defi SOLUTIONS and Sagent Auto Unite

defi SOLUTIONS and Sagent Auto, two market-leading partners for lenders, have signed an agreement to merge and become one company, branded as defi SOLUTIONS. As the new defi SOLUTIONS we will combine our agility, stability, best-in-class compliance and scalability with the ability to quickly innovate to meet market demands.

We will work together to deliver the most exceptional suite of solutions and services and be the market-leading partner for lenders of all sizes and complexity.

Post close, Bret Leech will be leading the new company as CEO and current defi CEO Stephanie Alsbrooks Hanson will take on the role of founder and vice chair focused on client relationships.

Our vision has the financial backing of defi SOLUTIONS’ investors at Bain Capital Ventures as well as Sagent Auto’s investors of Warburg Pincus and Fiserv, Inc.

This merger reflects our extended commitment to the lending technology and services market for the future. The lending industry is constantly changing, and lenders are continuously looking to find new efficiencies, elevate the consumer experience, and respond to ever-changing regulatory requirements. By bringing together our two companies we can give lenders what they want and need right now and positively impact the lending industry for the future.

When the transaction closes, Sagent Auto’s locations in King of Prussia, PA and Amherst, NY will become part of a new, larger defi SOLUTIONS network of team members servicing 170+ clients across digital, originations, servicing, and outsourcing solutions.

We will continue to provide updates on the merger over the next few weeks through online FAQs at https://go.defisolutions.com/e/511281/unity-/3ltgvx/373465775?h=PFnx2NCgsVxKhEgZX3M7Ew3Sqh7L5eTWOpc5jUNNJi4 that will give you further insight on defi SOLUTIONS and Sagent Auto and how we are uniting to shape the future of lending.

 

For more information, contact Kristin Herring at kherring@defisolutions.com or 214.673-6364 or reach out to defi Communication Director Charlie Lewis at clewis@defisolutions.com or 214.725.7584.

NAF Association Meets with CFPB

Director’s Note From Non-Prime Times, July/August 2019 Issue

Joel Kennedy, the newly elected president of the NAF Association, and I met recently with CFPB representatives Jennifer Stockett, Deputy Assistant Director, Office of Financial Institutions & Business Liaison and Andrew Duke, Policy Associate Director, External Affairs. The meeting provided Jennifer and Andrew with the opportunity to learn about the NAF Association and what we do, and hopefully, will assist us in opening the door to future meetings with the Bureau. …continue

PassTime and masterQueue Form Strategic Partnership

PassTime®, a leading provider of GPS Solutions announced at www.AutoIntelSummit.com it has partnered with masterQueue®, a web-based software-as-a-service platform that automates the skip tracing and debt collections process to efficiently locate and contact customers financial institutions have lost touch with.

The partnership will facilitate integrated solutions which combine the automation of the skip tracing and debt collections processes that masterQueue excels at, with the leading-edge GPS Solutions from PassTime, saving mutual customers time while simplifying the user experience.

PassTime, which has been in business for more than 25 years, provides GPS Solutions for customers to connect their vehicles and protect their assets. The company prides itself on providing high-quality and reliable products, along with unmatched 24/7 live customer care for its clients and consumers.

“PassTime has built its business on bringing innovative solutions to our customers. masterQueue has developed groundbreaking software for the industry which makes them an ideal partner for us, and we’re eager to add their efficiency, regulatory and data privacy tracking tools to our customers’ toolboxes,” stated Chris Macheca, president & COO at PassTime.

masterQueue combines the power of A.I. with data in order to improve productivity and efficiency in collections and skip tracing. Its platform is a single software solution uniquely designed to automate data collection, manage regulatory compliance and data privacy, and to assist lenders in simplifying the debt collection process on the more challenging loans where they lose touch with their customers. masterQueue will be presenting their FinTech solution in September at www.Finovate.com in New York.

