JAVELIN includes all three facets of Inovatec’s Lending Technology Platform

Inovatec Systems Corp., a provider of industry-leading, cloud-based software solutions for all financial institutions, announced today its Compass Lending Platform has been rebranded under the JAVELIN name. The former Inovatec software products have been renamed under the JAVELIN moniker. The Compass Direct Portal is now known as JAVELIN Direct; Compass Asset Finance is now JAVELIN LOS; and Compass Loan Management is now JAVELIN LMS.

The rebranded name, JAVELIN, was selected to help simplify and streamline the Inovatec brand. The word “Javelin” is synonymous with speed, streamlined precision and targeted accuracy. These qualities make "Javelin" an ideal brand name for Inovatec’s proprietary technology.

JAVELIN by Inovatec is a state-of-the-art lending platform that helps lenders select the right deals, while only paying for deals that are booked. The JAVELIN platform encompasses three different aspects of technology:

• JAVELIN Direct streamlines loan applications to lenders, making the job of completing and submitting credit applications fast and easy. With JAVELIN Direct, vendors and lenders can communicate in real time from the point of an application’s submission, all the way to booking the transaction. Real-time application updates and open communication across multiple channels guarantees lenders always have the information they need to book the right deal. JAVELIN Direct Portal works both as a stand-alone module and as part of Inovatec’s complete lending platform.
• JAVELIN LOS is a loan origination system designed from the ground up to target the right deals. With Javelin Success Pricing, clients pay only for booked transactions. In addition to best-in-class crediting, auditing and income verification for financing applications, JAVELIN LOS supports self-configurable credit decisioning, tolerance limits and risk parameters with full auto decisioning and scorecard capabilities. JAVELIN’s open API infrastructure eliminates barriers and expedites connectivity with internal and external data and service providers to drive efficiencies and optimize lender partnerships.
• JAVELIN LMS features electronic document management with robust loan servicing and after-care for loans, leasing, consumer/commercial customer service and collections and third party vendor management. JAVELIN Loan Servicing is a fully secure loan and lease servicing system. Lenders can easily manage customer loans leases, repayments, and collections all in one place - and improve outcomes every step of the way. Lenders can also manage loan fees, grace periods and penalties while maximizing flexibility with restructuring and refinancing options.

Inovatec’s solutions improve overall efficiency in areas that would take lenders hundreds of working hours to process, file, organize and approve applications.  JAVELIN has flexibility built in, so clients can quickly and easily update current products or develop new ones to keep their lending business in step with evolving markets. The technology quickly and easily adapts to existing loan products, creating a highly customizable user experience that aligns with current workflows and business goals.

“The rebranding of our Direct, LOS and LMS system was a pivotal decision for Inovatec, highlighting our strengths as a company,” said Brendon Aleski, US Director of Sales at Inovatec. “The COVID-19 pandemic has drastically disrupted the way that lenders operate, exposing a need for more effective technology processes that enable quick decisions and reactions to the changing market. Lenders who partner with organizations like Inovatec can pivot their strategies almost immediately, ensuring stability, consistency and accuracy throughout their business operations.” 

To learn more about Inovatec and its complete suite of lender-centric technologies please visit www.inovatec.com

About Inovatec

Inovatec Systems Corporation is obsessed with improving the outcomes for Lenders in the USA and Canada. As an industry-leading provider of cloud-based lending solutions, Inovatec's JAVELIN platform disrupts standard practice with Success Based Pricing. Success Based Pricing Means Lenders pay only for the transactions they book - a first for the industry.

Swapalease.com Compiled 5 Reasonably Priced Automobile Leases Around the Country

Swapalease.com, the nation’s largest car lease marketplace, today announced five “Spooktacular” lease deals for the Halloween holiday. Vehicles were selected by Swapalease.com advisors based on new lease price data for the month of October. Swapalease.com customer advisors help guide shoppers into the right lease vehicle that fits their automotive needs.

The “spooktacular” lease deals are as follows:

Nissan Sentra: Offered at $149 per month, the Nissan Sentra offers a crisp and modern design with advanced technology features such as Zero Gravity front seats and a 2.0-liter, 4-cylinder engine that delivers 20% more power and 15% more torque. The Sentra comes with upgraded dual-zone automatic temperature control and smart interior technology for a more comfortable ride.

Acura ILX: Offered at $219 per month, the Acura ILX features a powerful 201-hp engine with amplitude reactive dampers, creating an intensely agile and responsive drive-feel. The interior of the ILX exudes a refined sportiness with leather trim steering wheel, door panels, and seating surfaces with contrast stitching for a premium look and feel.

Volkswagen Passat: Offered for $189 per month, the Passat helps passengers get connected on-the-go. Equipped with a 6.3” touchscreen sound system, the Passat features voice control with an intuitive proximity sensor behind a clear glass display. Passengers see, feel, and hear the difference.

Ram 1500 Tradesman: Offered at $179 per month, the Tradesman boasts improved efficiency and off-road capabilities.  The vehicle comes equipped with a multi-function tailgate that was re-engineered to add 60/40 split swing-doors that make it easier to load, unload and wash.

Chevrolet Equinox: Offered at $239 per month, the Chevrolet Equinox is more than just a way to get around. It’s a chance to get away. The Chevy Safety Assist feature is now standard on all Equinox models and includes six advanced safety technologies that can help drivers look out for potential hazards and may even prevent them from happening.

