DebtMarket Partners With Frazer Computing
GDNAuto, the automated marketplace that connects buyers and sellers of auto loan portfolios, will operate under the new name DebtMarket, reflecting an expansion into other consumer loans, including mortgages and student loans.
DANVILLE, Calif. and LOS ANGELES – GDNAuto, the automated marketplace that connects buyers and sellers of auto loan portfolios, will operate under the new name DebtMarket, reflecting an expansion into other consumer loans, including mortgages and student loans.
The company also announced a partnership with dealer management software (DMS) provider Frazer Computing to integrate the DebtMarket platform into its offerings, thereby providing dealers with the tools to quickly, easily and securely list their loan portfolios for sale using DebtMarket. Frazer is one of the industry’s largest DMS providers with 5,000 franchised and independent users.
“Offering the DebtMarket platform to our dealer customers at a time when many of them will benefit from the opportunity to sell the auto loans they originate makes perfect sense,” sayid Stewart McFarland of Frazer Computing. “We see DebtMarket as a natural extension of our ongoing efforts to help dealers grow their businesses and increase profitability.”
Dealers using Frazer will be able to generate DebtMarket-compatible loan data anytime they use Frazer DMS software to enter new loans into the system.
“Obtaining complete and accurate loan data is the first step toward listing a portfolio for sale on DebtMarket,” said DebtMarket Co-founder and President Mike Sheridan. “Simplifying that process will open the door for many more dealers to participate in the sale and purchase of their auto loan portfolios.”
The expanded DebtMarket enables loan originators (primarily banks, credit unions, finance companies and retail operations) or portfolio owners (institutions, hedge funds and private equity investors) to list loans from a broader range of consumer loan asset classes. In addition to auto loans, DebtMarket will handle motorcycles, powersports vehicles, RVs, boats, mortgages and student loan portfolios.
DebtMarket enables participants to establish and negotiate pricing, perform due diligence and complete all the paperwork needed to close the transaction. The end-to-end transaction technology eliminates inefficiencies, reduces costs, and invites participation from buyers and sellers regardless of size, geography or other previous barriers to entry.
“DebtMarket transforms the existing secondary debt market – much as eBay transformed the auction marketplace – by making it safe and easy for dealers, lenders and institutional investors of all types and sizes to participate,” Sheridan said.
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