The captive finance arms of the Big 3 on Thursday said their Web-based joint venture aimed at speeding the loan approval process will be called RouteOne.
GMAC North American Operations Executive Vice President John Gibson will be RouteOne's first chairman.
Joining Gibson on RouteOne's executive committee are Chrysler Financial Vice President Thomas McAlear and Greg Smith, president of Ford Motor Credit.
Mike Jurecki, former director of operations at Ford Credit, is RouteOne's CEO.
The joint venture will oversee a system designed to help dealers with multiple franchises that must use different proprietary systems to file credit applications with Ford Credit, DaimlerChrysler Services and GMAC. The system also will link dealers through the Internet with banks and credit unions.
The company will generate revenue primarily by licensing the use of the system to captives, banks and credit unions.
The Big 3 finance companies will discontinue using their own proprietary credit application systems once the RouteOne system is operating, Jurecki said.
Dealers will be able to access the system through a link on each captive finance company's Web site.
The RouteOne name, Jurecki said, "reflects our commitment to be the first choice for auto dealers, captive finance companies and other financial institutions interested in maximizing their business potential."
The finance arms of the Big 3 expect the system to improve customer satisfaction with credit application, increase speed and reduce costs and mistakes, Jurecki said.
The company, in Southfield, Mich., will need between 40 and 80 employees, depending on the operations it decides to outsource.