DealerAccess, a privately-held company whose main shareholders include Bank of Montreal and RBC Royal Bank, has gone live with a multi-lender auto financing and status tracking system for car dealers across Canada.
Using the dealerAccess Internet portal, automobile dealers will be able to instantly connect with multiple lenders and process their customers' loans and lease applications online, at the point-of-sale. The system also tracks the status online of applications through to funding and payment.
Current bank subscribers include Bank of Montreal, RBC Royal Bank and financiaLinx. Trans Canada Credit, a wholly-owned subsidiary of Wells Fargo, and HSBC Bank Canada, have also signed up to the portal and will begin offering rates in the next two months.
Barry McMillan, president, Canadian operations, dealerAccess, states: "By developing an information platform that can work with the existing diverse back office systems of each lender, we have created a system that can be adapted to a multitude of lenders."