GDN Extends Loan Transaction Services to New Market
ALAMO, Calif. — Global Debt Network has expanded its auto loan transaction solution to include services for financial institutions and dealerships that originate recreational vehicle loans.
The company is currently accepting motor home and towable recreational vehicles to be placed for sale and plans to introduce its powersport and water-sport platforms some time in the next few weeks.
Additionally, it is currently developing a mortgage platform to be launched later in 2009
As some may know, the company's GDNopen platform can help make online whole loan transactions more efficient and transparent. According to officials, more than 130 debt buyers are registered for the service, which allows sellers to find more competitive pricing on their portfolios.
Meanwhile, buyers can utilize GDN's due diligence room to help reduce acquisition costs.
GDN introduced its first product, GDNauto, in June 2008 and has posted more than $150 million in auto loans through its online marketplace.
Such financial institutions as JP Morgan Auto Receivables, Goldman Sachs, Wells Fargo Preferred Capital and 1st Investors Financial Services have joined GDN.
GDN's 200-plus members can utilize its services to access and get a clearer picture of market pricing in today's challenging environment.
Moreover, Mike Sheridan, president and chief executive officer of GDN, indicated that the company is currently closing on three auto portfolio sales.
"We launched GDNauto on the brink of the financial markets collapsing," Sheridan highlighted.
"With companies in despair, we seized an opportunity to give the market what it was seeking: greater access to liquidity, transparency, price discovery and standardization to what has traditionally been a very fragmented and inefficient market," he added.