CINCINNATI — Automobile Consumer Services Inc. (ACS) launched a new lending platform aimed at giving auto dealers access to financing and leasing sources.
Called DriveItNow.net, the network helps alleviate the problem dealers are having with a tightened credit market by providing a platform of financing and leasing sources they can offer to their customers. Over 1,300 dealers are currently signed up for the program.
Funding options include leases and loans for new and used vehicles, including commercial, fleet, exotics and RVs. “In this tight credit market, dealers are looking for more ways to finance car buyers,” said Tarry Shebesta, president of ACS.
DriveItNow.net is equally important to banks and credit unions who are looking for ways to grow their auto loan portfolios. A recent survey by Wolters Kluwers Financial Services showed that following the mortgage crisis, banks and credit unions said that indirect auto lending will be critical to their overall growth during the next couple of years.
“DriveItNow.net gives lenders a safe and secure way to expand their indirect business, write loans based on their credit criteria and mitigate risk when doing business with third parties,” Shebesta said.