Veros Credit attributed two specific performance metrics and critical enhancements that pushed the subprime auto finance company to a record-breaking year in 2019 and boosted dealer satisfaction to an all-time high.
According to a news release sent to SubPrime Auto Finance News this week, Veros Credit captured a 20% increase in contract origination year-over-year, while cutting dealer funding time by 50%.
“We made the process as seamless and as painless as possible for our partnered dealers so that they can expect a positive, fair and efficient outcome every time,” Veros Credit chief operating officer Harvey Singh said in the news release.
“Experience and feedback taught us what our dealers needed, and we simply invested intelligently to meet the demand,” Singh continued
Singh went on to emphasize that technological innovation and implementation are just a part of the business strategy at Veros Credit. He noted that maintaining positive and mutually beneficial relationships with dealers remains paramount, too.
“We do not just deliver technology to the doorstep of our partnered dealers; rather, we show them how to use it to better their business,” Singh said.
Veros Credit highlighted that this strategy has enabled the finance company to enter six new markets in 2019, helping to fuel that 20% growth over 2018.
The company believes it can exceed that accomplishment with additional territories that are expected to open in 2020. Veros Credit said the new markets will include the roll-out of new programs for both independent and franchised dealers.
The company added that the Veros Credit Franchise Dealer Program was another enhancement of 2019 that will be a point of emphasis in the years to come. Veros Credit designed a model that can provide quick decisions with competitive rates while dovetailing complete dealer support throughout the program.
“It is a very exciting time to be a part of Veros Credit and the improvements we continue to make for both the dealer and customer experience will continue to drive growth that is scalable and sustainable,” Singh said.