Dealertrack’s Credit Application Network reached 1,500 lender partners earlier this month, and while the number itself is notable by its sheer size (largest in the industry), what makes it so much more powerful is the quality of each partner and what that means to the more than 20,000 U.S. dealers connected to the network. From small credit unions to the largest indirect auto lenders in the market, Dealertrack’s network of lenders help dealerships create stories that end in cars sold and happy customers.
“Our credit union, our members and the dealers we work with have benefited immensely,” said Gene Holtorf, indirect lending manager of the greater Iowa Credit Union. “Thanks to an efficient and seamless process for electronically receiving applications and communicating loan decisions, in just one year, the credit union increased loan volume and its member base, all while strengthening its dealer relationships.”
The kind of success in lending seen by Iowa Credit Union comes from work helped along by Dealertrack’s completely connected technology that helps lenders and dealers transact quickly and efficiently. Indeed, the Dealertrack Credit Application network is effective because it creates three key integration efficiencies.
- Electronic transmission of complete credit application data, which reduces errors and speeds processing
- Complete and accurate deal data, along with funding status; effective in helping lenders make quick and solid credit decisions
- Integrated vehicle valuation and customer identity verification; with this critical step built into the credit application process, lenders save time and reduce effort
The number of lenders on the Dealertrack Credit Application Network is evidence of how effective this connected approach is, whether through a lender’s LOS or with CreditConnection, Dealertrack’s web-based solution. As an integrated part of the Dealertrack Dealflow Advantage, lenders and dealers are seeing greater efficiencies in financing and selling through this advanced automated processing.
Complete integration creates efficiencies in the lender’s origination process and amplifies the opportunity to do more business. That, in turn, creates more stories about dealerships finding fast, dependable and efficient lenders who help gain indirect financing for car buyers.
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Michael Collins is Senior Vice President of F&I Solutions for Dealertrack.