NEWS STORY IN “AUTO FINANCE NEWS”

Auto Finance News
August 10, 2017

Pelican Shores Up Recoveries, Collections

Pelican Auto Finance LLC is bolstering its collection and recovery strategies this year by partnering with Digital Recognition Network and Payix, Chris Mitcham, the lender’s senior vice president of servicing and analytics, told Auto Finance News.

The subprime lender has been able to save around $3,000 per month on impound and storage fees as well as find three to five more cars per month after it began using DRNsights from Digital Recognition Network, Mitcham said.

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NEWS RELEASE: PAYIX COO RECOGNIZED AS MOVER & SHAKER

NEWS STORY IN “SUBPRIME AUTO FINANCE NEWS”

SubPrime Auto Finance News Senior Editor Nick Zulovich
July 25, 2017

Movers & Shakers: Expert advice on finding successful employees

CARY, N.C. — The Bureau of Labor Statistics (BLS) classifies the finance and insurance sector as comprising “establishments primarily engaged in financial transactions (transactions involving the creation, liquidation or change in ownership of financial assets) and/ or in facilitating financial transactions.”

BLS officials indicated that as of their June data, professionals employed in the finance and insurance sector — which can include funders and collectors at auto finance companies along with a myriad of other service providers — totaled more than 6.25 million employees.

This workforce provides the critical foundation as finance companies are adjusting underwriting to mitigate risk, maintain origination growth and watch for delinquency rises, and service providers are looking to improve their solutions while sustaining high levels of performance and compliance. The professionals who lead the way in these endeavors are the primary topic for this edition of SubPrime Auto Finance News, our annual look at Movers & Shakers.

The professionals who lead the way in these endeavors are the primary topic for this edition of SubPrime Auto Finance News, our annual look at Movers & Shakers.

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NEWS STORY IN “AUTO FINANCE NEWS”

Auto Finance News
July 7, 2017

Pelican Debuts In-App Chat Feature to Strengthen Compliance

Pelican Auto Finance LLC aims to improve compliance efforts with its new mobile app by recording all borrower-agent chat communications, Joel Kennedy, chief performance officer and compliance officer, told Auto Finance News.

The subprime lender partnered with Payix to provide collection tools through the app, which launched last month. Through the app, borrowers can schedule payments, review payment history, and communicate with their assigned agents via a live two-way chat feature, similar to Facebook Messenger.

“While many other companies use artificial intelligence to monitor messages and calls, we hire real agents to serve our customers,” he said.

The lender will record and post all messenger communications within the system comments for internal viewing to help the company and employees remain compliant, Kennedy said.

Additionally, the tools are designed to help Pelican better connect with borrowers and improve its ability to collect loan payments, especially subprime borrowers, according to a company press release.

Payix partnered with Nortridge Loan System in mid-April to help develop the app and allow for “faster, automated posting of payments,” Kennedy said.

 

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NEWS STORY IN “NON-PRIME TIMES”

Non-Prime Times
July 1, 2017

Putting ‘Smartphone Dependence’ to Work for your Business and your Borrowers

If it seems like practically everyone has a cell phone these days, it’s because they do. New data released in a 2017 Pew Research Center report indicates nearly every American adult has joined the mobile phone revolution. The study found that 95 percent of American adults now own a cell phone of some kind, and 77 percent of us have a smartphone. And while this is certainly good news for smartphone manufacturers like Samsung and Apple, it’s even better news for people in two demographic groups who are not only reliant on their mobile phones; they’re actually considered to be “smartphone dependent.”

They earn that label because they not only rely on their mobile phones for voice communication, but they are truly dependent on them for access to the Internet. One of the groups is no surprise to anyone; it’s comprised of young adults, otherwise known as millennials. The second group, though, isn’t always as apparent. It consists of low income individuals who make up the majority of sub-prime consumers.

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NEWS STORY IN “SUBPRIME AUTO FINANCE NEWS”

SubPrime Auto Finance News
SubPrime Auto Finance News Staff
June 30, 2017

Pelican chooses Payix for collections & mobile app

FORT WORTH, Texas and SAN DIEGO –

This week, Pelican Auto Finance selected Payix to provide its collections tools, including its new mobile collections application. The tools are designed to help Pelican better connect with its contract holders and improve its ability to collect installment payments.

The companies highlighted the mobile app and other tools are white labeled and integrate with Pelican’s portfolio management system in real time. They allow borrowers to make payments quickly, easily and securely — and without paying convenience fees often charged by other payment processors.

The app is now available to Pelican borrowers under the finance company’s name in Google Play and the App Store.

“The Payix mobile app is for reaching more than millennials. It’s exactly what the subprime automotive finance market needs to reach all of its borrowers,” said Joel Kennedy, chief operating officer of Pelican Auto Finance. “It allows us to seamlessly integrate consumer payments and communications into our system, and it makes it incredibly easy for our customers to engage with us, too.

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