Auto Credit Acceptance, Ltd. Announces Successful Integration Test.Business Editors, High-Tech/Banking/Automotive Writers SILVERDALE, Wash.--(AutomotiveWire)--Oct. 12, 2000 Auto Credit Acceptance, Ltd. (ACA ACA - Application Control Architecture ) today announced the successful demonstration and integration test of their new "Multi-Lender Evaluation and Auto Loan System" (MLS See multilevel security. ). The Integration Test included ACA and their development partners, Affinity Technology Group (AFFI) and GOTech, Inc. The test exercised key components of the system including dealer interface, application submittal, internet web portal See portal. operation, simultaneous multi-lender decisioning, lender selection, loan decision, and loan approval return to dealer. The system required no human intervention beyond application input at the dealer's input screen and returned the decision in less than 2 minutes. Autocreditaccept.com (ACA) President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , William V William V may refer to:
Affinity's President and CEO, Joe Boyle, stated, "We continue to be very excited about being an integral part of ACA's business model and are very pleased with the progress of our combined efforts as demonstrated by this event. It is especially significant to see how our core decisioning technology coupled with the Internet supports the simultaneous decisioning required by the multiple lender environment." Affinity's technology enables financial institutions to link their branches, call centers, Internet customers, and indirect agents electronically to their credit departments, providing fully automated lending -- and, if necessary, connectivity to a loan officer -- through every channel. For financial institutions, Affinity's solutions expedite loan decisioning and processing and increase productivity and capacity of branch personnel, call center agents, loan officers, and indirect agents, while improving the overall customer experience. Affinity is located on the World Wide Web at www.affi.net. Auto Credit Acceptance, LTD (ACA) is an Internet Business to Business Service Company providing fully automated and guaranteed loan approvals for customers from multiple lenders. ACA's initial target market is the automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. , which is a $700 billion market. The ACA Internet Web Site (www.autocreditaccept.com) is the electronic portal between the Dealers, ACA's "Multi-Lender Evaluation and Auto Loan System" (MLS), and Lending Institutions Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in . ACA's MLS system matches loan applications from Dealers to multiple Lender's acceptance criteria and approves loans in all credit tiers A through D. This decisioning process, from Dealer input, through loan approval, to guarantee, takes minutes instead of hours and days. ACA's web site www.autocreditaccept.com is currently under construction during the development stage. 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. In reference to Affinity Technology Group, any forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that may be contained in this news release are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that these statements involve several risks and uncertainties that may cause actual results to differ materially from those projected. |
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