Tuesday, Nov. 21, 2006, 07:00 PM UPDATED 11:59 AMBy Nick Zulovich
LITTLETON, Colo. — PassTime recently announced a partnership with CAR Financial to connect both companies to a larger network of dealers. Additionally, PassTime said it has teamed up with Automatic Data Processing to provide disclosure forms through ADP's F&I eForms Library.
Through its recent partnership with PassTime, CAR Financial said it is now purchasing and servicing qualified portfolios with PassTime devices installed on the vehicles.
"This new partnership gives PassTime's dealers the ability to improve cash flow by utilizing the services of CAR Financial while ensuring that the loan is still protected with the installation of the PassTime device," explained Stan Schwarz, PassTime's chief executive officer.
Rick Potter, president of CAR Financial, added, "Utilizing PassTime products will allow a dealer to use this prove technology in an effort to improve the performance of subprime automotive portfolios."
Meanwhile, PassTime also said it recently integrated with ADP's F&I eForms Library to provide customer disclosure forms.
"PassTime has worked diligently with the law firm of Hudson Cook to standardize its disclosure forms for the installation of PassTime devices on a higher-risk credit customer," Schwarz pointed out. "This new integration with ADP will help ensure that dealers and lenders have the most up-to-date forms."
PassTime executives said they realize that a typical sale can involve up to 25 forms from seven different vendors. With the new addition of ADP, the company said it is doing its part to try to make the sale process more simplified and efficient.