Autoeloan.com to Use Daybreak for Web-Based Loan Portfolio Management
15 February 2000
Autoeloan.com to Use Daybreak for Web-Based Loan Portfolio Management
EDEN PRAIRIE, Minn.--Feb. 15, 2000--Offer Loans Through Dealers and Direct to Consumers
SuperSolutions Corporation announced today that autoeloan.com, a new Internet-based automobile finance company, has selected Daybreak--The Big Picture(TM) as its loan portfolio management software for direct and indirect loans. By using Daybreak, autoeloan.com can automate and efficiently manage its loan origination, servicing, and collections.
Autoeloan.com is a unique approach to online lending that recognizes the auto dealer's role. Not only does it offer credit to borrowers with A to C credit ratings, but it also develops partnerships with dealers, rather than circumventing them. For example, while most other online lenders simply provide customers a check that they bring to a dealership, autoeloan.com provides the dealer with the pre-approved lead and the dealer can control the financing. Daybreak will help autoeloan.com accurately track the profitability of these relationships, ensure seamless integration between autoeloan.com's systems and the dealers' systems, and provide loan decisions within minutes of receiving applications.
Autoeloan.com will launch its Web-based, indirect lending operations in mid- to late March. It will start lending direct to consumers through the Web this summer.
"We selected Daybreak for its Web capability. It also possesses much of the auto-lending functionality needed to successfully manage an auto loan portfolio," says David Selke, chief operating officer of autoeloan.com. "We looked at other software vendors but felt comfortable that Daybreak would be our best solution. We also spoke to some of SuperSolutions' existing clients and received very favorable feedback regarding their success with Daybreak."
Daybreak 5.0 is an end-to-end relational database management system for consumer lending, including automobile, recreational vehicles, boats, motorcycles, home improvement, line of credit and specialty finance requests. The application is built on Oracle(R) Relational Database Management Systems, offering scalable, user-configurable environments with Open Database Connectivity (ODBC) solutions. It is available in Web-enabled and client/server versions.
Specifically, Daybreak will help autoeloan.com:
| -- | Collect loan applications via the Web; |
| -- | Interface directly with credit bureaus and define its own credit risk model; |
| -- | Deliver loan decisions within minutes of application receipt; |
| -- | Manage customer service requests; |
| -- | Compute its loan proceeds; |
| -- | Monitor and maintain payment information and other account activities; |
| -- | Monitor delinquent accounts and provide notification when follow-up is required; |
| -- | Track costs of repossession and asset recovery; and |
| -- | Identify pools of loans suitable for securitization. |
"Autoeloan.com has a very promising and unusual business model for online lending, so we are proud they've decided to use Daybreak to help make it happen," says Darshan Karki, president and CEO of SuperSolutions. "By providing a product that can handle all aspects of the lending process in a Web-based environment, we can enable Internet-based finance companies like autoeloan.com to access a whole new world of potential borrowers, speed up the loan approval process, and manage more loans more effectively."
About Autoeloan.com
Autoeloan.com is a start-up, Internet-based automobile finance company offering auto loans through partnerships with dealers and direct to consumers. The company, based in Irving, Texas, will begin offering loans to prime and non-prime lenders in March 2000. For more information, visit the company on the Web at www.autoeloan.com.
About SuperSolutions Corporation
Based in Eden Prairie, Minn., SuperSolutions develops enterprise-wide software applications for both the Internet and traditional platforms. Its flagship product, Daybreak - The Big Picture(TM), is designed for lenders providing consumer and commercial loans. Daybreak - The Big Picture automates the lending process, including loan origination, servicing, collection and securitization, in a client-server and Internet-based environment. For more information, visit the company on the Web at www.supersolution.com, e-mail at sales@supersolution.com or call toll-free 1-800-320-2125.
SuperSolutions and "Daybreak - The Big Picture" are trademarks of SuperSolutions Corporation.