“This opportunity is a first for independent auto dealers,” said Mark Brunn, VP, Remarketing Solutions. “It represents the convergence of lenders and technology, and is designed to give dealers the financial leverage to expand their retail business, enhance customer financing opportunities, and improve the profitability of their businesses. By guaranteeing the title, DAFS opens the door for lenders to generate business from a new base of dealers.”
DAFS is powered by decision and risk analysis technology from BIGFNI. The online auto finance and insurance portal gives dealers the power to make retail financing decisions in real time and finalize consumer loans in seconds with a complete tier of national and regional lenders.
“Our BIGFNI technology will essentially provide the power to catapult independent automobile dealers to a new level in the finance and insurance business,” said BIG Chairman and CEO Michael Dunn. “The lenders participating in the program will be able to instantly process retail customers for finance and insurance products through the BIG system, creating a value-added service for the dealer.”
The DAFS program was launched recently in California to independent dealers who have not previously had access to a full spectrum of financing options and lender programs. Among the financial institutions already connected to DAFS are Bay View Acceptance Corp., Bank of Stockton, Crescent Bank, Fireside Bank, Guaranty Bank, and Nationwide Acceptance Corp. Additionally, Bank of America has joined the DAFS program and expects to be live in the first quarter of 2006. Other national and regional lenders are expected to join soon and will be announced when available.
Brunn said Manheim and Remarketing Solutions plan to expand the DAFS program to 10 Western states before year’s end and will complete a national rollout by mid-2006.