CoreLane Technologies, a provider of innovative transactional connectivity solutions for automotive dealers and finance companies, on Monday announced the launch of CreditLane, a low-cost, scalable cloud-based platform for delivering data between dealers and finance companies.
CoreLane will debut the new platform this week at the defi SOLUTIONS Annual Client Summit in Las Colinas, Texas.
CoreLane explained the CreditLane platform can integrate with the dealer management system (DMS) and the finance company’s loan origination system (LOS), enabling the implementation of the system without the need for extensive training.
CreditLane receives contract information directly from the dealer’s DMS and transmits it to finance company, eliminating the possibility of keystroke errors caused by entering information multiple times. The finance company instantly receives the application through its LOS and responds with a decision that generates an alert and messages on the dealer’s DMS.
The final deal structure is pushed back into the dealer’s DMS, reducing errors and streamlining funding.
CreditLane also enables finance companies to grow their portfolios by providing them visibility to a broad array of dealers. The CreditLane Lender Directory can provide marketing information to prospective dealers so finance companies can easily identify, connect and submit applications to CreditLane providers.
“Since transitioning to the CreditLane platform, we have seen a positive impact on our ability to streamline our process and improve communication. The functionality of having real time updates between dealers and our origination departments has significantly reduced the time between receiving an application and being able to approve and fund the deal,” said Vic Amin, senior vice president of sales and marketing at Veros Credit.
“The efficiencies we’ve gained make every interaction faster and easier, which in turn, has helped to reduce our overall operating costs,” Amin continued.
“We also wanted a solution that could accommodate our continued growth, and the CreditLane platform gives us the necessary customization and scalability to maximize productivity at a pace that we set,” Amin went on to say.
Bill Medved, senior vice president of technology and operations of CoreLane, is confident other finance companies can achieve the same benefit as what Veros Credit has experienced.
“We’ve spent over a year researching how dealers and lenders currently submit and process applications,” Medved said. “Based on the result of that research, we’ve partnered with multiple DMS providers and integrated with defi SOLUTIONS to develop CreditLane.
“We look to partner with all key industry stakeholders to provide solutions that are ‘one-click simple,’” he went on to say.
As mentioned, CoreLane will be pushing out its new tool during defi SOLUTIONS’ event — defi FEST — at the NYLO hotel in Las Colinas, Texas, beginning on Tuesday.
During the event, defi SOLUTIONS will share company and product insights and information, and encourage collaboration through discussions and idea-sharing. The defi SOLUTIONS business model centers around collaboration, and this annual round-up of clients, partners and company team members is an opportunity to make certain everyone is benefitting from defi relationships and the defi lending platform of services.
“This year we’re offering more sessions and topics of interest to our clients,” said Kartheek Veeravalli, defi’s chief product officer. “We’ve grown quickly, so we’ll also take this opportunity to make sure our clients are aware of the latest and greatest services our auto lending platform has to offer, such as Auto Structuring.”
An entire session will be devoted to the defi auto loan origination system (LOS) Auto Structuring capability, which automatically structures counter-offers according to a client’s individually customized credit policy rules. Other defi SOLUTIONS sessions include the Q&A company and product roadmap with chief executive officer Stephanie Alsbrooks and others from the defi executive team, two-way texting in loan management and servicing, the need for speed in current systems and architecture, as well as a presentation from defi chief operating officer Georgine Muntz on the use of technology in competitive strategy.
Additionally, defi partners will be presenting ‘bottom-line’ benefits case studies.
“Our sponsors are an integral part of this event,” said Patty Jefferson, defi SOLUTIONS vendor relationship manager. “defi clients won’t want to miss out on their interactive roundtable sessions.”
Digital Matrix System (DMS) is the event’s Big Kahuna sponsor. Other partners include AUL, Black Book, Cedar Document Technologies, Clarity Services, Corelane Technologies, Dealertrack, eOriginal, Equifax, FactorTrust, Hatteras, Kelley Blue Book, LexisNexis Risk Solutions, Open Lending, REPAY, RouteOne, Solutions by Text and TransUnion.