Wednesday, Jan. 23, 2008, 07:00 PM UPDATED 11:59 AMBy Nick Zulovich
BROOKFIELD, Wis. — Fiserv recently announced that non-prime lender Resurgent Auto Finance is now utilizing Fiserv Automotive Solutions' loan origination system and decisioning technology.
Resurgent Auto Finance, based in Greenville, S.C., was established in September 2007. It specializes in providing funding for individuals who have difficulty obtaining traditional auto loans.
Currently lending in the Carolinas, Resurgent Auto Finance said it has plans to roll out its service throughout the nation in the future. The lender selected Fiserv to enable a rapid start-up and facilitate future loan volume growth, according to officials.
"There will continue to be a strong market in the future for non-prime auto financing in the used-car market by financially challenged consumers who cannot afford the high price of new vehicles," explained Paul Chicky, chief operating officer of Resurgent Auto Finance.
"We are able to customize technology from Fiserv Automotive Solutions to meet the specific needs of our ‘high-touch' clientele. Being able to deploy the system in less than 120 days also met our goal of quick entry into the marketplace," he continued.
Fiserv Automotive Solutions said it can customize elements such as payment solutions, screen layout and branding to fit the specific needs of lenders.
Resurgent Auto Finance has customized its Fiserv solution by integrating its customer service and collections processes into a single platform, executives indicated. The lender ties these two areas together because payment processing and collections activities are necessary for both current and past-due or defaulted accounts, the companies explained.
Resurgent Auto Finance also said it uses Fiserv's data center to host its LOS and decisioning technology. Moreover, the auto lender said it outsources title management and remarketing activities to Fiserv since remarketing is an enormous infrastructure investment for a new lender.
"We selected business process outsourcing from Fiserv because we wanted the advantages of Fiserv's process expertise in remarketing services, such as preferred lane time at auto auctions," said Chicky. "We view Fiserv BPO as an extension of our Resurgent team."
Kevin Collins, president of Fiserv Automotive Solutions, added, "Fiserv Automotive Solutions offers flexible, customizable products that can adjust to fit the unique business practices of both prime and nonprime auto lenders.
"Resurgent Auto Finance's use of Fiserv technology is an example of Fiserv's ability to successfully assist lenders during the start-up phase," he concluded.