Wednesday February 5 3:21 PM EDT
AutoInfo Announces Internet Service for
Automobile Dealers
FAIR LAWN, N.J.--(BUSINESS WIRE)--Feb. 5, 1997-- AutoInfo Inc announced today
that it commenced a program to offer to its automobile dealer customers CarLoaNet, a
new state-of-the-art internet service developed by the Company.
Through CarLoaNet, dealers can process credit applications and receive an almost
instantaneous response to a credit application. Of even greater importance to the
dealer, CarLoaNet makes it possible for loans to be funded by electronic transfer within
the same day.
Andrew Ross, President of CarLoanCo, the Company's Northeast regional center
stated, "We have begun the rollout of CarLoaNet following a beta test period which
yielded outstanding results. Demand for CarLoaNet among AutoInfo's 1000 dealers in
13 states is already high because CarLoaNet is user friendly, inexpensive and
streamlines the most important aspect of the dealer's business, loan approval to
funding." In addition, Ross explained, "The dealer electronically submits the credit
information and within minutes could receive an approval. CarLoaNet then prepares all
the necessary documentation needed to process the loan to funding."
Scott Zecher, President and Chief Executive Officer of AutoInfo stated, "CarLoaNet is
one of the many value added products AutoInfo is developing for its customers to
enhance its position in the non-prime automobile finance marketplace. CarLoaNet's
initial success, as judged by the market's receptivity, confirms that our senior managers
are in tune with the marketplace and are addressing the legitimate needs of our
customers." Zecher added, "CarLoaNet and the other products and services which we
are developing are in furtherance of AutoInfo's mission to become a major player in the
non-prime finance marketplace. During the past year, we have successfully completed
our first securitization of $40 million and consummated a $100 million warehouse
facility to facilitate our further growth. We are confident that these facilities, our
understanding of our customers' needs, our experience with state-of-the-art computer
systems and information networks and our corporate infrastructure, including our
extensive program of internal financial controls, position us for growth and the fulfillment
of our mission. While many view the non-prime automobile finance marketplace as
going through a period of instability and change, we view these factors as creating an
opportunity to accelerate our business plan."
AutoInfo, Inc. is a specialized consumer finance company that acquires and services
retail installment contracts from automobile dealers selling new and used vehicles to
non-prime customers.
Anyone have any ideas about this one?
Thanks,
Steve |
