds. LoanCenter.com also offers the popular “name your payment” option, along with the ability to find several vehicles that match a customer’s approval.
Cherokee Media Group orchestrated the Automotive Intelligence Summit, so technology-driven companies could interact and network, possibly producing enhanced relationships like the one PassTime and masterQueue announced.
As AIS 2019 unfolded this week in North Carolina’s Research Triangle, PassTime, a leading provider of GPS Solutions, announced it has partnered with masterQueue, a web-based Software-as-a-Service (SaaS) platform that can automate the skip-tracing and debt-collections process.
Company leaders explained the partnership will facilitate integrated solutions that combine the automation of the skip-tracing and debt-collections processes from masterQueue with the leading-edge GPS solutions from PassTime, saving mutual customers time while simplifying the user experience while efficiently locating and contacting customers financial institutions are seeking.
“PassTime has built its business on bringing innovative solutions to our customers," PassTime president and chief executive officer Chris Macheca said. “masterQueue has developed groundbreaking software for the industry which makes them an ideal partner for us, and we’re eager to add their efficiency, regulatory and data privacy tracking tools to our customers’ toolboxes,” Macheca continued.
masterQueue combines the power of artificial intelligence with data in order to improve productivity and efficiency in collections and skip tracing. Its platform is a single software solution designed to automate data collection, manage regulatory compliance and data privacy and to assist finance companies in simplifying the debt collection process connected with the more challenging contracts where they lose touch with their customers.
After being a part of AIS 2019 to discuss the California Consumer Privacy Act and more, masterQueue will be presenting its solution in September at Finovate in New York. The company already is enthusiastic about the enhanced relationship PassTime could deliver.
“The opportunity to partner with the original and still leading-edge GPS solutions provider is so exciting,” said John Lewis, founder and chief executive officer of masterQueue. “We’re confident we can help their clients through integrated technology, while at the same time exposing our clients to the power of GPS solutions where there is a need and desire to utilize this technology.
“Given the rapidly changing landscape of the auto finance industry, with ride-sharing and other changes coming to the forefront, the timing of this partnership is ideal for everyone,” Lewis went on to say.
For more information, contact PassTime at (877) 727-7846 or info@passtimegps.com or masterQueue at (866) 563-7547 or demo@intellaegis.com.
TrustScience and Inovatec Systems Corp. finalized a partnership this week.
The provider of artificial intelligence-fueled credit scoring and the loan operating system (LOS) provider announced they will partner to release a fully automated lending platform that can enable end-to-end loan management across the entire credit spectrum.
The company said finance companies can be up and running on a fully customized LOS and an AI-powered loan underwriting model within weeks, “not months or years.”
A BETA version of the integration has been underway for several months, and a general release is expected in June.
Mark Eleoff is chief executive officer of Eden Park and a customer of both Trust Science and Inovatec Systems.
“Both Trust Science and Inovatec Systems have proven themselves to be innovative, value-added and very customer centric in working with us to improve our credit decisions,” Eleoff said.
Trust Science CEO Evan Chrapko elaborated about his company’s relationship with Inovatec System.
“This partnership gives lenders the ability to accurately score and lend to an additional 64 million consumers in the U.S. alone, with unprecedented accuracy and speed,” Chrapko said. “The end-to-end, customizable nature of Inovatec Systems’ LOS makes it a perfect partner for Trust Science and our API-based scoring solution.”
Inovatec Systems vice president of sales and marketing Bryan Smith added, “With this partnership, Inovatec Systems will now be able to automate the powerful AI tools at Trust Science alongside traditional credit scoring and risk measurements. Our lenders will have instant access to the Trust Science Six Score to determine creditworthiness based on alternative, uncorrelated data, generating simple and powerful results for a more complete risk assessment of the individual.
“The Trust Science tools will be integrated into Compass Asset Finance (CAF) for credit and funding, driving more innovation and thinking differently,” Smith said.
AUL Corp., in partnership with Vision Dealer Solutions, recently launched an AUL branded F&I menu platform.
AUL chief information officer Jose Fleites explained these menus are touch-based sales tools containing all of the F&I options dealers can offer to vehicle buyers toward the end the delivery process.
The new platform will offer all of AUL’s F&I products ranging from extended warranties, vehicle service contracts, GAP coverage, theft coverage, tire and wheel, interior and exterior appearance, scratch/paint coverage and more.
With the launch, dealers now have access to an AUL branded, single-source menu platform based upon Vision Dealer Solutions’ technology. This solution can deliver integration with eight of the leading dealership management systems (DMS) and can give dealers immediate access to streamlined and customized data analysis.
“As F&I continues to migrate out of the F&I office and onto the sales floor, it is increasingly important to put the best tools in the hands of the sales team,” Fleites said.
“With Vision, we’ve incorporated the latest technology with our full suite of F&I products to deliver a best-in-class experience,” he continued.
To learn more about his partnership, go to www.aulcorp.com.
