Wolters Kluwer Financial Services released an upgraded version of its AppOne indirect loan-origination platform to auto dealers this week, but powersports, marine, and recreational vehicles have been using the new version since April 2014, a company spokesman told Auto Finance News yesterday.
The AppOne online platform automates the origination process, and communication between lenders and auto dealers. Upgrades to the new system announced Monday include self-serve features to enhance lender management. Other updates help dealers comply with Regulation B requirements, which include a stipulation that automotive dealers verify loan applications that are joint or co-signed, the company said.
Wolters Kluwer has seen more indirect lending activity in the powersports industry, and the firm is focused on serving that market, according to the spokesman.
To that end, the upgraded version of AppOne for powersports dealers specifically includes the “capability to document trike kits and side-by-sides to make it easier for dealers to book out a unit and submit the information to lenders,” he said.
Wolters Kluwer Financial Services is a software provider specializing in risk and compliance solutions.