VantageILM to Integrate Global Debt Network’s Portfolio Auction Platform
PASADENA, Calif. — VantageILM recently announced a joint partnership with Global Debt Network to offer GDNAuto, an Internet-based marketplace where dealers and financial institutions can sell and buy portfolios of seasoned auto loans.
"VantageILM's goal is to streamline and simplify the loan management process for the entire life of a loan from origination to Wall Street, so aligning with a company that streamlines and simplifies the process of buying and selling auto loan portfolios makes complete sense," said Kyle Murphy, executive vice president of VantageILM.
When it officially launches in late June, GDNAuto will provide lenders and investors with instant online access to loan portfolios offered for sale by dealers nationwide.
Using GDNAuto's dashboard-style online control panel, banks, credit unions and other portfolio investors can quickly, easily and cost-efficiently buy or sell their asset-backed auto loan portfolios, officials indicated. Dealers, meanwhile, will be able to use GDNAuto to list, price, market and sell the loans they originate to a wider audience of investors.
In addition to offering a new service with its transaction management solution, the VantageILM/GDNAuto partnership will facilitate faster, more effective communication between lenders and consumers whose auto loans have been transferred through a sale of a loan portfolio, the company reported.
The companies said it will integrate systems in a way that eliminates manual entry of customer data by the new servicer of the loan. Basically the integration will be designed to reduce the chance that a confused consumer will miss or stop making loan payments to the new servicer.
GDNAuto also indicated that it will co-market VantageILM software to its customer base of financial institutions and investors.
"The combination of VantageILM and GDNAuto introduces transparency to lenders and auto dealers at a time when these kinds of new solutions are so desperately needed," said Mike Sheridan, president of Global Debt Network.
"By partnering with GDNAuto, VantageILM can offer an entirely new way for institutions and dealers to operate more efficiently and be more profitable," he continued.
For more information, visit www.vantageilm.com or www.gdnauto.com.