Giggo.com Chooses CMSI's Lending Technology to Drive Its One-Stop, Internet Auto Finance Business
Consumers Can Shop for Cars, Apply for Car Loans and Receive Rapid
Loan Approvals Through Giggo's Innovative New Website
ANNAPOLIS JUNCTION, Md., June 14 /PRNewswire/ -- Credit Management Solutions Inc. (CMSI) (Nasdaq: CMSS) today announced that its LenderLink(TM) technology -- part of its state-of-the-art lending automation tool, CreditConnection(R), has been selected as an underlying technology for Giggo.com, an innovative, new automotive financing site on the World Wide Web.
Giggo.com (http://www.giggo.com), which debuted in January, is a one-stop shopping site for automotive financing on the Internet. Consumers go directly to Giggo.com to obtain facts about automobile financing (how much to spend, pricing options, credit procedures), to shop for competitive loan rates and to apply for loans. Once approved, consumers are notified via e-mail and telephone. A "Giggo check draft" is mailed directly to each approved borrower, who then takes the draft to a dealership to pay for a car.
Giggo.com is part of a global strategic initiative of debis Financial Services -- a division of debis AG -- to offer a wide range of financial services to a variety of global markets and customer groups. Based in Dallas, Giggo.com is being launched initially in the United States, where it is currently available in most states and will be accessible nationwide by year end. CMSI's CreditConnection, a patented electronic commerce service with a network of lenders nationwide and throughout Canada, has been selected to provide the loan platform that supports Giggo.com. The LenderLink capability of CreditConnection will enable Giggo.com to exchange finance applications and decisions with other lenders on this network.
According to Jeff Danford, director of Giggo.com, this new debis Financial Services initiative aims to target the growing popularity of the Internet among consumers. Research by Killen and Associates predicts that 40 percent of all new auto loan originations will be done online by 2005. Danford says Giggo.com is positioned to be a leader in this burgeoning online market.
"Giggo.com is designed to appeal to the growing number of consumers who already use the Internet for car financing, as well as those seeking alternative ways to finance car purchases," explains Danford. "With the lending automation platform provided by CMSI, Giggo.com's convenient, simple and comprehensive auto financing site is now positioned to be a premier participant in the Internet lending arena."
"CMSI recognizes the importance of helping lenders seize upon new market opportunities like the Internet with state-of-the-art online financing technology," says Peter M. Leger, president and CEO of CMSI. "Our corporate mission of satisfying our clients' credit processing requirements is supported by our development and integration of scalable, open systems with best-of- breed electronic commerce services, like CreditConnection."
"Giggo.com is committed to offering superior products and services using state-of-the-art technologies, like CreditConnection," adds Danford. "As Internet-based lending gains broader acceptance, Giggo.com will look to expand into other countries and related areas of financial services, including insurance, credit cards and home mortgages. CMSI's technology platform will play a vital role in this expansion strategy." |
