|
|
|
|
News & Events
BATON ROUGE, La. – Feb. 4, 2009
Wolters Kluwer Financial Services’ AppOne Launches New Platform for Buy-Here, Pay-Here
Dealerships Through Agreement with Global Debt Network
AppOne, a part of Wolters
Kluwer Financial Services, announced today that it has launched its
new platform for buy-here, pay-here (BHPH) automotive dealerships in conjunction
with Global Debt Network’s GDNAuto, an online marketplace where auto dealers, financial
institutions and other investors connect to buy and sell auto loan portfolios.
In light of recent economic conditions and the squeeze on credit, many auto dealers
are exploring opportunities in the BHPH market as a way to grow their business.
At the same time, investors evaluating loan portfolios from BHPH auto dealers often
face challenges in completing the due diligence. It can be a time-consuming and
sometimes frustrating process to ensure that the dealer selling the portfolio is
financially stable and reputable, and that the dealer has taken all of the necessary
steps to produce a compliant portfolio.
Through this new relationship, AppOne’s dealer customers can now access GDNAuto
through the AppOne platform. AppOne will also provide BHPH dealers with the loan
documents they need to build and maintain a compliant deal jacket. This helps ensure
that when a BHPH dealer is ready to sell a loan portfolio, the documentation is
compliant and contains all of the necessary disclosures that a potential buyer needs.
In order to be successful in an area of the market that’s getting more competitive,
dealers must make sure they have compliant, standardized processes in place and
access to capital, said Lee Domingue, CEO of AppOne. In working with Global
Debt Network, we can help dealers address both of these issues in one convenient
place. AppOne’s proprietary RECON dealership underwriting process and compliant loan documentation
complement GNDAuto’s ability to automate the sales process and provide dealers and
investors with a secure venue to complete a transaction, said Mike Sheridan, founder
and president of Global Debt Network.
For more information, e-mail info@appone.net.
About AppOne
Based in Baton Rouge, La., AppOne, a part of Wolters Kluwer Financial Services,
is an Internet-based company offering a technology solution that connects independent
auto dealers with lenders. The AppOne system relies on the company’s proprietary
scorecard system, which evaluates each independent dealer to determine the level
of risk associated with doing business with that dealer. It also automates the funding
process for dealers by printing all documents required to complete the booking of
auto loans. AppOne provides lenders with a new channel of growth and field representation
directly to independent auto dealers nationwide. It offers dealers faster financing
options for their customers, support services and additional aftermarket fee-based
products. For more information on AppOne, visit http://www.appone.net./
About Wolters Kluwer Financial Services
Wolters
Kluwer Financial Services provides best-in-class compliance, content, and
technology solutions and services that help financial organizations manage risk
and improve efficiency and effectiveness across their enterprise. The organization’s
prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, Desert Document
Services®, AppOne®, GainsKeeper®, Capital Changes, NILS, AuthenticWeb™ and Uniform
Forms™. Wolters Kluwer Financial Services is part of Wolters Kluwer, a leading
global information services and publishing company with annual revenues of (2007)
€3.4 billion ($4.8 billion) and approximately 19,500 employees worldwide. Please
visit our
Web site for more information.
About Global Debt Network
Global Debt Network, Inc. (GDN) is a privately held company that simplifies auto
finance by offering GDNAuto, the first nationwide marketplace where auto dealers
and financial institutions and other investors can come together to securely evaluate,
price, purchase and sell asset-backed debt.
Fast, secure and easy to use, GDN enables auto dealers who do in-house financing
to sell their loan portfolios to a nationwide pool of competing financial institutions.
Backed by our rigorous pre-screening membership criteria and structured five-step
transaction process, GDNAuto provides the safest, most efficient – and most profitable
– auto loan sales network in the world.
For more information about how GDN can help you, please visit http://www.gdnauto.com/ or contact us at:
866-559-4339 or mail to info@gdnauto.com.
|
|
|
|
