Cypress Software Systems, RouteOne Interface Products
NORTH RICHLAND HILLS, Texas — Cypress Software Systems, LP has signed a vendor agreement with RouteOne LLC, under which the companies will create an interface between their respective software applications, Mark IV and its optional Indirect Finance Module, and the RouteOne credit application management system.
NORTH RICHLAND HILLS, Texas — Cypress Software Systems, LP has signed a vendor agreement with RouteOne LLC, under which the companies will create an interface between their respective software applications, Mark IV and its optional Indirect Finance Module, and the RouteOne credit application management system.
RouteOne, a joint venture of DaimlerChrysler Services, Ford Motor Credit Company, General Motors Acceptance Corporation and Toyota Financial Services, was created in 2002 to streamline the credit application process for automobile dealers and their customers.
The interface will enable auto dealers to submit a consumer’s credit application directly to multiple finance sources. The interface between RouteOne and Cypress was designed to make it easier for finance sources using Cypress to connect with the RouteOne system.
Similarly, Cypress’ Mark IV is a Windows-based tool that provides finance sources with a user-friendly application data entry point, quick retrieval of credit reports, reconciliation of debt information and deployment of the finance sources’ loan policies.
The Indirect Finance Module for Mark IV provides an extended set of tools, beyond Mark IV’s existing dealer management toolset, to manage relationships and receive and process credit applications from various indirect sources such as automotive and other vehicle dealers, contracting agents and finance companies.
“This agreement will allow automotive F&I managers and bank loan officers to electronically pass credit application requests from RouteOne into Mark IV, bypassing the need to re-key data into Mark IV from a faxed or emailed application, and then electronically return a decision,” said Steve Sargent, president and chief executive officer of Cypress.
The result, according to Sargent, is a very quick turnaround time from point of application to decision, which is intended enhance the applicant’s financing experience at the dealership.
RouteOne is targeting activation of 50 percent of new franchised vehicle dealers across the United States by the end of 2004.
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