Tag Archive | "Brian Reed"

Cox Automotive Acquires F&I Express®

ATLANTA and GRAPEVINE, Texas Cox Automotive Inc. (CAI) today announces the acquisition of Intersection Technologies Inc. d/b/a F&I Express. F&I Express is dedicated to leading the aftermarket industry into the digital age with innovative technology solutions. The deal furthers Cox Automotive’s mission to transform the way the world buys, sells, owns and uses cars.

Both companies have a history dating back to Spring 2013, when Autotrader and Intersection Technologies leaders first met and decided to work together to further an initiative we know today as Digital Retailing.

F&I Express will operate as a wholly-owned subsidiary of Cox Automotive Inc.(CAI), which also includes Autotrader®, Clutch Technologies, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto® and Xtime, and will be a part of the Retail Solutions Group within CAI. While specific financial terms of the deal are undisclosed, all F&I Express employees will remain in their current roles at F&I Express, and the business unit will operate out of its current Grapevine, TX location.

“Combining assets, including a vast F&I providers network and unbeatable new technology, will create a competitive advantage driving continued value for dealers, agents, providers, and lenders,” said Mike Barrington, Senior Vice President Retail Solutions Group Sales, Digital Retailing and F&I Solutions. “As both pioneers and innovators, they’ve done an outstanding job of giving lenders and dealers who use multiple providers one place to go to rate, contract and register F&I products. Together, F&I Express and Cox Automotive will continue to deliver the services and solutions F&I Express has been delivering to the market.”

With industry-leading digital marketing, financial, retail and wholesale solutions for consumers, dealers, manufacturers, lenders and the overall automotive ecosystem worldwide, the Atlanta-based Cox Automotive has 34,000+ team members in more than 200 locations worldwide, and partners with more than 40,000 auto dealers as well as most major automobile manufacturers.

“F&I Express has developed innovative solutions via its technology, to connect the automotive marketplace to F&I providers,” said Brian Reed, CEO and Co-founder, F&I Express. “Joining Cox Automotive gives F&I Express deeper resources and broader talent to deliver innovative technology solutions and superior service that will help position F&I Express as an unbeatable contender in this industry.”

Express Recoveries is an optimized eCancellation solution connecting lenders, providers and dealerships to streamline the cancellation and recoveries process in an efficient and compliant manner. Express Digital Media gives digital retailers the power to educate car shoppers online with accurate and dynamic aftermarket rates and content.

For more information about either company, please visit Dealertrack.com or fandiexpress.com.

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Moxy Solutions Joins F&I Express Platform

GRAPEVINE, Texas — F&I Express today announced that MOXY Solutions is now on its platform. The integration of the Southern California company’s IMOXY platform adds aftermarket F&I product provider Red Shield to F&I Express’ network of more than 160 providers.

MOXY provides a system designed to streamline the sales and deal closing process for product administrators, dealers, agents and finance companies. Additionally, the company’s IMOXY web and mobile portal provides an easy way to monitor transactions, view rate programs, and identify any special rules or guidelines from various administrators.

“F&I Express integration sets the stage for expanding our IMOXY web and mobile portal to Agents, VSC, and aftermarket product administrators and financial entities at an accelerated rate,” said JJ Demma, managing partner at Moxy Solutions.

Brian Reed, CEO and president of F&I Express, added: “One of our core values at F&I Express is relationship building. We look forward to the opportunity to expand our network by adding Moxy Solutions and Red Shield to the platform.”

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F&I Express® Names Gary Peek Chief Information Officer

GRAPEVINE, Texas – Intersection Technologies Inc.- F&I Express is thrilled to announce that Gary Peek has joined the business team as Chief Information Officer. Peek will be a key contributor to the direction and planning of the strategic growth of F&I Express, including the development of expanded technology solutions to help continually drive innovation in the marketplace. Peek will be responsible for managing all aspects of information technology and shape product vision and technology strategy.

“I am excited to join F&I Express and be a part of the rapid growth that the company is experiencing and to work with Brian Reed, an automotive industry veteran,” said Gary Peek, CIO of F&I Express. “The F&I technologies that are being built for lenders, dealerships, and aftermarket providers is changing rapidly, and I am confident that F&I Express will continue to be at the forefront of companies providing software and services in this vertical.”

