Automotive Credit Corp. (ACC) is teaming up with CoreLane Technologies, a provider of transactional connectivity solutions for finance companies and dealers, the two companies announced in a press release.
“Automotive Credit Corp. looks forward to delivering to CreditLane dealers the same industry leading service that we have built our business on over the past 26 years,” Jaime Favela, senior enterprise business analyst at Automotive Credit Corp., said in the press release.
CoreLane’s platform — dubbed CreditLane — can integrate into a store’s dealer management system and a finance company’s loan origination system, and then provide a smoother application and finance process by eliminating errors and increasing efficiency. ACC will be making this platform available to its network of dealers.
“Via the dealers’ DMS, CreditLane informs them of any important changes to the loan structure in real-time, so CreditLane dealers benefit from a higher close ratio and a faster funding track,” Favela said. “These efficiency gains deliver lower operating costs and increased customer satisfaction, all while improving both gross profits and cashflow.”
ACC has been “focusing on organic growth” following its acquisition of Top Finance Company Inc. in September of last year, John Cavanaugh, chief financial officer of ACC, previously told Auto Finance News. The subprime lender also increased its credit facilities with Wells Fargo Preferred Capital, Bank of America Business Capital, and Woodforest National Bank.
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