StoneAge.com Launches AutoTurnDowns.com, a Non-Prime Financing Solution for Car Dealers
StoneAge.com has launched a new service that helps car dealers secure financing for non-prime consumers. The service, AutoTurnDowns.com (www.autoturndowns.com ) is billed by StoneAge.com as "the first sub-prime financing alternative offered by any online automotive company."
"The dealer response to AutoTurnDowns.com has been overwhelmingly positive," said Mark Campbell, chairman and CEO of StoneAge.com. "Of the 450 dealers enrolled in the program, 200 enrolled in the last 30 days. One-fifth of all deals are lost because people can't get financed. We restructure the financing and convert the lost deal into a financed buyer. Our approval rate is currently 30 percent, which is one of the reasons this program is so successful."
StoneAge.com is approved to operate as a sales and finance company in 38 states with mid-year expansion plans to 50 states. A staff of credit analysts and finance managers, specializing in non-prime financing, review all AutoTurnDowns.com credit applications, according to Campbell.
"By focusing on the tough, non-prime deals, StoneAge.com frees-up the dealer to close the standard deals," Campbell said.
If approved, AutoTurnDowns.com applications are funded within 72 hours of delivery, and usually within 48 hours according to Bud LaCombe, chief operating officer of StoneAge.com. "By restructuring the deal, a typical dealer will see four to five more transactions a month and potentially generate an additional $120,000 a year," LaCombe said.
LaCombe anticipates enrollment in AutoTurnDowns.com to exceed 2,000 by the end of the year.
About StoneAge.com
StoneAge.com does business with 1.5 million consumers and more than 1,000 dealers each month. In addition to its "Locate" Referral service, the company expanded into "In-Stock" Referrals, AutoAgent.com and AutoTurnDowns.com.
StoneAge.com is the only company in the online car buying industry to receive PC Magazine's highly coveted "Excellent" designation.
Ranked among the top five online car-buying services in the United States, StoneAge.com was founded in 1996 and is headquartered in Metro Detroit. StoneAge is a privately held company, which has grown 300 percent each year. It has been profitable for the last two years.
StoneAge currently employs a staff of 100 and occupies 23,000 square feet of office space in Troy, Mich.
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