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First technology to bring real, approved financing terms to the FRONT of the sales process, whether consumers are shopping at auto websites or in-dealership
Creates dramatic dealership efficiencies by cutting the transaction process from hours to minutes; a turn-key solution that ensures dealerships would be in total compliance with proposed CFPB regulations
New Orleans, LA - January 25, 2014 – E-LEND Solutions™ today announced that, after three years of research and development, its next-generation, patented auto finance platform will be unveiled to dealerships Q1 2014. E-LEND is designed to positively transform the way auto financing “gets done,” and to help dealers sell and finance more cars with more speed, transparency and profitability than ever before.
E-LEND’s loan decisioning engine is the first to:
“The way cars have been financed at dealerships hasn’t really changed in a century – the only thing new is that instead of using the phone or fax machine to exchange credit apps and make decisions, dealers now do the same old thing electronically via loan aggregators,” said Pete MacInnis, CEO of E-LEND. “It’s a process that is time-consuming, completely inefficient and rife with errors. We created E-LEND to solve these age old problems and offer our industry a much-needed ‘next generation’ of auto finance.”
In addition to streamlining the process, E-LEND delivers a solution that meets new challenges faced by dealer F&I departments: today’s savvy consumers are demanding the same transparency in financing (upfront terms online) that they expect with vehicle pricing – and they are increasingly bypassing the dealership to get it. Additionally, there is a real threat of government legislation to mandate transparency into how loan terms get set. E-LEND is the first solution that tackles all these issues.
A Broken Dealership Financing Process: Most sales and financing departments are set up as independent “silos,” which prevent the flow of customer info, and result in today’s long, multi-stage purchasing process. Dealership sales managers eyeball the customer’s credit history to negotiate car price and finance terms without the involvement of any lenders (and without the ability to master the intense complexities of multiple lenders’ loan parameters and rules). Dealership sales managers use educated guesswork to set the financing rate with the consumer. Following that, F&I departments then “spray and pray” these terms to multiple lenders, hoping that the lender’s “black box” returns a matching decision. All of which leads to an inefficient process and frequent loan rewrites.
How E-LEND Works (to Fix It): E-LEND’s platform allows auto lenders (whether OEM captives, banks, credit unions or specialty finance) to configure their exact credit programs, and build loan rules as complex as they require, through easy-to-use modules on the E-LEND dashboard.
When a consumer submits a credit application online or at a dealership computer, E-LEND’s smart technology instantly authenticates their identity, pulls their credit file, matches it to a chosen vehicle/price, and then “crunches” all that data against rate and rule data from the universe of lenders aggregated within the engine.
The result: real, final, approved loan terms from multiple lenders (including APR, monthly payment and length of loan) available to the dealer, in seconds.
More Benefits for Dealers AND Lenders:
Unique Dealer Benefits – Ready-to-Buy customers, compatibility and efficiency:
Unique Lender Benefits:
“The current outdated, low-tech financing process is costing dealers much more time and money than they realize – and seriously alienating their customers,” said MacInnis. “We know that bringing financing decisions to the front of the sales process is a dramatically new concept. So we invite all dealers and lenders to demo E-LEND, and fully understand how this new platform can make dealership financing radically more efficient, and even more profitable.”
About E-LEND Solutions:
E-LEND Solutions was founded in 2003 as DealerCentric, whose “Get Pre-Approved in Seconds” solution represents the auto industry’s leading online credit application product. The company has since expanded its mission by developing a comprehensive, next-generation consumer finance management system that will benefit dealers, lenders and consumers. E-LEND Solutions technology platform will bring financing to the front of the sales process, and put the customer in the right vehicle and loan, at the point of sale, reducing the dealership financing process from hours to minutes. E-LEND Solutions is headed by Pete MacInnis, who leads a management team with over 250 years of automotive, finance and technology experience.
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