The Car and Truck Fleet and Leasing Management Magazine & MarketWise Remarketing Partnership Helps Reduce Off-Lease Residual Losses

August 12, 2004

Automobile Consumer Services, Inc. (ACS), a provider of online direct-to-consumer auto leasing has formed a new partnership with MarketWise, a specialist in automotive remarketing. A key component of the relationship will be that MarketWise will use ACS's quoting engine as a remarketing tool. MarketWise currently provides end-of-term leasing management to financial institutions such as banks, credit unions, residual value insurance providers, captive, and non-captive finance companies to minimize risk and increase profitability. The quoting engine now makes it easier for Marketwise representatives to compare lease/finance payments while talking with consumers coming off of a lease. The quotes are offered to customers on behalf of the lender who originally wrote the lease. Offering a re-lease to an off-lease vehicle customer will give them a lower payment than a conventional loan. This will result in a cap cost that is closer to the actual residual value which helps mitigate residual losses by the original lessor. According to David Walsh, MarketWise vice president, "Our relationship with ACS is critical to our success. Using the quoting engine will allow us to close more sales on behalf of our clients." An added benefit of using the quoting engine is that ACS will handle the entire re-lease process once the credit application is submitted. This frees up Marketwise and their financial customers to pursue other business.
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