AppOne Launches New Platform for BHPH Dealers
BATON ROUGE, La. — AppOne, a part of Wolters Kluwer Financial Services, announced yesterday that it has launched a new platform for buy-here, pay-here dealerships in conjunction with Global Debt Network's GDNAuto, which is an online marketplace where auto dealers, financial institutions and other investors connect to buy and sell auto loan portfolios.
In light of recent economic conditions and the squeeze on credit, many auto dealers are exploring opportunities in the BHPH market as a way to grow their business, officials indicated.
At the same time, investors evaluating loan portfolios from BHPH auto dealers often face challenges in completing the due diligence, they added.
"It can be a time-consuming and sometimes frustrating process to ensure that the dealer selling the portfolio is financially stable and reputable, and that the dealer has taken all of the necessary steps to produce a compliant portfolio," executives pointed out.
Through this new relationship, AppOne's dealer customers can now access GDNAuto through the AppOne platform. AppOne will also provide BHPH dealers with the loan documents they need to build and maintain a compliant deal jacket. This can help to ensure that when a BHPH dealer is ready to sell a loan portfolio, the documentation is compliant and contains all of the necessary disclosures that a potential buyer needs, officials said.
"In order to be successful in an area of the market that's getting more competitive, dealers must make sure they have compliant, standardized processes in place and access to capital," said Lee Domingue, chief executive officer of AppOne.
"In working with Global Debt Network, we can help dealers address both of these issues in one convenient place," he added.
Mike Sheridan, founder and president of Global Debt Network, said, "AppOne's proprietary RECON dealership underwriting process and compliant loan documentation complement GNDAuto's ability to automate the sales process and provide dealers and investors with a secure venue to complete a transaction."
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