Peek brings more than 20 years of experience in the vertical market software industry including strategic planning, mergers/acquisitions, business development, and product and software engineering strategies to F&I Express. Before he joined F&I Express, Peek served as the Vice President of IT Business Solutions for Rent-A-Center, Inc. (RAC) where he managed a large technology team providing application development, quality control, product management, solution architecture, and enterprise data services across multiple business units. Prior to RAC, Peek was responsible for strategy, business case development, and global vendor management for technologies used by KFC, Pizza Hut, and Taco Bell restaurants outside the U.S. as the Director of Restaurant Technology Strategy for Yum! Restaurants International. Peek has also founded and grown highly successful software companies from the ground up with technologies primarily focused on the restaurant industry being used by companies around the globe.

F&I Express is also happy to welcome Mike Llewellyn to the F&I Express team. As the Express Recoveries Product Manager, he will be instrumental in supporting and leading the overall growth of the business for this complete solution for streamlined, compliant eCancellations. Llewellyn will work closely with customers and across technology and account management teams to ensure customer needs are met and solution strategies are successful.

“I am ecstatic to be part of the dynamic growth at F&I Express, joining this extremely passionate and talented team,” said Mike Llewellyn, Express Recoveries Product Manager, F&I Express. “I am focused on further enhancing one of our best-in-class solutions, Express Recoveries, enabling lenders and dealers to obtain aftermarket product cancellations and refund data, while solving business problems that arise in our ever-changing marketplace landscape.”

Llewellyn has over 20 years of experience in Product Management and a history of customer-centric focus in e-commerce environments. Llewellyn held a number of roles at Sabre Airline Solutions before joining F&I Express, from Manager, Solution Marketing Ancillary Sales to Manager, Solution Marketing Self-Service to Manager, E-Commerce Delivery. He successfully led e-commerce airline booking portals at global airlines as well as promoted new features driving an increase of ancillary revenues for airlines. Llewellyn also reinvigorated the revolutionary MySabre agency point-of-sale portal with product enhancements, increasing adoption by 57%. Prior to Sabre, Llewellyn was an Account Executive at American Airlines where he was recognized with both the Circle of Distinction and Bulls Eye awards for outstanding sales growth and visionary leadership.

“We are excited to welcome Gary Peek to our business team as Chief Information Officer at F&I Express. He will be key to our strategic growth plan to expand and improve our technology solutions at an explosive rate,” said Brian Reed, President and CEO of F&I Express. “Mike Llewellyn will be another valuable addition to the F&I Express team. We look forward to the contribution he will make to further develop the success of our eCancellation solution, Express Recoveries.”

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F&I Express Announces Initiative to Electronically Integrate Major Auto Lenders with F&I Providers to Streamline the Aftermarket Product Cancellation Process.

F&I Express is pleased to announce details of an initiative currently underway on behalf of major auto lenders in the US to improve the aftermarket product cancellation process. Using our F&I Express platform called Express Recoveries, lenders are able to obtain cancellation refund amounts and electronically file product cancellation requests as a result of repossession and payoff directly with product providers. Express Recoveries provides lenders a more streamlined and accelerated process for filing product cancellations, and also delivers a cancellation management and reporting system used by lenders to assist with CFPB and State Compliance examinations.

By electronically connecting the lenders to the F&I Providers, it dramatically streamlines the cancellation process for lenders, F&I Providers, and the dealers. This allows the lenders to have the transparency they need from a compliance and process standpoint. In addition, the platform has a systematic way to show regulators and lenders the status of cancellation. This will eliminate ongoing telephone calls to dealers and providers.

More than a dozen auto lenders are currently using Express Recoveries in their product cancellation process. Integration discussions with F&I Providers are underway, with most major providers expected to be connected by mid-year 2017. Rob Berger, Executive Vice-President of Wise F&I and also President of the Guaranteed Asset Protection Alliance (GAPA) said, “Through integration with the Express Recoveries platform, we will streamline our cancellation management by moving to an electronic process rather than the largely manual one that we have today. In addition, the connectivity will support lender Compliance requirements and improve our service levels to lenders, dealers and consumers.”

“F&I Express has developed the largest Aftermarket F&I Provider Network in the industry to connect dealers with providers for the origination of F&I products” said Brian Reed, CEO of F&I Express. “Now we are connecting the lender community to F&I providers to streamline the product cancellation process for lenders, providers, and dealers while significantly enhancing the regulatory compliance capabilities of lenders,” Reed added.

