IRVING, Texas — Online auto finance company myAutoloan.com recently revealed it has been awarded its third patent from the US Patent and Trademark Office of the Department of Commerce for its online lending marketplace technology known as Preferred Placement.

“Preferred Placement is the technology that allows consumers to complete one simple application form for virtually any loan product such as a new or used auto purchase, auto refinance, boat or mortgage loan resulting in online, real-time multiple loan offers from participating finance companies, banks and credit unions,” the company explained.

And this patent most recently awarded is just one of several patent applications submitted.

Explaining the technology in more detail, officials noted that through scoring algorithms, it matches customers with lenders based on statistical probability modeling.

Commenting on the news, Greg Thibodeau, chief executive officer of myAutoloan.com, noted, “The goal is to ultimately help consumers buy and finance cars through superior process and partnerships.

"The results are higher approval rates that translate into a higher percentage of sold vehicles and funded loans. Our lending partners have and our dealer partners will also soon see consistently higher approval rates.

“Funded loans will edge higher over time as Preferred Placement technology models consumer data for enhanced lender performance. Consumers using myAutoloan.com overwhelmingly prefer the myAutoloan.com experience, as satisfaction rates are very high; some of which can be attested to by their 32k Twitter.com followers and 7.8k FaceBook.com fans,” he continued.

In other news, the company also noted that though it has historically operated in the smaller direct lending segment of the auto finance market, it will not try and focus larger indirect lending space working with dealer partners through its recent integration with DealerTrack.

And as for all the patents involving the Preferred Placement program are concerned, the intellectual property law firm of McDonnell Boehnen Hulbert & Berghoff, LLP, headquartered in Chicago, continues to manage the patent application process for myAutoloan.com.

Thibodeau went on to say, "We are truly delighted to receive our third patent. This is confirmation that what we have and continue to develop, is truly unique, strengthening our technology and enhancing our value proposition". Our patent development has taken years to accomplish but knowing that we have achieved this third, key milestone, is in its self, very gratifying.

“We have a number of other unique concepts related to online lending in the pipeline so our patent process will be ongoing,” he concluded.