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Aimbridge News Detail

Aimbridge® Lending Solutions, an integrated provider of multi-channel, multi-lender auto buying and lending services, introduced its Loan Generation Services, a process to capture member loan pre-approvals via branch, phone or Web and make them accessible to members and auto dealers via the Internet. This solution is the first step towards a full suite of products that will facilitate a totally Web-based lending process.

St. Louis, Mo.-based First Community Credit Union has been using this system for a year to ensure maximum closings and help keep its indirect lending volume growing by an average of 15 percent in a market that is decreasing an average of 20 percent. The $1.2 billion credit union usually has between $12 million and $14 million in indirect sales each month.

"We have experienced a lot of closings using Aimbridge's Loan Generation Services," said Joe Radeke, indirect lending manager at First Community. "Our members take their automotive dealer experiences personally and Loan Generation Services makes that process smoother and helps to ensure that we keep our members' loans. This is a crucial step towards leveraging the Web as a sales channel and providing the entire auto buying experience from our credit union's Web site."

Aimbridge leverages its Loan Generation Services to further bridge the gap between automotive dealers, buyers and credit union lenders, taking automotive sales from beginning to end with ease and efficiency. Additionally, it is scalable to meet the needs of credit unions of all sizes. Clients can select to upload their loan pre-approvals through browser interface, batch file process or in real time through a direct interface with Aimbridge.

"The automotive lending market may look dismal with franchise and dealer sales decreasing and only 17 percent member penetration, but there is a lot of opportunity for success if credit unions leverage the Web," said Stephen Bentley, chief executive officer of Aimbridge. "Loan Generation Services aggregates pre-approvals and member information in one central location to set a credit union on the right track for Web-based auto lending. What is more, credit unions will experience immediate returns through increased member penetration."

About Aimbridge® Lending Solutions
Since 1984, Aimbridge Lending Solutions has partnered with credit union and automotive dealers to market auto loans and insurance products. The company hosts a single platform through which direct, indirect and Web-based lending solutions help its partners increase automotive lending and ultimately increase revenue.
The company, headquartered in Englewood, Colo., has remote offices throughout the United States. For additional information call 1.888.400.2865 or email info@aimbridge.com.