Subprime Auto Lender Teams Up with CMSI to Support Expansion
COLUMBIA, Md. — Credit Management Solutions Inc., a leading provider of credit automation systems for all types of consumer lending, today announced that Exeter Finance Corp. has selected the Origenate credit processing system to support the expansion of its auto lending operations.
Based in Dallas, Exeter is a subprime auto finance company serving select franchised dealers. A portfolio company of Navigation Capital Partners, Exeter said it plans to expand in certain markets in the U.S. this year with the support of an announced investment of up to $60 million by the firm.
To increase its efficiency and effectiveness during this expansion, the finance company said it sought out a technology solution that would allow it to boost productivity and decrease decision time on applications coming from its dealer customers.
CMSI's solution is designed to automate the entire indirect loan origination process, beginning with receipt of applications from dealers and moving through retrieval of credit reports, scoring applications, return of decisions to the originating dealers and loan booking.
In addition to the system's functionality, a key factor in Exeter's selection of Origenate was its integration with the dealer-to-lender communication capabilities from DealerTrack.
"This integration provides the seamless end-to-end automation of the indirect loan process that we need to support our aggressive expansion and growth strategy," explained Richard Frunzi, chief operating officer of Exeter Finance Corp.
Frunzi added, "CMSI demonstrated the flexibility and scalability of the Origenate solution, and with the Application Service Provider approach offered an accelerated system implementation that doesn't require an up-front investment in hardware or the dedication of significant resources."
"We can get up and running quickly, and choose to continue using the software in ASP mode or move it in-house as our business expands," he continued.
For more information visit www.cmsinc.com or www.FADV.com.