Remarketing Services of America, Inc. Taps Fourth Fleet Financial for Driver Sales Financing Solution
SAN MATEO, Calif.--Sept. 29, 2004--| Consumer finance companies can now minimize credit risks while maximizing vehicle residual value |
In a move that signals increased industry adoption of its financing solution, Fourth Fleet Financial, a new breed of auto financing company, today announced that it has expanded its agreement with Remarketing Services of America, Inc. (RSA), a unit of Fiserv. Fourth Fleet's solution allows RSA to integrate seamlessly with a client's existing driver sales program, increasing the credit range of buyers that can be financed.
"Leading consumer finance companies are embracing our solution because it means they never have to say 'no' to customers again," said Jeff Danford, founder and CEO of Fourth Fleet Financial. "Our broad range of financing options and concierge level customer service means that these same companies can have their cake and eat it too - they no longer have to worry about turning away vehicle sales and they are able to reduce their credit exposure in the process."
RSA and Fourth Fleet have successfully collaborated on client portfolios in the past. In some of these cases, Fourth Fleet was able to reduce declination rates by more than fifty percent - a result that led to this expanded relationship. RSA will now offer the Fourth Fleet vehicle financing solution to their entire roster of clients in an effort to further reduce declination rates and increase vehicle residual values.
"We are constantly searching for ways to mitigate residual losses for our clients, and the ability to finance customer sales is critical to generating lift over wholesale values," said Patrick Calpin, RSA's Manager of Lease Maturity Strategies. "We were pleased with Fourth Fleet's approval rates and quickly decided to roll this program out to our other clients."
With Fourth Fleet's easy-to-implement financing solution, consumer finance companies can increase their driver sales programs by offering broader and deeper financing options. Through Fourth Fleet's ability to finance a wide range of credit types, these lending institutions can finance only their desired credit spectrum and outsource the remainder. This will increase the number of vehicles they can sell pre-auction at higher prices while reducing their overall exposure to credit risk or buyers they would normally decline.
Additionally, for those consumer finance companies that do not offer an existing off-lease financing alternative, Fourth Fleet provides a plug-and-play solution that can be launched within 24 hours. The Fourth Fleet solution uses a consumer finance or remarketing company's existing system to reduce overhead and allow sales staff to focus on sales rather than financing.
"We are thrilled to be working with RSA because they are a trusted and beloved brand in the industry with a proven ability to build exceptional driver sales programs," continued Danford. "Previously, drivers could only be approved for a loan if they met the sometimes stringent guidelines of their bank or other lender, but now through Fourth Fleet almost every borrower can be approved."
About Fourth Fleet Financial
Fourth Fleet Financial is a new breed of auto financing company that helps consumer finance, fleet and remarketing companies maximize end-of-lease vehicle values through an easy-to-implement financing solution for the entire credit spectrum of off-lease buyers. The company excels by offering superior levels of customer service, extended protection contracts, and a service that can be customized to your existing sales programs. To find out how our financing solution can help you sell more off-lease autos through your driver and employee sales programs, call 1-800-259-7472 or visit www.fourthfleet.com.
About Remarketing Services of America
Background: Remarketing Services of America, Inc. (RSA) is a unit of Fiserv's Lending Solutions Group; RSA is a leading independent provider of strategic vehicle remarketing, proactive lease maturity management, liability management, customer retention, contact center services, and mortgage programs. RSA is the leading provider of private label contact center services utilizing subject matter expertise. RSA utilizes proprietary technologies to enhance portfolio performance for major banks, financial institutions, automotive manufacturers, captive finance companies, credit unions and other lenders. RSA annually manages over six million customer contacts, 500,000 vehicles and $4 billion in transactions. RSA is headquartered in Amherst, New York. RSA can be found on the Internet at www.RSA-NET.com and at www.RSAmortgage.com.
Background: Fiserv, Inc.:
Fiserv, Inc. provides information management systems and services to the financial industry including transaction processing, business process outsourcing and software and systems solutions. The company serves more than 15,000 clients, including banks, broker-dealers, credit unions, financial planners and investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wisconsin, Fiserv reported $2.7 billion in processing and services revenues for 2003. Fiserv can be found on the Internet at www.fiserv.com.