Dealers: An Integral Part of Lending Institutions

Cindy Fisher | April 17, 2019

Did you know that our software supports lending institutions that during the busiest season of the year have been known to write checks for more than $10,000,000 to dealers for opening loans?

To me, that’s an incredible business. My dad owned a small car dealership in Burley, Idaho (population: around 10,000). His income was such that our family did custodial work on the side to help pay the bills. The thought of my dad receiving a check for anywhere near $10,000,000 makes my eyes practically pop out of my head. As we say in Idaho: That’s a lot of potatoes!

Many lending institutions work with dealers to bring in business. Lending institutions know how to get creative helping businesses find clientele. Vehicles, water sports, ATVs, appliances, taxes, even plastic surgery: lending institutions are there to help connect consumers with goods and services.

It’s a win-win for both lending institutions and dealers. Dealers do the work of finding people to buy their goods and services. People who might be hesitant to purchase items because they don’t have the money may change their mind if a 90-days Same As Cash loan offer is available. And lending institutions benefit from opening new loans generated from the dealers.

GOLDPoint Systems has a suite of dealer services to help you easily add dealers interested in working with your institution. Our GOLDPoint System developers can either create a website for you, or you can use our APIs to connect your website with our Dealer suite.

When dealers access your website, they can click a link to become a dealer with your company. When they click that link, it takes them to eGOLDTrak, where they can submit their application online. Once their application has been submitted, the information is displayed in the Dealer Applications dialog in CIM GOLD awaiting someone at your institution to approve and create the dealer in CIM GOLD.

An email can then be sent to the dealer notifying them that they were approved or rejected.

All of this can be catered specifically to your standards.

The Dealer System allows institutions to:

  • Create specific lending plans for dealers, such as 90-days Same As Cash promotions.
  • Set up manufacturers and distributers associated with dealers, so payments can easily be sent via ACH to those manufacturers or distributors.
  • Establish connections with third-party ancillary products, such as insurance, so the amount of the added insurance can be rolled in with the cost of the loan.

To learn more about our Dealer System, see the Dealer System manual on DocsOnWeb, or contact us to request a demonstration today.

 

Tags: Dealer Portal

Cindy Fisher | April 17, 2019

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