U.S. Car Dealership Achieves 50% Annual Growth
- Location United States
- Lending model Auto Financing
- Employees 10-12
- Founded 2005
A U.S.-based client needed to create an auto financing program for their car dealership from the ground up. Their business model is based on secured personal loans, with the cars they sell serving as collateral. The goal the dealership set out to achieve was to automate the outdated, paper-based manual processes in order to compete with larger dealers and SME competition.
The dealership chose TurnKey Lender to automate its auto financing process. The solution that best fit their business needs was TurnKey Lender for Auto Dealers. The system was already tailored to the needs of the dealer and was chosen for its effectiveness in the client’s market.TurnKey Lender then customized the solution to meet the client’s needs. The client required automation of the entire lending process, so the delivered solution had all the modules on board, including origination, underwriting, servicing, collection, and reporting.TurnKey Lender also identified a business opportunity for the dealership, and made it possible to offer financing of the GAP and CPI insurance for all dealership vehicles.
Additional integrations included:
- Payment system
- GPS system
- Credit bureaus
- VIN database
- Remote engine shutdown software
The initial solution was deployed and fully operational within two weeks a!er signing the contract. The client's employees were trained by the TurnKey Lender team to use the system to its full potential. The companies have continued their collaboration, so TurnKey Lender can implement new functionality upon request.
The solution was successfully deployed within several weeks of project inception, and the client’s dealership started to use their new financing program immediately. The solution helped the dealership achieve 50 percent year-over-year growth. Revenue continues to trend up due tothe TurnKey Lender implementation.
The system the client now uses:
1. Is scalable, to handle the business growth it enables
2. Enables automatic collections and vehicle control
3. Is automated end-to-end, cutting operational cost and human error
4. Has intelligent, AI-powered credit decisioning
5. Was white-labeled and customized by TurnKey Lender to match the client’s branding
6. Is cloud-based, for global accessibility by employees and clients
Tell us about your auto dealership. We would be happy to demo our system, talk about your unique requirements, and discuss a solution precisely tailored to your business. Reach out today!
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