Advent Resources and CMSI Partner to Offer Integrated CreditConnection for Instant Automotive Financing
Automotive Credit Application Processing Time Reduced to Just Minutes
ANNAPOLIS JUNCTION, Md., May 24 /PRNewswire/ -- Automotive dealers can soon benefit from a new integrated service that combines traditional finance and insurance (F&I) capabilities from Advent Resources, Inc. with CMSI's CreditConnection® online network service for instantly processing automotive loan and lease applications. Advent Resources will promote this new integrated solution to its dealer clients as its method of transmitting credit application information.
''This integrated solution streamlines the entire finance process for the dealer, with online access to credit bureau information and to lenders' application processing systems,'' said Tim Gill, Advent's Managing Director of Operations. ''Dealers will be able to monitor all pending deals online from one single point of entry, eliminating their need to maintain manual application callback logs, fax application information and wait hours for their lenders to return credit decisions. The CreditConnection system will provide real-time decisions from lenders that support automatic decisioning,'' he said.
Designed as a credit application entry and routing system, the patented CreditConnection service effectively reduces the time needed to process and decision a consumer automotive credit application from a few hours to just a few minutes. Through the integration of CreditConnection with the Advent F&I system, dealers will enter information for financing applications once, then loan and lease application information for new and/or used cars will be copied to the CreditConnection system from the dealership's Advent system. CreditConnection, with its online capabilities, routes the application information electronically to the lenders that a dealer chooses, eliminating the need for data entry on the lenders' side.
Peter M. Leger, CMSI President and CEO, said, ''We're pleased that Advent Resources has chosen to partner with us to offer CreditConnection as an integrated solution within its F&I system. Our technology is in line with Advent's strategic mission of bringing efficiencies to its customers through the development and delivery of high-value technology. Increasingly, CreditConnection is emerging as the standard for electronic application submission in the automotive industry.''
Over twenty major indirect automobile lenders are already on the CreditConnection system, including: AmeriCredit Financial Services, Inc., Bank of America, Bank of Montreal Automotive Financial Services, Bank One, Charter One Auto Finance, Citizens Bank of Rhode Island, Compass Bank, Crestar, GMAC Financial Services, Key AutoFinance, NationsBank, Nissan Motor Acceptance Corporation, PNC Bank, Premier, The CIT Group, TranSouth, Wachovia, and WFS Financial. Others, in various stages of development, are: HFC Auto, Regions Bank, SunTrust, and Wells Fargo Bank.
Ed Estes, president of First Honda, Simi Valley, Calif., said, ''We have been a CreditConnection subscriber and we are a client of Advent's using its Sales System. We are excited to hear that Advent and CreditConnection have partnered to offer an integrated system. We want to be the first dealership to have the new integrated version as soon as it is ready and available.''
About Advent Resources
Advent Resources, Inc., headquartered in Torrance, Calif., develops high- quality, high-value retail automotive software solutions for automobile dealers throughout the country. Its software is used by clients from Honolulu to New York City, including six of the top ten volume Mercedes-Benz dealerships in the country, the country's largest VW dealership, and many other high-volume import and domestic franchised dealerships. |
