Cypress Develops Software Interface for DealerTrack
NORTH RICHLAND HILLS, Texas — Cypress Software Systems LP announced it has developed a software interface that connects DealerTrack's auto financing software and dealer network with Cypress' Mark IV consumer loan automation software.
Through the software, DealerTrack offers dealers the opportunity to submit an applicant's loan information to financial institutions using Mark IV. Mark IV then automatically sends the application through credit review and underwriting, enacts the institution's loan policies and returns a loan decision to the dealer — via DealerTrack — within seconds.
Tony Davenport, vice president and auto finance manager at Capital City Bank of Tallahassee, Fla., said he has used the interface for two months and believes the solution speeds the financing process for dealers and consumers while also providing benefits for financial institutions.
"For more than two years, Cypress' Mark IV software has helped automate our consumer lending — a portion of which comes through DealerTrack," explained Davenport.
"We jumped at the opportunity to install the new interface," he continued. "It has helped us fully automate any loan requests that come to our bank through the DealerTrack network, and has significantly decreased the amount of data re-entry — and the associated man-hours — that our loan officers have to perform. Looking back, I don't know how we operated without it."
Stephen Sargent, president and chief executive officer of Cypress, added, "Capital City was one of the first banks to benefit from our new DealerTrack Interface, and their results thus far have been in line with expectations.
"We developed this interface to help financial institutions further automate their indirect automotive lending operations, increase the volume of such loans and improve the institution's relationship with its customers and network of dealers," he continued.
Cypress said it will now offer the DealerTrack Interface as an option to financial institutions that use Mark IV and the Mark IV Indirect Finance Module. The interface is available immediately, officials pointed out.
"At Cypress, we continually listen to our clients and look for ways to improve our software products. This new interface with DealerTrack greatly enhances our Mark IV offering for any institution interested in utilizing this growing channel for automating the indirect automotive financing decision making process," said Sargent.
"With the DealerTrack Interface, Mark IV users can witness increased indirect automotive loan volume while strengthening dealer relations with a faster decision turnaround time," he concluded.
For more information on Cypress, visit www.go-cypress.com/index.htm.