Frazer, Wayne Reaves, DealerCenter and now Auto Master Systems (AMS).
All of those dealer management systems (DMS) now have an integration with AGORA, a Texas-based provider of technology solutions for the financial services industry.
Through the integration with AGORA finalized this week, officials explained dealerships and finance companies active on AMS will have their loan information concurrently available on AGORA, where they can securely select loan pools for bidding or financing from a national network of lenders that acquire loan pools or finance them on the AGORA platform.
The entire placement, bidding and acquisition of loan pools are completed inside the AGORA platform, without exposing private customer data, transaction activity and collection notes to outside parties.
“Auto Master is committed to providing best-in-class service to our customers and enabling them to utilize the most up-to-date auto finance technologies,” AMS vice president of sales Mike Downey said in a news release. “Partnering with AGORA aligns perfectly with our focus on adding value for our customers.”
The AMS/AGORA integration can allow the client to remove the need to run excel exports and manually uploading of data on a button push but will now run every night, ensuring the most up-to-date loan information is available.
Since its launch in April 2017, AGORA’s flagship loan exchange platform has quickly evolved within the secondary market for auto loans, allowing buyers and sellers to publish and exchange loan data directly in an efficient and secure environment without the need of intermediaries or brokers.
AGORA founder and chief executive officer Steve Burke highlighted the latest integration coincided with another company achievement.
Burke stated, “This month, we hit an important milestone of $3 billion in principal balance loans placed on AGORA.”
Burke mentioned the Auto Master integration is the fourth DMS integration, with two more planned this month with other leading DMS providers. AGORA management expects that in the next few months, AGORA will be fully integrated with DMS providers, covering more than 90 percent of the dealerships nationwide.
Burke reiterated AGORA was created in response to the many friction points and inefficiencies that exist in the manner that auto loan portfolios currently trade – namely poor and inconsistent data, lack of transparency from the brokers that previously dominated the market and heightened regulatory concerns over unsecured transmission of personal consumer data.
He then emphasized the importance of integrating with AMS.
“Protecting our dealers from exposing loan data when they make their portfolios available for sale and giving dealers more liquidity is the mission of AGORA,” Burke said. “Auto Master is an exceptional dealer management system, and we are excited to have them as one of our key integration partners who enable dealers to seamlessly and securely offer their loans for sale to our large network of member banks, finance companies and credit unions — avoiding unsafe emails of data files.
“The Auto Master integration continues to expand AGORA’s ability to help sellers sell faster, sell more profitably and sell securely,” he continued.
Burke went on to say, “Soon, all dealers will be asking ‘Does my DMS do this?’”
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