Case Studies
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The Challenge
With over 1 million customers and approximately $16 billion in managed auto receivables, AmeriCredit is a leading independent automobile finance company that provides financing solutions indirectly through auto dealers and directly to consumers in the United States and Canada. Since May 2006, AmeriCredit has made two acquisitions, increasing its lending scope from subprime auto finance to a full spectrum of product offerings.
Just a few years ago, AmeriCredit’s loan origination system was an automated solution that involved several applications and a combination of vendor-supplied systems. This system had a complicated structure and required external resources for performing updates. Consistent with its reputation as an industry leader, AmeriCredit wanted to increase its capacity to support lenders in the field and ensure consistency at the local level. Additionally, AmeriCredit sought a system that would allow the company to adjust quickly to changes in the marketplace, thus improving revenue opportunities. As a result, AmeriCredit decided to look for an integrated loan origination solution that would bring control in-house, providing flexibility, scalability and ease of use.
The Solution
AmeriCredit selected and implemented a complete loan origination solution using the Provenir Platform software in its branch offices throughout the U.S. and Canada. The Platform supports both user-interactive requests and automatedanalysis transactions. In addition, it provides the ability to make quick lending decisions at the local level that are consistent with best practices and the latest guidelines established by corporate management, as well as local and federal regulations. The new Platform enables AmeriCredit to add new channels and support expansion as the company continues to grow from its traditional subprime lending niche to a full spectrum of auto finance solutions.
The Provenir Platform is uniquely positioned to enable AmeriCredit to quickly configure an auto finance lending solution that provides complete endto- end application processing for direct and indirect loan and leasing operations – all on a single platform. The Platform encompasses the entire auto lending process, including data validation, vehicle valuations, credit data retrieval, scoring, fraud prevention and funding.
The Benefits
The Provenir Platform [which uses open standards and a Service-Oriented Architecture (SOA)] provides AmeriCredit with a single, integrated architecture for managing lending operations across its extended enterprise. As always, AmeriCredit quickly returns credit decisions that incorporate all relevant data and a consistent set of corporate lending criteria. The Provenir Platform’s unique visual orientation for workflows, decision processes and supporting data collection screens allows AmeriCredit team members to easily find and manage key lending criteria, eliminating the need to rely on external resources.
Using the Provenir Platform, AmeriCredit experienced several immediate benefits:
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AmeriCredit Updates Loan Origination System
The Challenge
With over 1 million customers and approximately $16 billion in managed auto receivables, AmeriCredit is a leading independent automobile finance company that provides financing solutions indirectly through auto dealers and directly to consumers in the United States and Canada. Since May 2006, AmeriCredit has made two acquisitions, increasing its lending scope from subprime auto finance to a full spectrum of product offerings.
Just a few years ago, AmeriCredit’s loan origination system was an automated solution that involved several applications and a combination of vendor-supplied systems. This system had a complicated structure and required external resources for performing updates. Consistent with its reputation as an industry leader, AmeriCredit wanted to increase its capacity to support lenders in the field and ensure consistency at the local level. Additionally, AmeriCredit sought a system that would allow the company to adjust quickly to changes in the marketplace, thus improving revenue opportunities. As a result, AmeriCredit decided to look for an integrated loan origination solution that would bring control in-house, providing flexibility, scalability and ease of use.
The Solution
AmeriCredit selected and implemented a complete loan origination solution using the Provenir Platform software in its branch offices throughout the U.S. and Canada. The Platform supports both user-interactive requests and automatedanalysis transactions. In addition, it provides the ability to make quick lending decisions at the local level that are consistent with best practices and the latest guidelines established by corporate management, as well as local and federal regulations. The new Platform enables AmeriCredit to add new channels and support expansion as the company continues to grow from its traditional subprime lending niche to a full spectrum of auto finance solutions.
The Provenir Platform is uniquely positioned to enable AmeriCredit to quickly configure an auto finance lending solution that provides complete endto- end application processing for direct and indirect loan and leasing operations – all on a single platform. The Platform encompasses the entire auto lending process, including data validation, vehicle valuations, credit data retrieval, scoring, fraud prevention and funding.
The Benefits
The Provenir Platform [which uses open standards and a Service-Oriented Architecture (SOA)] provides AmeriCredit with a single, integrated architecture for managing lending operations across its extended enterprise. As always, AmeriCredit quickly returns credit decisions that incorporate all relevant data and a consistent set of corporate lending criteria. The Provenir Platform’s unique visual orientation for workflows, decision processes and supporting data collection screens allows AmeriCredit team members to easily find and manage key lending criteria, eliminating the need to rely on external resources.
Using the Provenir Platform, AmeriCredit experienced several immediate benefits:
- Increased ROI by reducing the processing time for loan decisions and maintaining system availability without any additional software or hardware
- Increased efficiency through ability to easily implement updates
- Ability to expand into new markets seamlessly, both from the end-user perspective and from the application volume perspective
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