BATON ROUGE, La. — AppOne, a part of Wolters Kluwer Financial Services, will provide dealers with access to The Penn Warranty Corporation's used-vehicle service contract products through AppOne’s online Product Marketplace.
Through this new relationship, dealers using the AppOne loan platform will have the ability to sell Penn Warranty service plans, which offer a wide range of coverage options. All of the forms necessary to complete the sale of a Penn Warranty service contract will be built into the AppOne system. Additionally, AppOne will remit warranty premiums for vehicles financed through its portal directly to Penn Warranty.
For AppOne’s dealer clients, this simplifies the process of establishing a warranty since they have easy access to the forms they need and no longer have to worry about making separate premium remittances to a warranty provider. It also allows dealers to offer an added service to their customers because car buyers’ warranty coverage goes into effect quickly when they purchase a vehicle.
Lenders that have seen some warranty premiums become delinquent in the tough economy will also benefit, since AppOne can control the distribution of funds at closing and make timely and accurate payment of all warranty premiums directly to the warranty plan provider.
“By integrating Penn Warranty products with the AppOne platform, we offer our dealers another convenient way to serve their customers, while providing another layer of protection for lenders, which is critical in the current marketplace,” said Lee Domingue, CEO of indirect lending at Wolters Kluwer Financial Services.
“AppOne’s automated platform makes it easy for us to connect with more dealers and mitigate operational risk,” said Jude Tuma, president at Penn Warranty. “This allows us to continue to expand our reach and provide warranty protection to more consumers.”