Hal J. Shaffer, president and CEO of interSTATE NET BANK (ISNB), announced Oct. 23 that the bank’s Auto Financial Services Division has acquired some of Stoneage Financial Corp.’s indirect auto finance assets.

Stoneage Financial Corp. recently decided to exit the indirect auto finance market to focus on its core business, which is nationwide lead generation of finance applications and new car leads through car.com.

ISNB recently expanded their auto lending services and appointed Larry Chiavaro as the senior vice president of the Auto Financial Services Group. Shaffer stated that Chiavaro’s established relationships with lenders and dealers throughout the United States, combined with the acquisition of Stoneage’s Indirect Auto Finance Division, will significantly enhance ISNB’s expansion plans.

Jack Lintol, chief operating officer of Stoneage Financial and car.com, reports that Stoneage’s decision to exit the auto lending market and ISNB simultaneously planning to expand their auto financing services created a favorable situation for both businesses to maximize their business opportunities and still serve the needs of all the dealers associated with Stoneage.

According to Chiavaro, “ISNB’s dealer base has grown significantly over the past two months and our application count is up 300 percent. We are currently in the process of upgrading our loan origination platform (application processing system) in order to accommodate the critical service response times for the former Stoneage dealers.”

For further information on ISNB’s Auto Lending Services contact Larry Chiavaro at (856) 675.6161, ext. 276, or visit ISNBAUTO.com.