AppOne provides risk mitigation, compliance and automotive-related finance technology to lenders and independent auto dealers throughout the continental United States. Wachovia Dealer Services, the fifth-largest auto finance company in the nation, will purchase automotive retail installment contracts from AppOne’s growing network of independent auto dealers nationwide.
AppOne works with lenders to profitably expand their portfolios and explore strategies for growth in the independent auto dealer market by offering a number of risk mitigation and compliance solutions. AppOne helps lenders manage relationships with independent dealers that typically do not have the same financial, technological and staffing resources that larger franchise dealerships do to meet compliance standards.
“Our goal is to help independent dealers simplify administrative and compliance tasks, which ultimately benefits the lender purchasing contracts from these dealers,” said Lee Domingue, CEO of AppOne. “At the same time, independent dealers gain access to full credit spectrum financing. We are pleased to add Wachovia Dealer Services to our platform because expanding our lender network helps ensure dealers can find financing options that best fit their customers’ needs.”