F&I Express expects to announce several more top twenty lenders joining the Express Recoveries platform in the coming weeks. Together with F&I Express, Dealertrack and their national lender sales force are marketing the platform to their existing lender customers. Lenders or F&I Product Providers who are interested in learning more about the Express Recoveries platform can contact Rich Apicella at email hidden; JavaScript is required or your local Dealertrack Lender Representative. You can also learn more at the Dealertrack booth at the upcoming AFSA and NADA conventions in New Orleans.

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The Present and Future of Electronic Signatures

On Wednesday, Aug. 31, at 9:00 a.m., attendees of the 2016 P&A Leadership Summit gathered in a ballroom at Paris Las Vegas for “eSignatures Today and in the Future,” a panel discussion dedicated to electronic signatures, including how the technology works and why more dealers, product providers and government agencies aren’t using it.

Brian Reed, president of F&I Express, served as moderator. He was joined by Dan Doman, chief legal and privacy officer for RouteOne, Tim Gill, CEO of Advent Resources, Andy Mayers, vice president of F&I solutions at Dealertrack, and Jim Maxim, president and CEO of MaximTrak Technologies.

Noting that the term “esignature” seems to mean different things to different people, Reed kicked off the discussion by defining the three basic types of signatures found in the dealership:

  • Wet signature: The customer signed a paper form with an ink pen.
  • Electronic signature: The customer signed their name on a digital pad or mobile device, typed their name into a form or document, or clicked “Agree” or “Disagree” to a set of terms and conditions; the term also can refer to a digital image of a handwritten signature, for example, on a dealer-facing software dashboard.
  • Digital signature: Considered the most secure type, digital signatures are cryptographically based, and they typically include some measure of validation as to the source of the signature.

Reed noted that consumers frequently encounter esignature technology at their mortgage brokers, grocery store checkouts and hotel registration desks, but it is only applied to a small percentage of the documents they are likely to sign at a dealership.

“The auto industry is always slow to adopt new technology, but it has embraced electronic contracting,” Doman said, noting that RouteOne processed more than two million econtracts for Ford and Toyota dealers in 2015. “Your question is why isn’t it more prevalent in ancillary docs and service lanes? You’re right, but in the auto sale and leasing environment, it is being adopted fairly rapidly, and all the other ancillary documents are being incorporated.”

Hurdles to Adoption

Gill said the challenge is to get all the “stakeholders” on the same page, noting that, while bank documents typically can be signed electronically, many dealers and some government agencies still require a wet signature.

“There is more than one issue around that,” Gill said. “Who has the data at the end? Is there an opportunity to store it in the DMS? I think the drag has been caused by government and registration agencies that are not that innovative and haven’t stepped up to the plate. … We have to lobby them and say our processes are changing.”

Asked whether any technological hurdles remain, Mayers said that, if so, they are far less problematic than the hurdles presented by the sheer number of document types and the different sources (and requirements) for each. Maxim agreed, saying he would like to see the National Automobile Dealers Association (NADA) and state dealer associations lobby government agencies to embrace the technology.

“What we have seen is slow adoption,” Maxim said. “Among the systems that support the providers, we’ve seen slow adoption because it hasn’t been prioritized.”

Looking at the issue from an “enablement standpoint,” Reed noted that, while the captive finance companies connected with manufacturers such as Ford, Nissan and Toyota have made great strides toward a fully electronic deal jacket, most finance sources have not.

“That’s the key to success,” Mayers said. “They need all the documents to be available. We always talk in this industry about the chicken and the egg. … The captives are driving it because they have that percentage of business the dealer does that makes it part of their normal process.”

“The other finance sources get a data file and the paper follows in the mail,” Doman said.
They don’t achieve the same consistencies as the captive does. Larger independent finance companies do have that level of volume and can achieve those efficiencies.”

As the economies of scale have begun to catch up with more finance sources, Doman added, they are producing digital versions of their forms to add to a complete package that can be transmitted to them electronically.

“Right, but there’s still a big missing window here when we talk about the size of deal jackets,” Gill said, noting that a deal could include 40 documents, 37 of which are related to the dealer’s own process, including worksheets. “That stuff isn’t being dealt with at all. … At the end of the day, the dealer has to archive it.”