About Swapalease.com:
Headquartered in Cincinnati, Ohio, Swapalease.com is the world’s largest automotive lease marketplace and the pioneer in facilitating lease transfers online. More specifically Swapalease.com matches individuals who want to get out of their lease with people who are looking for short-term lease agreements. Prospective buyers can search the listings for the exact vehicle they want, and then register for a nominal fee, allowing them to use Swapalease.com’s safe online system to contact the prospective seller and close the deal. For more information about Swapalease.com or how to exit your lease early, call 866-SWAPNOW or visit www.swapalease.com.

The latest advanced data technology and targeted marketing resources are poised to potentially make 2020 the most wonderful time of the (very strange) year for auto dealers.

The year began with auto sales expected to near the 17 million mark. Projections dipped to 8.74 million in April with the rapid and widespread shutdown from the COVID-19 pandemic and climbed back up to 15.18 million in August1.

Expectations for 2020 holiday shopping

Auto dealers and lenders have felt the sharp back-and-forth swings of the pandemic economy, and are hoping to ride an upswing momentum heading into the final stretch of 2020. As part of this, gearing up for end-of-year sales and incentive-fueled holiday shopping promotions are sure to be a big part of the game plan.

Overall, retail forecasters are predicting a 1% - 1.5% increase in total U.S. consumer spending between November through January, and a 35% bump in seasonal online sales2.

Auto dealers are hoping to grab a piece of this by leveraging the right target-marketing data resources. With unemployment rates at an all-time high, it is important to understand a potential buyer’s household income and discretionary spending so the right incentives are offered to the right consumer.

How auto dealers can tap into the holiday shopping pulse

New target-marketing data resources help dealers better identify consumers that are likely to be ready to take on new financing for an auto loan or lease. It can also better match those consumers to vehicle models that dealers have in supply based on how many of those consumers are likely to be able to afford. This is important because dealers and their marketing partners must re-evaluate their strategies in 2020 to better align with the changing consumer needs and financial capacities.

The COVID-19 pandemic certainly slowed economic growth, but it has done so in a way that’s different from past recessions. This year, consumers have been impacted in different ways during the pandemic. While some have increased savings and lowered debt, others have lost their jobs or experienced salary reductions.

Financial durability has become an important way to segment the economic health of households within the same credit bands. It considers a consumer’s assets, income from dividends and interest, retirement income, and the relationships between income, debt and spending. Today’s sophisticated economic anonymized marketing data resources tap into this information to help dealers make better and more precise decisions when putting an incentive-driven offer in front of a specific customer.

We now know that median credit scores, revolving credit utilization, monthly disposable income and debt-to-income ratios are all stronger today than during the Great Recession. Also, household deposits are four times as high, according to Equifax data3 from June 2008 to December 2019.

Shifting to a programmatic audience marketing strategy

Another way dealers and marketing partners can see a better response from holiday incentives is to shift their traditional media strategy to a programmatic audience one.

Successful programmatic strategies are based on truly understanding their in-market shopping audience. However, just because a consumer is shopping for a car online doesn’t mean they can purchase it. For example, first-time buyers may have no idea if or what they can afford, and these waters have been muddied further by the pandemic economy. They may be shopping for a vehicle online without knowing if the payment fits into their budget or if they can get credit. Dealers and their marketing agency partners need to identify several intent signals, as well as financial capacity to target consumers who have:

• Income and assets: an anonymized estimate of household wealth based on data from trusted financial institutions
• Discretionary spending ability: a household’s spending power after accounting for the fixed expenses of life
• Credit capacity: estimated ability to obtain credit to purchase a car
• Propensity to buy: interest in your vehicle segment, make or model

With these strategies in place, dealers can better leverage today’s advanced target-marketing resources to make the most of their holiday shopping incentives and offers this end-of-year season.

Editor’s Note: As Senior Vice President and General Manager, Byron McDuffee leads Equifax's Automotive Services team. In this role, he provides strategic direction in aligning the Equifax automotive solutions team with the company’s broader vision for business transformation and program evolution, enabling automotive dealers, lenders and industry partners to maximize revenue potential. 

1: https://www.autonews.com/sales/supply-crunch-still-hampering-sales-recovery

2: https://www.bloomberg.com/news/articles/2020-09-15/total-holiday-spending-seen-rising-this-year-despite-covid-19

3: https://insight.equifax.com/4-new-marketing-trends-in-financial-marketing/

Lease Approval Ratings Have Remained Steady Since April

Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 67.6% approval rate in September, a slight increase from the August rate of 67.1%.

September experienced a slightly higher number of applicants with qualifications for taking over another person’s lease contract and one of the highest approval rates for the entirety of 2020. However, the number of lease approvals is relatively low for September when compared to 72.9% approved applicants in 2019 and 69.8% in 2018.  This comes as no surprise considering market fluctuations related to the COVID-19 pandemic.

Lease approval ratings have been relatively consistent since March 2020, with slight fluctuations and a dramatic dip in April. Approval ratings registered at 69.3% in March and 63.8% in April.

“As we have moved deeper inter 2020 we’re seeing growing confidence in car shopping from the consumer, but they’re still looking to either escape or downsize their lease and find an affordable means of transportation with a shorter financial commitment,” said Scot Hall, Executive Vice President of Swapalease.com. “Shopping has continued to increase slowly month over month, and we anticipate there may be a slight shift in spending habits once again as the holiday season approaches.”

Swapalease.com matches a person wanting out of their existing vehicle lease contract with a car shopper looking to take over a short-term vehicle lease. The marketplace has several thousands of cars and trucks available for transfer to anywhere in the continental U.S.