FinanceConnect, an Internet-based F&I tool for dealers and lenders created by Autobytel Inc., reduces the time and cost dealers spend on funding nonprime deals, according to Jason Tuschman, vice president of financial products at Autobytel. The application is offered free of charge to dealers.

Autobytel Inc.'s knowledge of both the Internet and large dealer networks has been utilized to create a simple, browser-based program to enable dealers to reach multiple lenders in just a few keystrokes. "FinanceConnect's automated process puts customer loan applications in front of appropriate lenders in minutes, freeing the dealer to work another deal while the loan is processed," Tuschman told F&I Management and Technology. According to Tuschman, lenders are segmented by credit grade automatically.

Once approval comes through the integrated funding forms can be printed out for the dealership and e-mailed to the lender, starting the funding approval process immediately.

FinanceConnect's process minimizes the potential for failed loans by speeding up the funding process dramatically, according to Russ Bartlett, FinanceConnect manager at Autobytel. "It also significantly reduces the time dealers and lenders spend at the fax machine and on the telephone researching and negotiating financing," Bartlett told F&I. "Since dealers can access the system 24 hours a day, seven days a week - whenever they are working with a customer who is ready to purchase a vehicle - FinanceConnect will help increase the number of deals closed."

Dealers can sign up for the free tool by calling (949) 437-4992. For more information, e-mail finance@autobytel.com.