Paul Gignilliat
Canandaigua, NY (USA)
Role(s):
Other
Premier Internet Communications, Inc.
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Startup
Location:
Canandaigua
Industry:
Technology/Web
Year Founded:
2002
Number Employees:
1-10 people
Business Stage:
Growth (not profitable)
Entity Type:
"C" Corporation
Description:
XpressCredit was a leading provider of web-based, indirect lending platform providing an integrated Loan Origination System (LOS), Credit Aggregation System (CAS) and Finance and Insurance (F&I) Menu Selling System coupled with a Dealer Management System (DMS). The former patent-pending – which some of the funding would be dedicated to completing the patent – is Software as a Service (SaaS) solution that linked lenders with independent auto, PowerSport, RV, and marine dealers nationwide. The intelligent, web-based decision engine offers over 225 decision criteria, cascades loan decisions from tiers A through E, integrates with such third party data providers as the four credit reporting agencies, vehicle valuation providers, and vehicle history providers. It has been customized to service the health care, credit card, musical instrument, and retail furniture markets. Before shutdown, we had multiple customers in each of these markets. The LOS, which is the foundation of the software, was initially created to service its core market of secured and unsecured loans for consumer transactions. XpressCredit will again experience growth by leveraging its highly differentiated product through direct solicitation and strategic partners that have existing lender and dealer relationships. Due to our relationships with Dealer Management System (DMS) companies, back end F&I product providers, and floor planners, XpressCredit will again achieve critical mass quickly gain access to 40% of the independent auto dealer market and a significant portion of the PowerSport market over the next three years. Floor plan relationships, integrated with our XpressCredit technology, provide lenders with risk mitigation tools within the independent auto dealer market. Something our two competitors do not provide.