If two heads are better than one, then so are two Internet-based credit products.
That's the reasoning behind Reynolds and Reynolds Co. integrating its CreditMaster with Credit Online's CreditConnection.
“The integration of these two industry-leading F&I-related services will improve the car-buying experience for consumers by creating a faster and smoother financing process,” says Christopher Morris, director of Reynolds e-Transactions.
CreditConnection is a real-time, online lending service. It provides access to more than 25 lending institutions and captive finance companies.
Says Morris, “CreditMaster provides retailers with a comprehensive picture of the consumer's credit history, while CreditConnection delivers a financing decision to automotive retailers almost instantly.
“The combination of these two services represents a significant competitive advantage to automotive retailers since it saves time and provides new analytical tools that aid in the financing decision process.”
Reynolds' CreditMaster offers dealerships control and flexibility as they seek to identify the most favorable consumer credit report. It provides immediate access to one, two or all three of the national credit bureaus in a single transaction.
The Credit Online CreditConnection service delivers financing decisions that can improve both profitability and productivity for dealership F&I departments.
Morris says automotive retailers in some areas re-contract as many as 15% of the cars that they spot deliver. Each re-contracting costs the retailer about $300.
“The integration of CreditMaster and CreditConnection reduces the risks associated with spot deliveries by minimizing re-contracting,” Morris says.
Credit Online is the e-commerce subsidiary of First American CMSI. The company credit-enables business-to-business transactions through Internet technology that links credit originators — such as automobile dealers — and borrowers with leading prime and nonprime lenders throughout the U.S. and Canada.
Reynolds and Reynolds is the leading provider of integrated information management solutions to the automotive retailing marketplace.