“The opportunity to partner with the original, and still leading-edge GPS solutions provider is so exciting. We’re confident we can help their clients through integrated technology, while at the same time exposing our clients to the power of GPS solutions where there is a need and desire to utilize this technology. Given the rapidly changing landscape of the auto finance industry, with ride-sharing and other changes coming to the fore front, the timing of this partnership is ideal for everyone,” said John Lewis, Founder and CEO of masterQueue.

For more information please contact PassTime at 877-727-7846 or info@passtimegps.com or masterQueue at 866-563-7547 or demo@intellaegis.com

AUL Corp Announces SVP Promotions

Announcements Follow AUL’s Growth and Expansion into a National Full-Service F&I Provider

Jason Garner

In response to the firm’s rapid growth and expansion into a full-service Finance and Insurance (F&I) provider, AUL Corp. (AUL) solidified its top-tier executive team with the promotions of Jason Garner to Senior Vice President of

Strategic Product Development and Paul McCarthy to Senior Vice President of Agency and Dealer Sales, announced Jimmy Atkinson, AUL’s President and CEO. Jason will now provide leadership

Paul McCarthy

on enhancing the firm’s offerings, including new products, participation programs, and key initiatives. Paul’s promotion to Senior Vice President of Agency and Dealer Sales is testament his demonstrated expertise and leadership as AUL’s VP of National Sales, a position held since January of this year.

“We believe that these additions to top management strengthen AUL significantly by leveraging the talents of both Jason and Paul to maximize our growth strategy,” stated Atkinson. “Jason’s vast industry knowledge will be key in anticipating changes in the market and addressing them proactively. From the advancement in technology to continued expansion as a full F&I product provider, he will be instrumental in identifying opportunities for AUL to continue driving the industry forward.”

“Since joining us in January, Paul has had a substantial impact on our sales growth and with his two decades of dealership management experience, he brings a wealth of knowledge and experience to his national leadership role. As SVP of Agency and Dealer Sales, Paul is ideally positioned to grow our two largest customer bases.”
To find out more, please visit www.aulcorp.com.

DIMONT Engages Jeffery Anderson as Senior Vice President of Auto Services

DIMONT, a Dallas-based provider of insurance claims adjusting and collateral loss mitigation services to the residential mortgage and auto lending industries, announces the appointment of Jeffery Anderson to senior vice president of auto services in a strategic move to continue the growth of its auto division.

At DIMONT, Anderson will oversee the entire auto services division including managing the auto operations employees and building client relationships. He will also be responsible for identifying and developing business solutions for auto lenders, driving the growth of the company’s repo claims, insurance monitoring and total loss solutions from the discovery of customer needs to implementation and ongoing delivery.

Bringing 30 years of insurance claims, customer experience and business development experience, Anderson has played a role in developing product processes and system enhancements, increasing sales, implementing operational strategies and leading multi-million dollar projects.

Anderson previously worked at VanWagenen as senior vice president of sales, specialty claims and client management. He has also worked at The Hartford and State Farm where he led management teams, built out customer experience programs, developed and launched new products and analyzed the claims process.

He holds a degree in international business management from St. John’s University (Collegeville, Minn.). During his time in the industry, he has been a member of CBA, ABA and AFIB Association while holding the position of board member at AFSA and the NAF Association. Anderson is also licensed in property and casualty insurance in all 50 states.

“We’re excited to continue growing DIMONT’s auto division by adding Jeff as the senior vice president of auto services,” said Denis Brosnan, CEO and president of DIMONT. “With Jeff’s leadership, our Auto Services Team will continue enhancing its position as a market innovator, providing repo and total loss claims services by licensed public adjusters and innovative, data-driven insurance monitoring solutions to address the collateral protection needs of our clients.”

Trust Science and Inovatec Systems Team Up to Release World’s First End-to-End Loan Management Platform Powered by Alternative Credit Scores

Lenders now have the ability to reliably find, score, lend to and manage the loans of 64 million unbanked and under-banked consumers in the United States alone

TrustScience Inc., a leading provider of AI-powered credit scoring, and Inovatec Systems Corporation, a new breed of Loan Operating System (LOS) provider, announced today they will partner to release a fully automated lending platform that enables end-to-end loan management across the entire credit spectrum.

