CenterOne Provides Third-Party Outsourcing for Banks' Auto Loans, Lease and Floorplan Portfolios
If banks have concerns with their auto finance business in the areas of performance, cost, control or resource constraints, they should consider outsourcing their auto loans, lease and floorplan portfolios to a third-party servicing specialist. That was the message that Lisa Wheeler, vice president of client servicing, CenterOne Financial Services(SM) delivered during the panel "Outsourcing: The Wave of the Future?" at the recent Consumer Bankers Association Convention in Orlando, Fla.
"Outsourcing allows banks and financial institutions to focus on their core competencies, leaving the 'back office' operation to an auto loan and lease servicing expert," Wheeler said. "Converting a fixed and variable cost servicing infrastructure to a variable only cost environment provides a significant advantage in the turbulent auto finance industry."
One of CenterOne's clients, Regions Bank, a $43 billion bank holding company, completed 41 acquisitions in five years between 1995 and 2000. The indirect division, Regions Dealer Credit Services, experienced tremendous growth during that period and outsourced its direct automotive portfolio to CenterOne.
"CenterOne offered immediate servicing capacity, enabling us to focus on our core business," said CBA panelist Ronald A. Luth, senior vice president, Regions Bank. "A partnership with an industry leader such as CenterOne provides 'world class' servicing capabilities competitive with anyone in the industry and most important of all, it is transparent to our customers. Since outsourcing our indirect automotive portfolio to CenterOne, we have experienced a significant reduction in our average loss per repossessed vehicle, average days in inventory and an overall reduction in delinquency."
About CenterOne
CenterOne, a division of World Omni Financial Corp., offers nearly 20 years of servicing experience and provides a full service outsourcing solution for consumer loans and leases and wholesale/floorplan loans from loan origination through vehicle remarketing.
World Omni is a subsidiary of JM Family Enterprises Inc., a diversified automotive company with revenues of $7.1 billion. CenterOne services more than 650,000 loan and lease accounts representing more than $10 billion in assets as well as more than $1.4 billiion in dealer loans.
To learn more about CenterOne's services and online capabilities, visit www.centeronefinancial.com or call (888) 982-9800.
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