Wednesday, Oct. 10, 2007, 08:00 PM UPDATED 11:59 AMBy Nick Zulovich
LITTLETON, Colo. — PassTime USA recently announced two new partnerships designed to add more services to the company's repertoire.
To kick off the announcements, PassTime said it has teamed up with Summit Funding Group, a Cincinnati-based leasing and financing company.
Thanks to the partnership, PassTime said it will offer leasing options to customers through Summit, describing the deal as another key component to its asset protection solutions.
According to officials, Summit provides straight-forward, affordable leasing options which will be the perfect fit for PassTime and its customers.
"Summit Funding has shown to be a great partner to work with. They are quick to respond and very flexible. They are always willing to work with our customers and find a way to make a deal," said Chris Macheca, executive vice president of operations for PassTime.
Offering history on Summit, executives said the company was founded in 1993 and has leased more than $650 million since its inception.
"With strong distributor and manufacturer relationships, SFG has a presence in all 50 states," officials indicated. "Summit offers highly competitive leasing solutions for a variety of equipment including computer, networking, software, medical, office equipment, and now, the PassTime suite of products and services.
"With a highly motivated, experienced team, Summit Funding Group is committed to providing highly personalized, responsive leasing programs to help PassTime customers grow and expand their businesses," executives continued.
By providing leasing options, PassTime said it can help customers avoid significant up-front costs of purchasing devices and services.
"The leasing option is perfect for our customers. It allows them to spread out payments and frees them up to use PassTime on every vehicle loan they make," explained Stan Schwarz, chief executive officer of PassTime.
"PassTime is committed to providing its customers not only a technology device, but an abundance of useful services to wrap around, creating a total solution, and the partnership with Summit Funding Group is another perfect fit to do so," he continued.
PassTime Announces Partnership with Peak5
In other recent news, PassTime USA and Peak5 (a Flatiron Financial Services company) announced a strategic partnership to incorporate Peak5's services into PassTime.
Peak5's loan servicing and collections can be coupled with the PassTime payment assurance solutions to provide an automotive dealer or finance company a comprehensive package, officials explained.
"We are extremely excited about our relationship with Peak5. They provide great services that will add to PassTime's commitment to offering a complete set of solutions, not merely a device," Macheca pointed out.
The Peak5 servicing platform has been providing servicing and collections solutions to financial institutions for nearly 10 years, according to executives.
"Ensuring federal and state servicing and collections compliance, Peak5 manages all aspects of auto loan servicing and collections, insurance tracking, remarketing and payment processing to allow its clients to concentrate on their businesses instead of trying to track down missed payments," officials described.
"The Peak5 state-of-the-art service center in Metropolitan Denver is staffed with experts in servicing and collecting receivables to provide the highest level of support to its clients," executives continued.
Blake Willardsen, Peak5's executive vice president of national sales, added, "The Peak5 complete servicing solution combined with PassTime's advanced technology is undeniably the best investment an automotive dealer or finance company can make to ensure the timely receipt and processing of customer payments."
"All too often an automotive dealership spends a significant amount of time and resources finding customers and collecting car payments. The PassTime devices and services promote timely and consistent car payments. Peak5 allows PassTime to offer a complete solution from generating payment codes, basic payment processing, reporting, and complete servicing and collections of PassTime accounts," officials indicated.
Schwarz noted, "This is the next step in our evolution of creating a ‘The Single Source Solution for our clients." With Peak5 service and the PassTime solutions, car dealers will finally have time to do what they do best: sell cars."