Launcher.Solutions (Launcher), a loan origination system service provider for subprime auto lenders, and RouteOne, a dealership F&I software company, are teaming up with a strategic integration that will expand subprime lenders’ access to dealerships.
The loan origination system is meant for the subprime and nonprime automotive industry with the goal of increasing lender’s productivity in a system that is structured to escalate deals through the entire subprime deal lifecycle. Through the integration with RouteOne, Launcher says the process for dealers and lenders will become smoother and more streamlined, reducing the number of duplicate steps and data entry, according to a press release.
Launcher does not disclose the names of lenders on its platform nor the number of lenders it services.
RouteOne has more than 18,000 franchise and independent dealers and more than 1,400 financing sources as customers, according to a press release.
RouteOne’s indirect lending platform offers a comprehensive suite of F&I solutions across multiple channels, such as in-store, online, and mobile. Most recently, in Dec. 2017, it claimed to process the industry’s first remotely executed auto finance contract through Toyota Financial Services.
“RouteOne is well known in the industry; a vast number of dealers use RouteOne for their F&I processes,” said Nikh Nath, president of Launcher, in a press release, “Integrating with them was an obvious choice to give our lenders more efficient options.”
In Sept. 2017, Launcher received $5 million in a Series A funding round to launch the company and push its loan origination system to market.