To Help Dealers Improve Closing Ratios, Wolters Kluwer Launches RefundOne
MINNEAPOLIS — Wolters Kluwer Financial Services announced the launch of RefundOne this week. Specifically designed for the auto dealership market, it is a patent-pending, integrated credit application and tax preparation service.
RefundOne combines Wolters Kluwer Financial Services' AppOne dealership portal and trusted compliance and risk management expertise with expert tax preparation and electronic filing software.
With the average federal income tax refund at more than $2,300, dealers routinely encounter customers who anticipate using tax-refund proceeds as a down payment source, officials explained.
With the Web-based, seamless RefundOne solution, dealers can quickly and easily estimate a customer's tax-refund amount, have the customer's tax return prepared and filed by a tax professional, and apply for a refund anticipation loan on the customer's behalf.
When the loan is approved, the dealer is able to print a check for the amount of the loan and deliver it to the customer.
By integrating and streamlining the credit application and electronic tax filing processes, RefundOne provides dealers with significant time and cost efficiencies, executives highlighted. RefundOne was created to reduce the re-entry of duplicate information and the overhead expense of using multiple, non-integrated solutions.
Now is the perfect time for dealers to prepare to offer their customers this service, according to Kevin Kopp, director of Indirect Lending at Wolters Kluwer Financial Services.
"By implementing the RefundOne solution at their dealership this year, dealers can better serve their customers in January and February when they typically start seeing a spike in tax-related sales and finance activity," said Kopp.
"RefundOne not only allows dealers to help their customers file taxes, but it also helps them secure financing with a lender. Additionally, RefundOne can help dealers improve closing ratios — a major benefit in this tough market," he continued.
Lee Domingue, chief executive officer of AppOne, added, "With lenders tightening credit standards, we are seeing a reduction in loan-to-value ratio on the vehicles financed. Lenders are pulling back on the maximum amounts financed that exceed the collateral value, thus creating a need for customer down payment to qualify for the financing terms. RefundOne provides a way for the customer to obtain a refund anticipation loan instead of waiting until the refund check arrives weeks later."
Dealerships can find more information at www.AppOne.net/refundone, or call (877) APPONE1.