Dealer Finance Software: Consumer Loans, Desking, Participation, Reserve, Spread

dealer finance software

It has been so busy lately that we could not update our blog. There comes a point where you have to stop what you are doing and start working on lower priority things that have been waiting for a long time. This is it. Here goes.

We just released v1.23. With this release we added a lot of security enhancements. These changes were mandated by CredCo. Since we are going to be pulling credit reports from their systems, they want our system to be as tight as a Swiss bank. We added a new database server and firewalls on all of our servers. Strong user passwords are now enforced (8 characters minimum, 1 lower case, 1 upper case, 1 number). Autocomplete in forms are now disabled. This means you cannot save your username and password in your browser. Carsinia is now used through a secure SSL channel. We also did a lot of security scans and created policies. Hopefully it will be enough and our integration will be live soon.

In terms of online marketing we recently added quite a few enhancements as well. We now have an online leads report that shows the Craigslist and website views as well as emails generated through the websites. We have some bug fixes and enhancements in Craigslist postings. It is now possible to generate images for manual posting of image templates. We started feeding new lines to Autotrader correctly (amazingly, not many DMS providers do this). Finally, we have a new form available in our websites: car finder. If the visitor cannot find a vehicle he or she is looking for, they use this form to submit email to you to check it out in auctions.

The biggest change though is in our financing area. We are truly becoming a dealer finance software. We added a lot of new fields for consumer loan info used in sales. You can view and edit the participation and participation commision fields as well. Now, most dealers know this because it's their bread and butter but in case you don't know it, participation is the kick back from the bank to the dealer for sending the consumer for a loan. This kick back is mostly a percentage of the APR of the loan. It can also be an advance payment. It is also known as reserve or spread. It is very important because it contributes a lot to the dealer profits. Now it is possible to manage this in Carsinia. Consumer loan payment plans can be viewed with participation info and payments can also be recorded. We also have a participation report where you can see the best performing locations. If you have multiple stores, you can select which lenders can be used in each of them. Sometimes dealers offer commissions from participations: this can be managed as well. Finally, we added two new forms: New York Vehicle and Boat Registration forms.

We have a new dealer finance partner: EZ Dealer Finance. We are working to integrate our products through a new feature called Deal Wizard. It will be possible to submit credit applications directly from Carsinia (and EZ Dealer Finance) while structuring (desking) a deal. Stay tuned.

2010 December Update: We have completed integration with CredCo for credit reports and EZ Dealer finance for credit applications. Contact us for more info.

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