PRESS RELEASE
June 15, 2005 |
For Immediate Release
Contact: Nicole Bursell
Phone: (801) 748.1221
nicole@thirstypixel.com |
A Utah Based Company Plays a Role in Making A
Multi-Billion Dollar Industry Become More Efficient
West Jordan, Utah – March 1, 2005 – ThirstyPixel, a leader in online application development, launched version 2 of the DILLS system, an online application that facilitates the auto loan process. Indirect Lending Technologies ( ILT ) contracted with ThirstyPixel last October to develop DILLS 2. This long awaited upgrade took a little over 3 months to complete and has already been very successful with the lending industry.
DILLS (Dealer Indirect Lending and Leasing System) is an online system which acts as a liaison between the auto dealership and the credit union lender for the auto financing process. It is a complex system making the financing process easier and less time consuming for both the dealer and credit union. The process starts with a dealership completing an online application with its customer’s information. After submitting the application the system automatically pulls credit and sends the information to the credit union. At that time the credit union uses an analysis tool in the system to run DTI and other calculations to make a decision on the loan. That decision is instantly sent back to the dealer and the lender completes the process by funding the loan. This process is very quick, and once ILT has all its credit unions using the system, there will be hundreds of loans funded each day.
Application submission and loan decisioning is just the tip of the iceberg. More specifically there are auto decisioning and auto decline functions that allow a credit union to specify certain circumstances in which a loan would automatically get approved or declined. In addition a credit union is able to manage loan specific forms such a membership applications and member welcome letters. On the dealer’s side, they are able to pre-fill and print these forms. These system features have decreased the amount of time both the lender and dealer put into paperwork and the time it takes to transfer information. In its first month of operation the system has processed over $20 million in loans with only 25% of the DILLS credit unions using it.
Utah ’s lower cost of living enables ThirstyPixel to provide ILT with the competence of a programming department with over 15 years of experience at about half of the cost you would expect to pay in expansive IT communities such as Silicon Valley . That coupled with ThirstyPixel’s philosophy to remain a lean company only bringing on highly qualified individuals onto its team, made ILT ’s decision to contract with them an easy one. Will McGregor , ILT ’s Marketing and Legal Director, comments; “Our goal was to make the DILLS 2 system the best indirect lending system available and ThirstyPixel was a key player in making that goal a reality.”
“There are very few other indirect lending systems that offer the array of functionality that the DILLS 2 system does.” says Roger Seegmiller, Senior Executive of Lender Relations. With the launch of the DILLS 2 system, Indirect Lending Technologies has been able to expand its client base 50% and it is expected that by the end of April the system will triple in size.
Contact:
Nicole Bursell
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