SACRAMENTO, Calif. — BankHunter, a software company and service of Lioness Financial Services Inc., has integrated with DealerTrack Inc. to improve loan accuracy and processing speed for vehicle purchasing.
BankHunter's proprietary software helps dealerships match each car buyer to the lenders most likely to fund the deal, offering a one-way transmission of customer, vehicle, and deal information from BankHunter to the DealerTrack credit application network, according to BankHunter. Once in the DealerTrack network, the data also can be used to pull a credit report, run a Red Flag identity check or submit credit application data to connected banks.
"Offering this integration adds value to both DealerTrack and BankHunter clients," said Robert Granados, vice president, finance solutions at DealerTrack. "The integration with BankHunter supports our goal to provide even more efficiencies throughout the sales and F&I."
By presorting credit applications before submitting them to the banks, BankHunter can reduce customer credit inquiries by 75 percent while also increasing the likelihood of the loan getting the best possible rate in the shortest amount of time, according to Gina Parr, BankHunter CEO. “With this partnership, a car dealership can see an increase in credit approvals by as much as 65 percent.”
To take advantage of the functionality, dealers need to be a BankHunter subscriber and enrolled on DealerTrack's credit application network.