May 26, 2022

Austell Farmers Market

Feel It – Automotive!

Colleyville agency secures $4.15 million in funding to mature its automotive technology instrument

2 min read

A Colleyville firm that produced technologies to simplify the auto lender refund procedure is receiving $4.15 million in progress funding.

Loan company Compliance Systems received the financial investment — its 1st funding spherical — from Automotive Ventures and Pushed Cash Companions.

By means of the company’s flagship Refund Management item, loan companies serving the automotive, RV, marine and powersports marketplaces are able to submit cancellations to sellers and companies concurrently and obtain refunds to be given to shoppers. Cancellations can happen when there are early payoffs from a loan company, motor vehicle repossessions or unprocessed insurance policies losses.

“There has hardly ever been a a lot more significant time for loan companies to correctly deal with and navigate the numerous consumer laws they experience,” Glenn Munro, president of Loan company Compliance Systems, mentioned in a assertion.

The company’s solution provides loan companies the electrical power to defend them selves from potential client security regulation violations.

Steve Greenfield, founder and CEO of Atlanta-based mostly Automotive Ventures, explained buyers buy approximately 40 million finance and insurance plan products and solutions yearly.

“The market place is massive and the dangers are substantial,” he stated. “Consumer F&I item cancellations and credits are wearisome and if dealt with improperly, expose loan providers to significant fines and broken reputations.”

Greenfield explained he sees the company’s technological innovation as providing “services to simplify, automate and streamline this course of action.”

Tim Gill, a Financial institution Compliance Systems board member, explained the organization is effective to make absolutely sure all functions are “made whole” in the course of action.

“It’s about the lender, it’s about the buyer, most importantly, and it’s about the stakeholders,” Gill explained.

Greenfield’s company has invested in 9 businesses from its a short while ago shut $7.3 million fund to support early-stage automotive engineering companies.

“We should really be able to get a truly fantastic return on the financial commitment [in Lender Compliance Technologies],” Greenfield stated.

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