May 3, 2018 — Megasys, Inc., the leading provider of complete loan servicing systems for the consumer finance industry, announced today a new facet of their integral partnership with Dealertrack. The latest partnership integration quickens the indirect loan decisioning process with dealers utilizing Dealertrack’s industry-leading Credit Application Network solution.
Megasys already relied on Dealertrack to manage the Electronic Lien & Title (ELT) process for their lenders, where state mandates require both dealers and lenders adopt a fully digital titling solution between them and their governing DMV office. Megasys chose Dealertrack as their preferred ELT provider because of the ease of integration along with perfecting capabilities that speed the entire application-to-title process and lien/title management that helps mitigate fraud risk.
Now with the same ease of integration for the F&I portion of Lenders’ auto lending processes, the Omega Loan Origination System has improved service for their subprime automotive lenders by automating the credit application delivery and decision process to provide real-time approvals, declines and counter-offers back to dealers.
“The vast majority of dealers in the subprime finance industry use Dealertrack’s Credit Application Network,” said Theo Austin, President of Megasys, Inc. “We are excited to expand our partnership with such a trusted industry leader. This Dealertrack integration supports our growing customer demand to provide seamless integration to streamline the credit application process.”
“By integrating with Megasys’ Omega LOS, Dealertrack’s network of lenders can receive credit applications from their dealers in real time and return automated decisions – cutting down time consumers must spend in the F&I office,” said Cheryl Miller, Vice President & General Manager of F&I Solutions at Dealertrack, a Cox Automotive brand. “This drastically improves satisfaction with the entire buying process.”
For more information about Dealertrack, visit www.Dealertrack.com.
Megasys is the leader in complete loan servicing systems for the consumer finance industry for over 35 years. Megasys provides customizable software platforms for finance companies of every size, from startup businesses to major corporations. Their clients service 2 million active accounts and have processed over 1 million applications, with $8 billion in transactions. Omega is a user–friendly, browser–based solution that streamlines account servicing operations through loan origination, loan servicing, collections, reporting, and document storage. Omega includes integrated and intuitive General Ledger and Accounts Payable systems with drill down capability, making Omega the most complete package available for a consumer finance company. For more information please visit www.megasys.net .
Dealertrack is the leading provider of digital solutions to the automotive retail industry. Whether you’re a dealer, a lender, a manufacturer, or a state agency, our integrated and intuitive approach to products and services makes your workflows more efficient, transparent, and profitable. From our pioneering Digital Retailing tools—bridging the gap between the online and in-store experience—to our lender network (the largest in North America), Dealertrack is the only company helping enable the transformation of auto retailing. Dealertrack is a part of Cox Automotive. For more information please visit www.coxautoinc.com.
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