PayLink Direct, Omnisure Group Announce Merger
The merger creates what officials describe as the largest vehicle service contract payment plan provider in the United States. The new entity will operate under the PayLink Direct brand. Rebecca Howard, cofounder of PayLink Direct, will serve as CEO.
CHICAGO — Specialty finance and customized payment plan providers PayLink Direct and Omnisure Group have merged to create what officials described as the largest vehicle service contract (VSC) payment plan provider in the United States.
Rebecca Howard, cofounder and CEO of PayLink Direct, and Paul Walder, cofounder and CEO of Omnisure Group, announced the completion of the transaction on Friday, April 28. The union creates a combined entity with unsurpassed funding power and unparalleled client support abilities, according to both companies, according to officials.
"The merger and resulting combination of our companies' core competencies will provide many benefits to our clients and to consumers,” said Walder. “We’ll be able to offer them expansive product solutions that are administered quickly and conveniently, making VSC sales an integral stream of revenue for direct marketing companies, auto dealerships and service contract administrators."
The combination of PayLink Direct and Omnisure Group brings together two highly complementary client networks that now total more than 3,000 auto dealerships, 100 direct marketers and 50 administrators nationwide.
The new merged entity will operate under the PayLink Direct brand. Howard will serve as CEO, while Walder will maintain an ownership position and remain involved in an executive capacity.
“Remaining a leader in our niche market means continually looking for new ways to grow and adapt. Today’s car buyers are keeping their vehicles longer, with an average car loan term of more than 60 months,” said Howard. “This partnership will allow us to meet the demands of the growing service contract market by giving consumers, contract administrators and sellers of service contracts ultimate product flexibility through a state-of-the-art technology platform, exceptional customer service, and an extensive portfolio of attractive financing solutions.”
More Auto Finance
Subaru Enters Lending Business
The automaker follows other brands in adding captive financing in the U.S., and says the move will strengthen its position here.
Read More →
Positive Equity Reaches Record High
Mainstream vehicle owners who bought a car seven years ago are likely to have positive equity when trading in for a new vehicle, according to second-quarter Edmunds data.
Read More →
Dealerships Are Paying the Price for Extended Car Loans
Growing negative-equity scenarios mean such lengthy terms should be addressed in a forward-looking way to make them work for the dealer and the consumer down the road.
Read More →
Trade-Ins in Negative Equity Reach New Heights
As such trade-ins rise in frequency, so do monthly loan payment amounts and interest rates, according to second-quarter data compiled by Edmunds.
Read More →
Auto Credit Plentiful
June numbers show lenders are readily granting access, including to risky borrowers, as consumers leverage themselves to take on high prices.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Porsche Financial Services Shifts Structure
After 36 years with Porsche, the Financial Services Chief Financial Officer Konrad Riedl is retiring, and the department is realigning its management structure.
Read More →
Tariffs Could Raise Insurance Premiums
As U.S. import tariffs affect repair costs, consumers might find it more affordable to replace a damaged vehicle, according to recent Insurify tariff analysis.
Read More →
Smaller Loans, Longer Terms
The youngest generation of car buyers is more likely to finance less expensive vehicles, more than half of generation Z consumers borrowing less than $25,000.
Read More →
New Cars a Tad More Affordable
May averages show that combined circumstances gave auto consumers slightly better buying power for the month, though average prices were up year-over-year.
Read More →