Bank expands with AppOne after bike financing success
By Dave McMahon
With the addition of MB Financial Bank, Wolters Kluwer Financial Services now has five lenders that offer one or more indirect lending programs to powersports dealers.
One year after finding success with the Wolters Kluwer Financial Services AppOne platform in the motorcycle segment, MB Financial Bank is expanding its use of AppOne. It’s now making its Indirect Finance Program available to the PWC and other powersports segments.
AppOne helps to automate the indirect lending, credit approval and compliance processes for lenders and vehicle dealerships. MB Financial Bank initially joined the AppOne platform last year to help automate and simplify loan processing for motorcycle dealers nationwide. The bank has been very pleased with the results and will now use AppOne to connect with PWC and powersports dealers, and accelerate the loan application process in those markets. MB Financial Bank now offers indirect financing for motorcycles, PWC, ATVs, snowmobiles and side-by-sides.
“No matter what type of vehicles they are selling, dealerships face a number of the same challenges when it comes to compliance and loan documentation,” said Charles Schaefer, head of indirect lending at MB Financial Bank. “As our Indirect Finance Program grows, we look to the AppOne platform to help us expand our reach to personal watercraft and powersports dealers to better help them address today’s challenges.”
“Our focus is on helping lenders efficiently source business with dealers, while simplifying the loan documentation process and reducing compliance risk,” said Jason Marx, vice president and general manager of Indirect Lending and Mortgage at Wolters Kluwer Financial Services. “MB Financial Bank’s strong indirect lending program makes it a key resource for dealerships using the AppOne platform. We are excited to help support the expansion of MB’s portfolio in the personal watercraft and powersports space.”
MB Financial Bank has been a national motorcycle indirect lender for over a decade, Schaefer said.
“During that time, we have consistently been asked by our dealer base to assist them in this market. Our niche has been to focus on the lifestyle rather than the asset alone, so entering this market makes sense,” Schaefer said.
Param Ramakrishnan, chief technology officer, Indirect Lending, at Wolters Kluwer Financial Services, said the AppOne platform helps dealerships connect with banks such as MB Financial Bank.
“AppOne is a Web-based loan origination platform that connects marine, recreational vehicle and powersports dealerships with lenders to automate their indirect lending processes,” Ramakrishnan said. “Dealers can use AppOne to secure credit application approvals and print loan paperwork, including the company’s Bankers Systems retail installment contracts. Wolters Kluwer Financial Services’ Bankers Systems line of documents is built upon more than 50 years of experience and is protected by the company’s industry-leading limited compliance warranty. This helps dealers ensure that they are meeting applicable federal and state regulations governing indirect lending transactions.”
Existing powersports dealers that are using AppOne now have MB Financial Bank available as a lending source. Dealerships in need of additional lending sources can turn to Wolters Kluwer Financial Services.
“Dealers that are not currently using AppOne can also sign up to gain access to MB Financial Bank, as well as other lenders on the AppOne platform that offer powersports lending,” Ramakrishnan said.
Dealership owners have been turning to Wolters Kluwer in increasing numbers in 2011.
“Wolters Kluwer Financial Services has made strides in growing its presence in the powersports market this year, primarily through expanding its relationships with banks and financial institutions that offer indirect lending programs to dealers in this space,” Ramakrishnan said. “With the addition of MB Financial Bank, we now have five lenders that offer one or more indirect lending programs to powersports dealers, which include motorcycles, personal watercraft and utility vehicles. We are committed to growing our presence in this market by expanding our lender relationships, as well as increasing the number of dealers using the platform into 2012 and beyond.”
To learn more about the AppOne platform, visit AppOne.net or call the SupportLine Help Desk at 877/404-6788. To learn more about MB Financial Bank and its indirect lending programs, visit MBFinancial.com.