Lenders can be up and running on a fully customized LOS and an AI-powered loan underwriting model within weeks, not months (or years).

Trust Science CEO Evan Chrapko comments, “This partnership gives lenders the ability to accurately score and lend to an additional 64 million consumers in the U.S. alone, with unprecedented accuracy and speed. The end-to-end, customizable nature of Inovatec Systems’ LOS makes it a perfect partner for Trust Science and our API-based scoring solution.”

Bryan Smith, VP sales & marketing at Inovatec, shares a similar sentiment. “With this partnership, Inovatec Systems will now be able to automate the powerful AI tools at Trust Science alongside traditional credit scoring and risk measurements. Our lenders will have instant access to the Trust Science Six°Score™ to determine creditworthiness based on alternative, uncorrelated data, generating simple and powerful results for a more complete risk assessment of the individual.” He continues, “The Trust Science tools will be integrated into our Compass Asset Finance (CAF) for credit and funding, driving more innovation and thinking differently.”

Mark Eleoff, CEO of Eden Park Inc. and a customer of Trust Science and Inovatec Systems, remarks, “Both Trust Science and Inovatec Systems have proven themselves to be innovative, value-added and very customer centric in working with us to improve our credit decisions.”

A BETA version of the integration has been underway for several months, and general release is expected in June.

National Automotive Finance (NAF) Association Names Joel Kennedy as New President

Joel Kennedy, TruDecision, LLC

Joel Kennedy, TruDecision, LLC

The National Automotive Finance (NAF) Association, which exclusively serves the non-prime auto financing industry has named Joel Kennedy as its next President. Kennedy succeeds Sharon Mancero who held the post for the previous 2 year term. As with prior NAF Association Presidents, Mancero now assumes the role of Chairman.

“We are excited to face the future with Joel as our President” said Jack Tracey, Executive Director of the NAF Association. “The NAF Association is known for building trust across all industry stakeholders, and Joel’s impressive experience as a lender, supplier, and a graduate of NAF’s regulatory / compliance certification make him a fantastic choice to lead us forward.”

Kennedy is presently the COO of TruDecision, a fin tech company focused on making sophisticated analytics accessible to lenders. Prior to TruDecision, he was founder and original investor in Pelican Auto Finance, and as a senior executive helped to grow the company from a startup to over $100 million in auto receivables. Formerly, he served in senior leadership positions at ACC Consumer Finance, Wells Fargo, Capital One and General Electric. Over his more than two decades in the industry, Kennedy has been integrally involved in the origination of over $6 billion in auto receivables. He holds a Bachelor of Science Degree in Decision and Information Technology from the University of Maryland, and a Master of Business Administration from The George Washington University.

Kennedy has been involved in the NAF Association for several years as a very active member. Most recently, Kennedy has led the Association’s “Fraud Friday” track of the NAF’s Annual Conferences, and has been a key figure in promoting standards across industry groups – beyond just the NAF Association. He is also a regular contributor to the Non-Prime Times, the official publication of the NAF Association

PassTime Adds AT&T Connectivity

PassTime adding AT&T Internet of Things connectivity to its award-winning automotive products and solutions

PassTime® will add connectivity from AT&T’s LTE-M network to its family of GPS products and solutions for automotive asset management services. This will enhance asset tracking, dealer management and asset recovery services for PassTime’s customers.

PassTime provides a suite of asset management products and solutions in the automotive and powersports industries including auto dealers, auto finance companies, fleet transportation providers and consumers. Adding AT&T LTE-M connectivity will help these customers connect to their assets reliably and in more places throughout AT&T’s LTE-M coverage area.

