Zoot Enterprises, an automated credit decisioning platform, is looking to expand into the full credit lifecycle by tapping into title and servicing, Auto Finance News has learned.
“There’s a big movement in titling as far as decisioning is going,” Eric Hathaway, vice president of marketing, told Auto Finance News. “A lot of it is still done on spreadsheets and manually.”
Bozeman, Mont.-based Zoot started this process of business expansion by purchasing the GE Capital building in Billings, Mont., which was the financial services unit of General Electric.
Zoot currently works with six other companies in the auto finance industry, and also handles risk management, loan origination, and case management solutions.
Title and servicing have two main sources of business: direct-to-consumer and fleet management, Hathaway said. Direct-to-consumer is when an individual needs a private vehicle titled and serviced, and fleet management is a reoccurring business because titling happens every year. The remuneration of the title and servicing business is currently being looked into by Zoot, he said.
In addition to this expansion, which will continue through 2018, Zoot is also in talks with multiple OEMs and lenders. Currently, Zoot works with three of the top 10 global auto manufacturers, and two of the largest auto lenders, Hathaway said. “We want to expand into those top 10 automakers … and expand into external auto finance players in the world, and banks as well,” he said.
