Brookfield, Wis. — Fiserv Inc., a leading provider of technology solutions, announced that Greenville, S.C.-based Resurgent Auto Finance now uses Fiserv Automotive Solutions’ loan origination system and decisioning technology in its nonprime auto financing business.
Resurgent Auto Finance, an automotive finance lender established in September 2007, specializes in providing funding for individuals who have difficulty obtaining traditional auto loans. Currently lending in the Carolinas, Resurgent Auto Finance has plans to roll out nationally in the future. The lender selected Fiserv to enable a rapid start-up and facilitate future loan volume growth.
“There will continue to be a strong market in the future for nonprime auto financing in the used-car market by financially challenged consumers who cannot afford the high price of new vehicles,” said Paul Chicky, chief operating officer of Resurgent Auto Finance. “We are able to customize technology from Fiserv Automotive Solutions to meet the specific needs of our ‘high touch’ clientele. Being able to deploy the system in less than 120 days also met our goal of quick entry into the marketplace.”
Fiserv Automotive Solutions can customize elements such as payment solutions, screen layout and branding to fit the specific needs of lenders. Resurgent Auto Finance has customized its Fiserv solution by integrating its customer service and collections processes into a single platform. The lender ties these two areas together because payment processing and collections activities are necessary for both current and past-due or defaulted accounts.
The ability to leverage technology and services from a single provider is another reason Resurgent Auto Finance choose Fiserv as its partner. Resurgent Auto Finance uses Fiserv’s data center to host its LOS and decisioning technology. It also outsources its title management and remarketing activities to Fiserv since remarketing is an enormous infrastructure investment for a new lender. Relying on hosted and outsourced services from Fiserv allows Resurgent Auto Finance to focus on its core business model of funding auto loans.
“We selected Business Process Outsourcing from Fiserv because we wanted the advantages of Fiserv’s process expertise in remarketing services, such as preferred lane time at auto auctions,” Chicky said. “We view Fiserv BPO as an extension of our Resurgent team.”
“Fiserv Automotive Solutions offers flexible, customizable products that can adjust to fit the unique business practices of both prime and nonprime auto lenders,” said Kevin Collins, president of Fiserv Automotive Solutions. “Resurgent Auto Finance’s use of Fiserv technology is an example of Fiserv’s ability to successfully assist lenders during the start-up phase.”
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