DealerTrack Announces Integration of eContracting Product with First American CMSI's Origenate and CreditRevue
ATLANTA--March 15, 2004--| Integrated Technology Helps Financing Sources Increase Efficiency and Reduce Costs Through End-to-End Financing Automation |
DealerTrack, Inc. and First American Credit Management Solutions, Inc. (CMSI), today announced integration between the DealerTrack(TM) platform's eContracting product and the First American CMSI Origenate(R) and CreditRevue(R) solutions. The integration, showcased at the 2004 Consumer Banking Association Automobile Finance Conference, provides automotive financing sources of all sizes the crucial advantage of fully automating the final stage of the consumer automotive financing process - the actual contracting of the loan.
DealerTrack is an online platform that automates and accelerates the entire automotive financing process. The company launched eContracting in 2002, enabling automobile dealers to electronically transmit contracts and other required customer data (including digital signatures) directly to participating financing sources. This process eliminates costly and time-consuming paperwork and data entry, reduces the possibility for errors, and greatly shortens the time it takes for a financing source to provide funding to the dealer.
Origenate and CreditRevue are First American CMSI's credit origination systems, which automate and streamline the entire credit-granting process from application through decisioning, underwriting and contract administration. The new connection with DealerTrack eContracting expands on the integration already in place between Origenate, CreditRevue and DealerTrack's F&I Tool Suite product. The F&I Tool Suite is the core of the DealerTrack platform, enabling automobile dealers to electronically submit credit application data to financing sources, monitor application status and receive fast responses.
"This new integration enables those financing sources that currently connect to DealerTrack's F&I Tool Suite through Origenate or CreditRevue to greatly expand their use of the platform and progress beyond manual contract processing," said Howard L. Tischler, First American CMSI president and chief executive officer. "The use of eContracting will further streamline the entire financing process and help financing sources increase productivity, reduce associated costs and improve responsiveness to dealers."
"This integration will help financing sources of any size gain access to DealerTrack's eContracting product while leveraging the broad capabilities of Origenate and CreditRevue," said Mark O'Neil, DealerTrack president and chief executive officer. "This is another important step toward more broad-based adoption of electronic contracting by the automotive finance industry."
Origenate and CreditRevue support all eContracting functionality provided by DealerTrack, and add capabilities such as contract validation, which automatically tests and verifies contracts against completion and tolerance rules. Another added benefit is document viewing, which allows financing sources to view copies of the contract as well as supplemental documents.
Larry Chiavaro, senior vice president for Auto Financial Services of interSTATE NETBANK, says that the streamlined workflow offered by the integration of Origenate and DealerTrack was a major factor in his company's implementation of the platforms. "eContracting is an exciting idea that has the potential for additional productivity gains beyond those we're currently experiencing with Origenate," said Chiavaro. "This integration could ultimately drive our ability to offer our dealer customers a fully automated financing process, from application right through to contract."
"eContracting is key to the future of automotive finance," added Tischler "We look forward to working closely with DealerTrack to further enhance the eContracting capabilities we can deliver to lenders and dealers."
About DealerTrack, Inc.:
With over 22,000 dealers and over 65 financing sources currently connected, DealerTrack is North America's premier independent Web-based platform that automates and accelerates the entire automotive financing process. The DealerTrack suite of products - which work together as one easy-to-use, integrated solution - includes: credit report access and credit application processing; electronic contracting; desking tools; comprehensive activity reporting; and a product that allows consumer to pre-fill a credit application via a dealership's Website. Additionally, the DealerTrack platform features integration with top dealer management systems for credit reports, credit application processing and electronic contracting. More information on DealerTrack is available at www.dealertrack.com or by calling 877-357-8725.
About First American CMSI:
First American CMSI, a member of the First American family of companies, is a premier provider of end-to-end credit automation solutions, including eContracting technology. CMSI's credit origination systems have been the choice of many of North America's largest lending institutions and other organizations for automating the processing and decisioning of all types of consumer credit. For more information, visit www.cmsinc.com or call 800-970-0619.
About The First American Corporation:
The First American Corporation is a Fortune 500 company that traces its history to 1889. As the nation's largest data provider, the company supplies businesses and consumers with information resources in connection with the major economic events of people's lives, such as getting a job; renting an apartment; buying a car, house, boat or airplane; securing a mortgage; opening or buying a business; and planning for retirement. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within seven primary business segments including: Title Insurance and Services, Specialty Insurance, Trust and Other Services, Mortgage Information, Property Information, Credit Information and Screening Information. With revenues of $6.21 billion in 2003, First American has nearly 30,000 employees in approximately 1,800 offices throughout the United States and abroad. More information about the company and an archive of its press releases can be found at www.firstam.com.