BATON ROUGE, La. -- AppOne, a financial technology services company, has formed an alliance with The Evoleno Company (TEC), a vehicle aftermarket development and marketing company, to offer its Velocity vehicle service contracts and GAP products to independent auto dealers.
As part of the alliance, TEC is migrating its 2,000 dealers onto the AppOne platform, an integrated, Internet-based loan origination and processing platform that connects independent auto dealers with lenders, while AppOne makes TEC's products and services available to its own network of dealers.
These dealers receive several benefits through the alliance that include real-time pricing and coverage quotes; online forms printing and automated policy enrollment and payment, in which AppOne withholds and remits the cost of products directly to TEC on behalf of the dealer. The alliance also provides a greater level of protection for consumers who are buying a Velocity vehicle service contract and GAP products from independent automobile dealers.
"Failure to properly and promptly remit premiums for aftermarket products is a growing concern, especially in the independent auto dealer market," said Lee Domingue, CEO of AppOne. "Some car buyers find they own products that are not enrolled for valid coverage, which often leads to unpaid claims and a variety of other hassles. Our integrated system corrects this problem because it automatically enrolls and makes payment on behalf of the dealer once a lender funds a loan."
"This alliance eliminates the uncertainty car buyers face when arranging financing and offers one-stop access to dealers interested in providing aftermarket and back-end products," said Susan Marino, managing partner of TEC.
