Advent Resources and CMSI Partner to Offer Integrated CreditConnection for Instant Automotive Financing
24 May 1999
Advent Resources and CMSI Partner to Offer Integrated CreditConnection for Instant Automotive Financing Automotive Credit Application Processing Time Reduced to Just Minutes
ANNAPOLIS JUNCTION, Md., May 24 -- Automotive dealers can
soon benefit from a new integrated service that combines traditional finance
and insurance (F&I) capabilities from Advent Resources, Inc. with CMSI's
CreditConnection(R) online network service for instantly processing automotive
loan and lease applications. Advent Resources will promote this new
integrated solution to its dealer clients as its method of transmitting credit
application information.
"This integrated solution streamlines the entire finance process for the
dealer, with online access to credit bureau information and to lenders'
application processing systems," said Tim Gill, Advent's Managing Director of
Operations. "Dealers will be able to monitor all pending deals online from
one single point of entry, eliminating their need to maintain manual
application callback logs, fax application information and wait hours for
their lenders to return credit decisions. The CreditConnection system will
provide real-time decisions from lenders that support automatic decisioning,"
he said.
Designed as a credit application entry and routing system, the patented
CreditConnection service effectively reduces the time needed to process and
decision a consumer automotive credit application from a few hours to just a
few minutes. Through the integration of CreditConnection with the Advent F&I
system, dealers will enter information for financing applications once, then
loan and lease application information for new and/or used cars will be copied
to the CreditConnection system from the dealership's Advent system.
CreditConnection, with its online capabilities, routes the application
information electronically to the lenders that a dealer chooses, eliminating
the need for data entry on the lenders' side.
Peter M. Leger, CMSI President and CEO, said, "We're pleased that Advent
Resources has chosen to partner with us to offer CreditConnection as an
integrated solution within its F&I system. Our technology is in line with
Advent's strategic mission of bringing efficiencies to its customers through
the development and delivery of high-value technology. Increasingly,
CreditConnection is emerging as the standard for electronic application
submission in the automotive industry."
Over twenty major indirect automobile lenders are already on the
CreditConnection system, including: AmeriCredit Financial Services, Inc.,
Bank of America, Bank of Montreal Automotive Financial Services, Bank One,
Charter One Auto Finance, Citizens Bank of Rhode Island, Compass Bank,
Crestar, GMAC Financial Services, Key AutoFinance, NationsBank, Nissan Motor
Acceptance Corporation, PNC Bank, Premier, The CIT Group, TranSouth, Wachovia,
and WFS Financial. Others, in various stages of development, are: HFC Auto,
Regions Bank, SunTrust, and Wells Fargo Bank.
Ed Estes, president of First Honda, Simi Valley, Calif., said, "We have
been a CreditConnection subscriber and we are a client of Advent's using its
Sales System. We are excited to hear that Advent and CreditConnection have
partnered to offer an integrated system. We want to be the first dealership
to have the new integrated version as soon as it is ready and available."
About Advent Resources
Advent Resources, Inc., headquartered in Torrance, Calif., develops high-
quality, high-value retail automotive software solutions for automobile
dealers throughout the country. Its software is used by clients from Honolulu
to New York City, including six of the top ten volume Mercedes-Benz
dealerships in the country, the country's largest VW dealership, and many
other high-volume import and domestic franchised dealerships.
About CMSI
Since it was founded in 1987, CMSI's credit automation and loan marketing
technology services and software have been the choice of the world's largest
and most demanding lending institutions. Building on its leadership, the
company is rapidly becoming a premier provider of Internet-based online
lending and leasing technology. CMSI licenses credit decisioning and other
automation systems and services for consumer and business credit. CMSI also
offers a portfolio of products through service bureau alliances that are
provided by its alliance partners on a per-transaction fee basis. The
company's e-commerce and Internet commerce products and services are built
around its patented CreditConnection(R) technology, which links credit
originators, such as automobile dealers, with an extensive network of leading
prime and non-prime lenders.
Press releases and other CMSI information can be found on CMSI's Web Site:
http://www.cmsinc.com.
This press release contains forward-looking statements. All forward-
looking statements involve risks and uncertainties, including, without
limitation, the risks detailed in CMSI's filings and reports with the
Securities and Exchange Commission. Such statements are only predictions and
actual events or results may differ materially.
