Auto Credit Acceptance, Ltd. Announces Internet-based Multi-lender Loan Approval System for Automobile Dealers.Business Editors/Automotive Writers SILVERDALE, Wash.--(AutomotiveWire)--April 24, 2000 Auto Credit Acceptance, Ltd. (ACA ACA - Application Control Architecture ) today announced that they have contracted with Affinity Technology Group, Inc. to design and develop ACA's "Multi-Lender Evaluation and Auto Loan System". This new Internet See Web 2.0 and Internet2. based system will enable a nationwide network of automobile dealers to access a fully automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. , real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. multi-lender loan decision system. The "Multi-Lender Evaluation and Auto Loan System" will simultaneously evaluate the full range of lending alternatives to match the creditworthiness Creditworthiness The condition in which the risk of default on a debt obligation by that entity is deemed low. Creditworthiness Eligibility of an individual or firm to borrow money. of the applicant with the credit offerings of lenders. The system will offer consumers faster approvals and improve the efficiency of lenders by matching applicants with appropriate lending sources. Autocreditaccept.com (ACA) president & chief executive officer, William V William V may refer to:
financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in that benefit from the fast and smooth business-to-business relationship created by the unique features of our "Multi-Lender Evaluation and Auto Loan System". The agreement between ACA and Affinity, which includes the integration of Affinity's rtDS, iDeal, and Decisys/RT systems, provides for the delivery of the system within 180 days and also provides for Affinity to perform initial application processing and integration services to ACA. Affinity's president and chief executive officer, Joseph A. Boyle, said, "We are very excited to be a part of ACA's business plan. They have developed a substantive Internet-based business model that recognizes and accommodates the unique requirements of customers, lenders and automobile dealers who wish to engage in the marketing and sales of products though e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. channels." Affinity is located on the World Wide Web at www.affi.net. ACA, using Affinity's technology, enables ACA's dealer network and financial institutions to link their branches, call centers, remote service units, Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the customers and indirect agents electronically to ACA's credit departments, providing fully-automated lending -- and, if necessary, connectivity to a loan officer -- through every channel. ACA specializes in financing programs that partner automobile dealers with lenders and is currently expanding their services to market automobile and related products through a nationwide network of automobile dealers and lenders. The business to business "Multi-Lender Evaluation and Auto Loan System" solves many of the problems related to the closing of automobile loans offered by multiple lenders at dealer locations. ACA's new system supports both the single and multiple lender loan decisioning environment and will be integrated with Affinity's existing loan decisioning systems. ACA is located on the World Wide Web at www.autocreditaccept.com. ACA's web site www.autocreditaccept.com is under construction and should complete their beta testing (programming) beta testing - Testing a pre-release (potentially unreliable) version of a piece of software by making it available to selected users. This term derives from early 1960s terminology for product cycle checkpoints, first used at IBM but later standard throughout the in July or August. When it is completed, ACA will be the competitive weapon that will level the playing field for the automobile dealer, while giving today's competitive banking community of mid size banks "big bank" technology at an affordable price. NOTE TO EDITORS: Auto Credit Acceptance's press releases are available on the Internet through Business Wire's web site at http://www.businesswire.com. The releases are also available at no charge through Business Wire's Company News-On-Demand fax service at 1-800-340-7544. |
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