Tuesday, Dec. 12, 2006, 07:00 PM UPDATED 11:59 AMBy Nick Zulovich
IRVING, Texas — In addition to other announcements, myAutoloan.com, an online auto-financing marketplace, said it has launched a private label financing platform called Powered By myAutoloan.com.
The company also recently announced it teamed up with Thrifty Car Sales and sponsored a Front Row Motorsports vehicle to gain more consumer attention.
According to executives, the new platform offers virtually any organization with a consumer focus and Web presence the ability to provide customers with a direct financing center lending platform.
"A private label financing platform has been in our plans from inception," explained Greg Thibodeau, chief executive officer of myAutoloan.com. "Powered By leverages all of myAutoloan's life-cycle auto financing products, research tools and services.
"We see the market for this product as being very large, with verticals in auto insurance, auto-buying services, home equity, mortgage, general financial services and more," he added.
Through the new private label platform, applicants can receive up to four loan offers online in real time, executives noted. This means consumers can arrive at a dealership with a check in hand, ready to make a purchase. Consumers can also use myAutoloan.com's preferred dealer network to find the dealerships closest to them.
"Our preferred dealer partners understand the needs of our customers and they fulfill the customers' requests for online auto financing, fair pricing and the highest levels of service," pointed out Dale Peterson, president of myAutoLoan.com.
"Our customer experience is very positive and scores high in our survey results, enhancing the Powered By brand," he continued.
In addition to launching the private label financing platform, myAutoloan.com also announced a new version of Preferred Placement. This program is a direct lending application that uses electronic application evaluation and analysis to process direct-to-consumer auto loans for its customers with national lending institutions, executives explained.
They went on to say that the latest version of Preferred Placement was designed to simplify, streamline and shorten the application process for consumers, in addition to enhancing the electronic verification and validation of customer information. The program was created to make sure the information provided to lenders is more accurate and provide financial institutions with greater efficiency levels.
"Our Preferred Placement technology continues to evolve and improve, increasing customer satisfaction and lender performance to provide auto loans," said Heather Dietel, director of product development for myAutoloan.com.
"Through extensive usability testing coupled with focus group input, the new version greatly increases the speed, ease and simplicity, allowing customers to navigate and complete an application for a direct-to-consumer auto loan," Dietel added.
Thibodeau chimed in, saying, "The additional enhancements to the electronic verification and validation process continue to ensure that we match the right customers with the right lenders."
According to executives, improvements to the Preferred Placement program have dramatically enhanced a lender's ability to target vertically within the entire credit spectrum, in addition to targeting loans horizontally across multiple loan products.
"The Preferred Placement system is available to the direct lending industry with Powered By financing and technology licensing agreements," executives noted.
Thrifty Teams Up with myAutoloan.com
In other recent news, Thrifty Car Sales, a subsidiary of Dollar Thrifty Automotive Group, announced it has partnered with myAutoloan.com to provide additional financing options for its network of franchised used-car dealerships by offering online direct-to-consumer financing.
"MyAutoloan.com is an excellent addition to our portfolio of lenders," said Jeff Cerefice, vice president of Thrifty Car Sales. "This new Thrifty-branded partnership will provide Thrifty Car Sales customers with access to numerous national online direct-to-consumer lenders that include E-Loan, HSBC, Roadloans, WFS Financial/Wachovia and others, with programs that will fit most consumers in today's market.
"MyAutoloan.com is quickly becoming a recognized leader in providing consumers with innovative financing products," he added.
Thibodeau said, "We are thrilled to have Thrifty Car Sales join the Powered By Finance Center marketplace lending platform. This partnership offers their customers and dealerships real value, with real lenders providing real loans in real time online."
MyAutoloan Sponsors No. 34 Front Row Motorsports Entry
In 2006, in order to gain more attention, myAutoLoan.com said it served as an associate sponsor of the No. 34 Front Row Motorsports entry driven by Chad Chaffin at Texas Motor Speedway for the Dickies 500.
"Our goals in NASCAR for 2006 were to gain media, investor and lender awareness of the company," Thibodeau said. "We received a very positive response across the board for both the Texas and Phoenix races. In the Phoenix race our myAutoloan.com No. 61 car driven by Chad Chaffin had great TV visibility and finished 35th."
When Chaffin found out he was driving a car sponsored by myAutoloan.com he said, "I look forward to driving the myAutoloan.com car at Texas. The guys have been working real hard to get the cars ready each week. I'm confident we'll put together a strong showing this weekend."
Thibodeau noted, "We are excited about our partnership with Front Row Motorsports for the Dickies 500. This is our first venture in the arena of auto racing. We think NASCAR demographics are a good fit with our client base."
Moreover, Bob Jenkins, team owner, thanked myAutoloan.com for its sponsorship.
"We appreciate the support of myAutoloan.com for the Texas race. We think the myAutoloan.com car will be strong this weekend and hopefully we can give myAutolaon.com a good finish their first time out."