Manheim Offers Financing Program for Independent Dealers
NASHVILLE -- Manheim's Remarketing Solutions subsidiary has launched Dealer Auto Funding Solutions, a retail financing program for independent dealers powered by technology from Bankers Integration Group.
NASHVILLE -- Manheim's Remarketing Solutions subsidiary has launched Dealer Auto Funding Solutions, a retail financing program for independent dealers powered by technology from Bankers Integration Group.
The alliance with California-based BIGFNI allows Manheim and Remarketing Solutions to connect independent dealers with major retail financing lenders through the DAFS platform. The first dealers eligible for the program include more than 10,000 independent dealers Manheim currently services with wholesale floorplan financing.
"This opportunity is a first for independent auto dealers," said Mark Brunn, Remarketing Solutions vice president. "It represents the convergence of lenders and technology and is designed to give dealers the financial leverage to expand their retail business, enhance customer financing opportunities and improve the profitability of their business. By guaranteeing the title, DAFS opens the door for lenders to generate business from a new base of dealers."
BIGFNI Chairman and CEO Michael Dunn added, "Our BIGFNI technology will essentially provide the power to catapult independent automobile dealers to a new level in the finance and insurance business. The lenders participating in the program will be able to instantly process retail customers for finance and insurance products through the BIG system, creating a value-added service for the dealer."
Some of the financial institutions already connected to DAFS include Bay View Acceptance Corp., Bank of Stockton, Crescent Bank, Fireside Bank, Guaranty Bank and Nationwide Acceptance Corp. Additionally, company executives said Bank of America has joined the program and expects to go live in the first quarter of 2006.
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