SACRAMENTO, Calif., Nov. 15, 2011 /PRNewswire-iReach/ -- Sacramento-based software company BankHunter, a service of Lioness Financial Services, Inc., has integrated with automotive retail technology provider, DealerTrack, Inc., to improve loan accuracy and processing speed for vehicle purchasing.
BankHunter's proprietary software helps dealerships match each car buyer to the lenders most likely to fund the deal, thus enabling the best-matched lenders to review a car loan application within seconds. The new integration offers a one-way transmission of customer, vehicle, and deal information from BankHunter to the DealerTrack credit application network. Once in the DealerTrack network, the data can also be used to pull a credit report, run a Red Flag identity check, or submit credit application data to connected banks.
"Offering this integration adds value to both DealerTrack and BankHunter clients," said Robert Granados, vice president, Finance Solutions at DealerTrack. "The integration with BankHunter supports our goal to provide even more efficiencies throughout the sales and F&I."
According to BankHunter CEO Gina Parr, by pre-sorting credit applications before submitting them to the banks, BankHunter can reduce customer credit inquiries by 75%, thereby preserving the integrity of the customer's credit score, while at the same time increasing the likelihood of the loan at the best possible rate, and in the shortest amount of time.
Parr says that "With this partnership, a car dealership can see an increase in credit approvals by as much as 65%, which means more car sales, faster processing, and satisfied customers." Apparently, the dealerships agree.
"With BankHunter, we see far more credit approvals, and sell cars in half the time." says Casey Turner, General Manager of Turner Volvo in Sacramento.
A dealer will need to be a BankHunter subscriber www.bankhunter.com,and enrolled on DealerTrack's credit application network to take advantage of the functionality. If a dealer is not enrolled on the DealerTrack credit application network, they can do so for free. Simply go to www.dealertrack.com, click on 'Sign up for DealerTrack (Free)', fill out the form and fax it to the DealerTrack Enrollment Dept. at 516-908-4240. You can also call the DealerTrack Client Support team at 1.877.357.8725.