North Richland Hills, Texas — Cypress Software Systems LP has developed a software interface that connects DealerTrack’s automotive financing software and dealer network with Cypress’ Mark IV consumer loan automation software.

DealerTrack allows auto dealers to seamlessly submit an applicant’s loan information to financial institutions using Mark IV. Mark IV, then, automatically sends the application through credit review and underwriting, enacts the institution’s loan policies and returns a loan decision to the dealer, via DealerTrack.

Tony Davenport, vice president and automotive finance manager at Capital City Bank of Tallahassee, Fla., has used the interface for two months and says the solution speeds the financing process for dealers and consumers while also providing benefits for financial institutions.

“For more than two years, Cypress’ Mark IV software has helped automate our consumer lending — a portion of which comes through DealerTrack,” said Tony Davenport, vice president and automotive finance manager at Capital City Bank. “We jumped at the opportunity to install the new interface. It has helped us fully automate any loan requests that come to our bank through the DealerTrack network, and has significantly decreased the amount of data re-entry — and the associated man-hours — that our loan officers have to perform. Looking back, I don’t know how we operated without it.”

Cypress will offer the DealerTrack Interface as an option to financial institutions that use Mark IV and the Mark IV Indirect Finance Module. The interface is available immediately.

“At Cypress, we continually listen to our clients and look for ways to improve our software products. This new interface with DealerTrack greatly enhances our Mark IV offering for any institution interested in utilizing this growing channel for automating the indirect automotive financing decision making process,” said Stephen G. Sargent, president and chief executive officer at Cypress. “With the DealerTrack Interface, Mark IV users can witness increased indirect automotive loan volume while strengthening dealer relations with a faster decision turnaround time.”

Cypress’ Mark IV platform allows lenders to take loan applications electronically while interviewing applicants, quickly retrieve and interpret credit reports, efficiently review sources of repayment, and deploy their loan policies.