SAN FRANCISCO - World Omni Financial Corp., the big captive finance company belonging to megadealer Jim Moran's Southeast Toyota empire, has started a new division, CenterOne Financial Services, to offer third-party servicing for other lenders.
'The time is right for outsourcing,' said Lisa Wheeler, vice president of client services, who was promoted to head the new division after 16 years at World Omni. Wheeler, 39, was assistant vice president of business systems and client relations. 'Banks have already done it (outsourced servicing), with mortgages, credit cards and student loans. They are under pressure to lower their cost base, and focus on what they do best.'
CenterOne, based at World Omni headquarters in Deerfield Beach, Fla., will offer economies of scale to small and medium-sized banks and other auto lenders, Wheeler said in an interview. She said CenterOne will charge a flat fee per account serviced.
World Omni reports it has assets of more than $9.1 billion. The company already handles third-party servicing for AutoNation Financial Services, the captive finance company for the nation's biggest dealership group. That business now belongs to CenterOne. The division will service accounts at centers in Mobile, Ala., and St. Louis.
World Omni introduced the new division at the Consumer Bankers Association Automobile Finance Conference here this month.