Wolters Kluwer Financial Services’ AppOne Launches New Platform for Buy-Here, Pay-Here Dealerships Through Agreement with Global Debt Network
Baton Rouge, LA – AppOne, a part of Wolters Kluwer Financial Services, announced today that it has launched its new platform for buy-here, pay-here (BHPH) automotive dealerships in conjunction with Global Debt Network’s GDNAuto, an online marketplace where auto dealers, financial institutions and other investors connect to buy and sell auto loan portfolios.
In light of recent economic conditions and the squeeze on credit, many auto dealers are exploring opportunities in the BHPH market as a way to grow their business. At the same time, investors evaluating loan portfolios from BHPH auto dealers often face challenges in completing the due diligence. It can be a time-consuming and sometimes frustrating process to ensure that the dealer selling the portfolio is financially stable and reputable, and that the dealer has taken all of the necessary steps to produce a compliant portfolio.
Through this new relationship, AppOne’s dealer customers can now access GDNAuto through the AppOne platform. AppOne will also provide BHPH dealers with the loan documents they need to build and maintain a compliant deal jacket. This helps ensure that when a BHPH dealer is ready to sell a loan portfolio, the documentation is compliant and contains all of the necessary disclosures that a potential buyer needs.
“In order to be successful in an area of the market that’s getting more competitive, dealers must make sure they have compliant, standardized processes in place and access to capital,” said Lee Domingue, CEO of AppOne. “In working with Global Debt Network, we can help dealers address both of these issues in one convenient place.”
“AppOne’s proprietary RECON dealership underwriting process and compliant loan documentation complement GNDAuto’s ability to automate the sales process and provide dealers and investors with a secure venue to complete a transaction,” said Mike Sheridan, founder and president of Global Debt Network.
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Based in Baton Rouge, La., AppOne, a part of Wolters Kluwer Financial Services, is an Internet-based company offering a technology solution that connects independent auto dealers with lenders. The AppOne system relies on the company’s proprietary scorecard system, which evaluates each independent dealer to determine the level of risk associated with doing business with that dealer. It also automates the funding process for dealers by printing all documents required to complete the booking of auto loans. AppOne provides lenders with a new channel of growth and field representation directly to independent auto dealers nationwide. It offers dealers faster financing options for their customers, support services and additional aftermarket fee-based products. For more information on AppOne, visit www.AppOne.net.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, Desert Document Services®, AppOne®, GainsKeeper®, Capital Changes, NILS, AuthenticWeb™ and Uniform Forms™. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading global information services and publishing company with annual revenues of (2007) €3.4 billion ($4.8 billion) and approximately 19,500 employees worldwide. Please visit our Web site for more information.
About Global Debt Network
Global Debt Network, Inc. (GDN) is a privately held company that simplifies auto finance by offering GDNAuto, the first nationwide marketplace where auto dealers and financial institutions and other investors can come together to securely evaluate, price, purchase and sell asset-backed debt.
Fast, secure and easy to use, GDN enables auto dealers who do in-house financing to sell their loan portfolios to a nationwide pool of competing financial institutions.
Backed by our rigorous pre-screening membership criteria and structured five-step transaction process, GDNAuto provides the safest, most efficient – and most profitable – auto loan sales network in the world.
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