“PassTime is excited to provide our customers with the broad reach and connectivity solutions through the AT&T network,” said Chris Macheca, president and chief operating officer of PassTime. “For over 25 years, PassTime has worked hard to provide the best products and services to our customers. AT&T’s extensive coverage and reliable, cost-effective network solutions will help us grow our business and customer satisfaction.”

“We’re pleased to provide connectivity for PassTime’s GPS solutions,” said Joe Mosele, vice
president, IoT Solutions, AT&T. “This is an ideal use case for LTE-M. The LTE-M network is designed specifically for the IoT and enables lower costs, compact modules, reduced power consumption and the ability to connect in hard-to-reach locations with carrier-grade security.”

For more information, please contact PassTime at 877-727-7846 or info@passtimegps.com.

Wolters Kluwer’s Lien Solutions Honored as Silver Stevie Award Winner in 2019 American Business Awards®

iLien Motor Vehicle Outpaces the Competition

Wolters Kluwer’s Lien Solutions has been named winner of a Silver Stevie® Award, Financial Services category, in The 17thAnnual American Business Awards® for the development and launch of its iLien Motor Vehicle solution. Lien Solutions triumphed in putting forth a winning submission against a highly competitive field; this year, more than 3,800 nominations were reviewed as part of the award’s judging process.

As a cloud-based SaaS offering, iLien Motor Vehicle provides lenders a single point of management for processing and managing motor vehicle titles. A digital dashboard showcases a complete suite of that activity, effectively interconnecting disparate processes and workflows across an organization, rooting out complexity, saving time, reducing risk, and delivering a better experience for lenders and their clients.

“We are pleased to receive such prestigious recognition for the value iLien Motor Vehicle delivers to the market,” said Raja Sengupta, executive vice president and general manager of Wolters Kluwer’s Lien Solutions. “Our solution addresses a critical underserved need for automotive lenders, from inefficiency in the title perfection process due to insufficient information and manual entry errors, to complexities involving ever-changing jurisdictional regulations, taxes, and fees that can significantly slow down or jeopardize quality of title processing for a vehicle. iLien Motor Vehicle helps put lenders in the fast lane of motor vehicle title perfection.”

“The nominations submitted to The 2019 American Business Awards were outstanding,” said Michael Gallagher, president and founder of the Stevie Awards. “They illustrate the continued vibrancy of innovation and high level of achievement across the American economic landscape.”

Details about The American Business Awards and the list of 2019 Stevie winners are available at www.StevieAwards.com/ABA.

AUL Corp Partners with Vision on a New AUL Branded F&I Menu Platform

Backed by a Partnership with Industry Leader, Vision Dealer Solutions, the New AUL Menu Continues the Firm’s Recent Additions of GAP and a Full-Suite of Ancillary F&I Products

AUL Corp. (AUL) in partnership with Vision Dealer Solutions, launched an AUL branded F&I (finance and insurance) menu platform, announced Jose Fleites, AUL Corp.’s CIO. F&I menus are touch-based sales tools containing all of the finance and insurance options dealers offer to car buyers towards the end the sales process. The new platform will offer all of AUL’s F&I products ranging from extended warranties, vehicle service contracts, GAP coverage, theft coverage, tire & wheel, interior & exterior appearance, scratch/paint coverage, and more.

With the launch, dealers now have access to an AUL branded, single-source menu platform based upon Vision Dealer Solutions’ industry leading technology. This solution delivers superior integration with eight of the leading dealership management systems (DMS) and gives dealers immediate access to streamlined and customized data analysis. According to Fleites, “As F&I continues to migrate out of the F&I office and onto the sales floor, it is increasingly important to put the best tools in the hands of the sales team. With Vision, we’ve incorporated the latest technology with our full suite of F&I products to deliver a best-in-class experience.”

Illustrating F&I’s growing importance to dealer success is a recent J.D. Power report noting that dealerships earned more than twice as much profit from F&I products than they did on the actual vehicle sales in 2018. It is this profit potential combined with superior products and technology from AUL and Vision that are driving the industry toward a more mobile, engaging, and efficient future.