World Omni Financial Corporation, one of the nation’s largest automotive-related finance and leasing operations, has signed an agreement with e-fin, LLC, to provide online automotive financing to dealerships via the Internet.
This agreement will position World Omni as a leader in the online world of automobile financing by building on the company’s reputation as a leading provider of services for retail financing, consumer loans and leases, commercial lending, wholesale inventory financing and dealership working capital services, according to Lou Feagles, president of Financial Services, World Omni.
World Omni has been pilot testing the new online service with approximately eight Southeast Toyota Distributors LLC dealerships in the Southeastern United States and four national dealers since mid-September and has planned a national launch in first quarter 2001.
“The results from our pilot test are that the online service saves time, is more efficient and streamlined, allows rapid approval of applications, and will make dealers even more successful and competitive in the financing arena,” Feagles said.
The online system offers dealers increased flexibility and makes it easier to submit credit applications and receive immediate responses, according to Feagles. The credit application information now can be entered online and transmitted to World Omni for an automatic decision within minutes. Dealers also can write up a credit application and fax it to World Omni for loan approval just as they have in the past.
“This agreement positions World Omni as a major player in the automotive finance Internet marketplace,” said Feagles. “This will make it even easier for F&I managers and dealers to do business with World Omni."
“E-fin’s technology is designed to make the exchange of loan information and related marketing functions easier, faster and more efficient than ever before,” said e-fin Chief Executive Officer David A. Sinclair.
World Omni Financial Corp. manages approximately $10 billion of receivables representing 560,000 outstanding automotive lease and retail contracts and approximately $1.2 billion of automotive commercial loans.
World Omni is a subsidiary of Deerfield Beach, Fla.-based JM Family Enterprises, Inc., a diversified automotive company with revenues of $6.6 billion and the 19th largest privately held corporation in the U.S., as ranked by Forbes magazine.
For more information on World Omni and JM Family Enterprises, visit http://www.jmfamily.com.
E-fin, LLC (www.e-fin.com), an indirect auto finance channel, is headquartered in Hickory, N.C.
