The No.1 technology provider to the automotive finance industry, FIS™ (NYSE: FIS), the world’s largest provider of banking and payments technology, announced today that it will deliver complete back office services to Motor Funding Services, LLC, a new auto finance company.
FIS will provide comprehensive BPO and processing services – from loan origination and back office servicing to call center and collection services – as well as IT support to Motor Funding Services through its AutoSuite Virtual Back Office solution. A fully customizable solution, AutoSuite Virtual Back Office gives Motor Funding Services a cost-effective way to maintain focus on serving clients and rapidly building its innovative business.
“2014 new auto sales are forecasted to exceed 16 million cars for the first time since 2007,” said Craig Focardi, research director, CEB TowerGroup. “Lenders will originate an estimated 11.4 million new auto loans to finance these sales.”
“With auto sales and finance volumes growing, more and more lenders are looking to outsource their back office needs in order to focus their efforts on growing business and better controlling their operational costs,” said Anthony Jabbour, EVP, North American Financial Institutions, FIS. “As Motor Funding Services works to build its business nationwide, it required an end-to-end back office solution with the flexibility to meet its business expansion needs. FIS’ proven BPO expertise, coupled with our deep knowledge of the automotive finance industry, made the difference as we were able to demonstrate strength and adaptability.”“As a start-up and entrepreneurially driven venture, we needed comprehensive support that took into account our unique needs,” said Doug McAllister, Founder, Motor Funding Services. “FIS demonstrated its ability to understand those needs and work with us as we make Motor Funding Services a success.” Motor Funding Services provides high-end vehicle leases through automotive dealer groups nationwide. Its business model produces a new revenue stream to the dealers from existing business they already generate as profits are being squeezed through multiple channels. The company brings a unique offering through a highly engineered structure in conjunction with best of breed service providers.