Principal Payment Network announced that Innovative Aftermarket Systems (IAS), a provider of F&I selling software and aftermarket programs, has selected EquityDriver as its bi-weekly payment provider. IAS will integrate EquityDriver into its SmartMenu application to provide a turnkey solution for its dealers.
The EquityDriver program offers consumers a bi-weekly payment option allowing them to have half of their car payment electronically deducted from their bank account every two weeks. The EquityDriver bi-weekly payment program is a service that manages the consumer's loan payments. The program restructures how the payment is applied to the lender without changing the current terms and conditions of the loan.
EquityDriver provides a number of benefits for IAS, their dealers, and the consumer. By integrating EquityDriver with IAS SmartMenu, dealers now have the ability to offer a bi-weekly payment option directly within their menu. EquityDriver will allow the dealership to facilitate additional aftermarket product sales with little or no impact to a consumer’s monthly payment and effective loan term. Dealers and consumers both can benefit from the reduction in the effective loan term and the accelerated equity made possible through EquityDriver program.
"This was an important collaboration for IAS, and we are very pleased to be working with the EquityDriver program," said Bob Corbin, president of IAS. "Incorporating EquityDriver into SmartMenu gives automotive dealers greater access to superior products and services. We are launching this nationally with all our agent and dealer partners."
"Teaming up with IAS was a great decision because it allows us to deliver our product through IAS SmartMenu and work closely with their expansive agent network and field force. IAS has demonstrated excellence in servicing the automotive industry and we are excited to be working with them on this initiative," said Matt Twyman, chief executive officer for Principal Payment Network.