ORANGE, Calif.—CoreLane Technologies, a leading provider of innovative transactional connectivity solutions for automotive dealers and lenders, today announced the launch of CreditLane, a low-cost, scalable cloud-based platform for delivering data between automotive dealers and lenders. CoreLane will debut the new platform next week at the defi SOLUTIONS Annual Client Summit in Las Colinas, Texas.
The affordable and innovative CreditLane platform seamlessly integrates with the auto dealer’s Dealer Management System (DMS) and the lender’s Loan Origination System (LOS), enabling the implementation of the system without the need for extensive training. CreditLane receives loan information directly from the dealer’s DMS and transmits it to lenders, eliminating the possibility of keystroke errors caused by entering information multiple times. The lender instantly receives the application through its LOS and responds with a decision which generates an alert and messages on the dealer’s DMS. The final loan structure is pushed back into the dealer’s DMS, reducing errors and streamlining funding.
CreditLane also enables lenders to grow their portfolios by providing them visibility to a broad array of dealers. CreditLane Lender Directory enables lenders to provide marketing information to prospective dealers so they can easily identify, connect and submit applications to CreditLane lenders.
“Since transitioning to the CreditLane platform, we have seen a positive impact on our ability to streamline our process and improve communication. The functionality of having real time updates between dealers and our Origination departments has significantly reduced the time between receiving an application and being able to approve/fund the deal. The efficiencies we’ve gained make every interaction faster and easier which in turn, has helped to reduce our overall operating costs,” said Vic Amin, Senior Vice President of Sales & Marketing at Veros Credit.
Mr. Amin added, “We also wanted a solution that could accommodate our continued growth and the CreditLane platform gives us the necessary customization and scalability to maximize productivity at a pace that we set.”
“We’ve spent over a year researching how dealers and lenders currently submit and process applications,” stated Bill Medved, SVP of Technology and Operations of CoreLane. “Based on the result of that research, we’ve partnered with multiple DMS providers and integrated with defi SOLUTIONS to develop CreditLane. We look to partner with all key industry stakeholders to provide solutions that are ‘One Click Simple’.”
For more information on CoreLane and its portfolio of technology solutions for automotive dealers and lenders, visit www.corelanetech.com and follow us on Facebook, Twitter and LinkedIn.
About CoreLane Technologies
Headquartered in Orange County, California, CoreLane Technologies provides innovative Cloud-based technology solutions that enhance the flow of information between automotive dealers and finance companies. By simplifying and streamlining the movement of transactional data between dealers and finance companies, CoreLane’s solutions vastly improve the speed of the application process and minimize errors resulting in quicker approvals and faster funding.
About Veros Credit
Veros Credit is a leading provider of auto financing solutions. We specialize in the acquisition and servicing of motor vehicle retail installment contracts through our vast network of franchise and independent automobile dealers. Our 20+ years of subprime and near prime auto lending experience, combined with our commitment to strong personal relationships with our dealers and customers, enables us to deliver quality service and a robust lending program.
Contacts
CoreLane Technologies
Blaine Aucoin
Director of Sales and Business Development
(714) 683-6360
(888) 736-6566
Sales@CoreLaneTech.com