North Richland Hills, Texas – Capital City Bank has selected Cypress Software Systems LP’s DealerTrack Interface to connect their consumer loan automation software, Cypress’ Mark IV product, with DealerTrack’s automotive finance software and nationwide network of auto dealers.
The DealerTrack Interface allows auto dealers to seamlessly submit an applicant’s loan information to financial institutions using Mark IV. Mark IV, then, automatically sends the application through credit review and underwriting, enacts the institution’s loan policies and returns a loan decision to the dealer – via DealerTrack – within seconds.
Capital City Bank installed the interface in December 2006 to help automate the Bank’s automotive financing operations and improve efficiency.
“For more than two years, Cypress’ Mark IV software has helped automate our consumer lending – a portion of which comes through DealerTrack,” said Tony Davenport, vice president and automotive finance manager at Capital City Bank. “We jumped at the opportunity to install the new interface. It has helped us fully automate any loan requests that come to our bank through the DealerTrack network, and has significantly decreased the amount of data re-entry – and the associated man-hours – that our loan officers have to perform. Looking back, I don’t know how we operated without it.”
Cypress’ Mark IV platform allows lenders to take loan applications electronically while interviewing applicants, quickly retrieve credit reports, efficiently review sources of repayment, and deploy their loan policies. Cypress provides these tools to financial institutions with the goal of speeding a quality loan decision back to the applicant.
“Capital City was one of the first banks to benefit from our new DealerTrack Interface, and their results thus far have been in line with expectations,” said Stephen G. Sargent, president and chief executive officer at Cypress. “We developed this interface to help financial institutions further automate their indirect automotive lending operations; increase the volume of such loans; and improve the institution’s relationship with its customers and network of dealers.”