“A lot of lenders are 100% electronic,” Mayers said. “There are systems that translate paper contracts. So what drives the industry is efficiency and return on investment. How much do our dealers spend on storing folders when they could be storing data?”

Motivating Factors

Maxim said he believes regulatory compliance could prove to be a major catalyst for wider adoption of electronic signatures. Banks, finance companies, dealer groups and F&I product providers are all looking for ways to mitigate risk, he said, and esignatures lend themselves to more compliant business processes.

Reed agreed, then asked Gill whether there is any document that could not be signed electronically if the source adopted the technology.

“I don’t think so, aside from government registry documents,” Gill said.

Turning back to Maxim’s point about compliant business processes, Doman said the potential electronic signatures bring to dealers looking for a more consistent process is “remarkable.”

“It creates a permanent record. It propels you forward on the compliance front,” Doman said. “All those documents can be signed and stored electronically. It’s the process the electronic signature enables.”

Asked whether he prefers to capture esignatures on signature pads or tablets, Maxim said pads are generally considered to be more secure, so that would be the likely choice for an installment loan contract.

“But I do believe the technology for tablets is pretty darn good now,” Maxim added. “It’s really about validation of whom you’re doing business with. When you’re going online, and people aren’t in the showroom, it’s a validation of the person’s identity.”

Maxim said the issue was raised in a recent meeting he attended with representatives from Mercedes-Benz of Canada. The factory executives reported a wave of fraudulent vehicle purchases in that country and a growing interest in new identity-verification tools.

“In the showroom, you can validate who you’re talking to,” Maxim said. “There is good technology you can use to combine tablet signatures with the form dynamically. It’s fairly efficient.”

After the panel disbanded, P&A caught up with Reed to get his thoughts on the session. He said he hoped attendees’ main takeaway would be that dealership customers are subject to multiple “signing ceremonies” and that esignatures hold the potential to reduce the complexity of the process.

“Going into that transaction, you have all these different parts that require different signatures,” Reed said. “There can’t be all these different signing ceremonies. There’s a perception out there when we talk about esignatures. Dealers still ask, ‘Is that legal?’”

Reed said the panel reinforced his belief that there is no compliance issue associated with esignatures and no significant technological hurdle to overcome. There are solutions available to dealers, product providers and, yes, government agencies that wish to adopt the technology.

“Once you have the components together, who will drive that process to have one easy signing ceremony for all those documents?” Reed asked. “Is it an independent party or a Dealertrack or a RouteOne? My personal opinion is that, over time, a number of parties will be able to do it and dealers will have options.”

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Dealertrack and F&I Express Expand Relationship to Deliver Improved Workflow Solutions For the Automotive Retail Market

Lake Success, N.Y.– Dealertrack and F&I Express announced today they have strengthened their partnership through the introduction of F&I Express’ Express Recoveries Solution. The offering provides lenders and consumers a refund of the unused portion of their aftermarket contracts. The service will be available through Dealertrack to lenders on October 1, 2016.

“The Express Recoveries Solution will expand Dealertrack’s offering to its more than 6,800 lenders, helping to bring aftermarket providers and lenders together and facilitate the management of aftermarket recoveries for dealerships,” said Mark Furcolo, senior vice president, Lender Solutions, Dealertrack. “The integration of Express Recoveries Solution will help lenders and dealers strengthen their relationship when it comes to aftermarket recoveries to consumers. This will ultimately enable better workflow and greater efficiencies, much needed in today’s dealerships.”

In addition, Dealertrack and F&I Express will join forces to provide dealerships with additional access to F&I product providers through the Dealertrack platform through Dealertrack eMenu and the Dealertrack Aftermarket Network. Through this workflow on Dealertrack, dealers will be able to access product rates, generate contracts and remit contracts to the providers. In the coming months, Dealertrack will provide more information about when providers and their rates will be added to the Dealertrack Aftermarket Network.

“Our aligned vision to provide powerful, innovative solutions to dealers to enhance workflow is a primary reason why we feel so strongly about our partnership with Cox Automotive, and expanding our relationship with Dealertrack is an important aspect of that,” said Brian Reed, President and CEO of F&I Express. “To include our award-winning Express Recoveries Solution on Dealertrack’s platform means lenders have increased and improved access to F&I providers for product cancellations.”

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