SIOUX CITY, Iowa — U Drive Acceptance Corp. (UDAC), a subprime financing company operating in Iowa, South Dakota, Minnesota and Missouri, announced the grand opening of its new office there.
Since 2013, UDAC had been sharing office space with their affiliated auto dealership, Big Deal Auto Plaza. According to the Neil Evans, the company’s vice president, the finance source's higher-than-projected growth forced the moved to the new office.
U Drive’s main focus now, according to CFO Jeremy Bennett, is technology. The company’s new loan origination system has enabled them to go from working three different platforms to only one, increasing efficiencies dramatically. This technology has also allowed the company to streamline its approval process through automation which will allow dealers to get approvals in a matter of seconds on one out of every four applications.
“When U Drive made the move to become an indirect lender, we were very pleased that they selected us for their LOS (loan origination system) services. It has been our pleasure to work with Jeremy and Neil as well their team. We are excited to be a part of their growth and bright future” said Chad Simmons, national lender sales manager for CreditSmarts.