Implemented in less than seven months, CALMS has automated application submissions and decisioning one hundred percent for Exeter’s recently-launched Strategic Originations Channel. The new system gives Exeter a competitive advantage in recruiting strategic alliances.
Exeter Finance Corp is a fast growing sub-prime auto finance company in the US, serving more than 9,000 auto dealer relationships through its traditional branch channel. Exeter’s growth and the introduction of a centralized strategic originations channel necessitated a completely new platform.
Matt Colby, VP Partner Originations, helped build out the process and explained what Exeter was seeking from the system: “For us, there were two key requirements. One, we needed to fully automate the initial underwriting and decisioning process to deliver an offer to the end-customer while they are seated in the dealership. That means a total elapsed time of less than five minutes. In fact, the application decision should be returned in seconds. Two, we needed a highly configurable platform that would accommodate future strategic alliances and continued growth, without systems development. That is a major competitive advantage that CALMS provides.”
Exeter’s project was kicked off in December 2012 and went live in June 2013 on time and on budget, something that Exeter CIO Nick Ockwell describes as a big win and unusual for an initial system launch. “Internally, we put our best people on the project. That was fundamental to a successful implementation. Solifi was the second big factor. We wanted a partner with experience and credibility, someone who had a certain scale and could challenge our thinking. Ultimately, Solifi delivered a quality product that has delighted both our business users and our first alliance partner. It has exceeded all of our expectations.”
The new system gives Exeter a competitive advantage in recruiting strategic alliances