Baton Rouge, La. — AppOne, a provider of Internet-based risk mitigation and financial technology to banks, auto finance companies, credit unions and independent auto dealers, announced an alliance with Virginia Beach, Va.-based Tidewater Motor Credit, a subprime lender that specializes in purchasing and servicing auto loans for non-traditional consumers.
The partnership allows Tidewater Motor Credit, which is licensed in 29 states, the capacity to obtain credit applications from more than 850 independent auto dealers within AppOne’s nationwide dealer network. Connecting these dealers to Tidewater Motor Credit is the AppOne platform, a scalable and seamless solution to process loan applications.
Among the specialty products Tidewater Motor Credit offers is its Chapter 7 Program, which allows dealers to deliver vehicles to customers while Chapter 7 bankruptcy is still open.
“We are excited about our new connection with AppOne because it enables us to create strategic and profitable relationships with a wider variety of independent auto dealers,” says Nathan Benson, CEO of Tidewater Motor Credit. “It also permits us to more effectively manage the risk associated with underwriting subprime loans.”