AppOne, a part of Wolters Kluwer Financial Services, announced today that Bank of the Ozarks, an Arkansas-based bank that offers commercial equipment financing and leasing through Bank of the Ozarks Leasing, joined AppOne's lender network.
AppOne provides Internet-based risk mitigation and financial technology to banks, auto finance companies and independent automotive dealers throughout the United States.
Many independent dealers are facing a growing need to work with lenders that can process commercial equipment transactions. Building relationships with these lenders allows dealers to serve more customers, such as those in need of construction or farming equipment, or those who want to purchase a vehicle for commercial use.
"If dealers do not have relationships in place with lenders who will finance commercial equipment or vehicles, they often are forced to turn that commercial business away or lose it to dealers who can offer better finance options," said Lee Domingue, CEO of AppOne. "Through this new relationship with Bank of the Ozarks Leasing, we are not only able to expand our lender network, but also offer independent dealers access to a prime commercial financing source, which can provide additional profit opportunity for their business."
AppOne will help Bank of the Ozarks Leasing continue to build strong dealer relationships and its leasing portfolio, while simplifying the challenges associated with commercial equipment financing origination.
"Partnering with AppOne allows us the opportunity for portfolio growth with the thousands of independent dealers currently using the AppOne platform," said Scott Hastings, President, Bank of the Ozarks Leasing. "AppOne gives lenders peace of mind by helping ensure that the dealers they do business with are meeting industry regulations and lender requirements."