Consumer Portfolio Services launched an online portal last month that enables dealers to structure loan deals within seconds, said Senior Vice President of Sales Curt Powell.
The portal, which took more than a year to develop, is called the Automated Structure Approval Program, or ASAP for short. Dealers can “test and toggle” any vehicle and aspect of the sale terms including vehicle price, down payment, APR, loan term and monthly payment. The portal, which is powered by AI-backed decision logic, approves or declines and prices the deal structure instantly.
Prior to launching ASAP, dealers would have to manually enter and change deal structures and match CPS’s finance offers to their inventory. “We were at a competitive disadvantage,” Powell said. “Now dealers can sit there online in seconds and get the response back,” he added, noting that the portal is available 24/7.
Also read: CPS revamps dealer portal for release in early 2019
The original dealer portal was being used rarely by dealers. “It didn’t have a structure feature that was good enough for the dealers to use, so very few dealers would go to our site because it was an awkward, poorly built, old, out-of-date system,” Powell said. The new ASAP feature has been added to the existing CPS website and can be accessed by DealerTrack and RouteOne approval notices via a hyperlink. Improving the user interface was another priority for Las Vegas-based CPS.
As dealer adoption of the new tool grows, Powell anticipates ASAP will free up labor and resources currently utilized in the decisioning and structuring process.
