Tuesday, Oct. 31, 2006, 07:00 PM UPDATED 11:59 AMBy Nick Zulovich
TEMECULA, Calif. — Payment Protection Systems, which manufacturers On Time, announced it has merged with Sekurus, whose products and solutions are used to secure and manage subprime auto loan portfolios of buy-here, pay-here dealers and financial institutions.
Sekurus specializes in providing asset protection, tracking and overall payment management.
Mike Simon, president and chief executive officer of Payment Protection Systems, will retain his title and responsibilities for the newly merged company, which is named Sekurus.
"This is a very exciting opportunity for both companies," said Simon. "Growth has accelerated so rapidly during the past few years that we needed to find a partner that shared our long-range business plans and international goals.
"This new relationship now enables us to offer a fuller range of products and services to a wider variety of financial institutions throughout the globe," he added.
The Sekurus product line will include:
—On Time: The company provides starter-interrupt units, which track payments and prevent vehicles from starting if a customer's scheduled payment is not made.
—Sekurit: A user-friendly anti-theft security device, which arms and disarms itself with an automatic hands-free system.