Exeter Finance extends partnership with Solifi

Exeter Finance extended its partnership with software-as-a-service (SaaS) provider Solifi for the third time since 2013 to process its more than 500,000 monthly loan applications. The lender originally selected Solifi due to its built-in automation technology, its configurability and its scalable platform — which has grown with the financier, Shim Mannan, global head of services sales enablement at Solifi, told Auto Finance News . “As [Exeter’s] application volumes have grown, the actual volume of business being pumped through [Solifi] has also grown,” Mannan said. Nonprime lender Exeter expanded into the near-prime market with the launch of the ExeterPlus program on Nov. 30, 2021, opening the lender’s services to new consumers and dealer partners, President and Chief Operating Officer Brad Martin said in November . Solifi, which offers automated lease and loan decisioning through its originations software, uses an application programming interface (API) to speed up the credit decisioning process by calculating debt and approving or declining loans in real time, according to the company. Solifi serves banks, captives and independent financiers, including Fiat Chrysler Automobiles , American Honda Financial Services and Toyota Financial Services . The origination system allows Exeter to guarantee automated approvals and decisions to their dealer partners in less than 10 seconds in some cases, Mannan said, noting that’s “one of the reasons why Exeter chose us.” As of December 2021, Irving, Tex.-based Exeter serviced more than 500,000 loans with an outstanding balance of $7.9 billion, according to a Feb. 10 DBRS Morningstar pre-sale report of its latest securitization. Solifi declined to share the new term of the partnership. Exeter last renewed its partnership with Solifi in 2018. The latest extension follows Solifi’s 2021 rebrand from IDS after the company’s acquisition of William Stucky & Associates and White Clarke Group in October and Warburg Pincus ’ acquisition of Exeter in November 2021. Auto Finance Innovation Summit, the premier event for technology in auto finance, returns April 25-26 in San Diego. The event will showcase today’s technology and tomorrow’s innovation-driven opportunities to position your company for success in this fast-paced digital era. To learn more about the 2022 event and register, visit www.AutoFinanceInnovation.com .

Exeter Finance extends partnership with Solifi

Exeter uses Solifi’s automated loan decisioning platform to process more than 500,000 loan applications each month

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