ACS Launches Lending Gateway for Dealers
Automobile Consumer Services Inc. (ACS) launched a new lending platform aimed at giving auto dealers access to financing and leasing sources.
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.
More Auto Finance
Dealerships Are Paying the Price for Extended Car Loans
Growing negative-equity scenarios mean such lengthy terms should be addressed in a forward-looking way to make them work for the dealer and the consumer down the road.
Read More →
Trade-Ins in Negative Equity Reach New Heights
As such trade-ins rise in frequency, so do monthly loan payment amounts and interest rates, according to second-quarter data compiled by Edmunds.
Read More →
Auto Credit Plentiful
June numbers show lenders are readily granting access, including to risky borrowers, as consumers leverage themselves to take on high prices.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Porsche Financial Services Shifts Structure
After 36 years with Porsche, the Financial Services Chief Financial Officer Konrad Riedl is retiring, and the department is realigning its management structure.
Read More →
Tariffs Could Raise Insurance Premiums
As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.
Read More →
Smaller Loans, Longer Terms
The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
Read More →
New Cars a Tad More Affordable
May averages show that combined circumstances gave auto consumers slightly better buying power for the month, though average prices were up year-over-year.
Read More →
First-Quarter Sees Long Auto Loan Growth
Experian data show more consumers are tapping the method, along with refinancings, to afford buying. Meanwhile, subprime borrowers are getting more access.
Read More →
Mastering Credit Friction
In this video, Josh Krach explains how to turn credit friction into an advantage.
Read More →