- What exactly is AutoZoom's product or service?
- I already have underwriting guidelines. How is AutoZoom different?
- Does AutoZoom's Predictive Underwriting make decisions for me?
- Can AutoZoom help me if I am just getting started in the BHPH business?
- How can AutoZoom help me in my business if I already consider myself a BHPH expert?
- How long has AutoZoom been in business?
- Can AutoZoom predict the exact time when a customer will become a repo?
- How can I get past my fear of turning loose of the reigns?
- How does AutoZoom work?
- Will your product integrate with my current DMS?
- Will your product run on my existing computer system?
- Can anyone access my data?
- If I have underwriters that have been with me for years, why do I need AutoZoom?
- If I already have a low repo rate, is AutoZoom any benefit to me?
- How long does it take to enter the information necessary to underwrite one customer?
- How long does it take to see the predictive underwriting numerics for my customer?
- How do you charge for the service?
- How long will it take to start benefiting from AutoZoom?
- If I decide to become and AutoZoom client, how long will it take to get up and running on the service?
Q.: What exactly is AutoZoom's product or service?
A.: AutoZoom is a web-based predictive underwriting system designed to assist you with the underwriting challenges of the buy-here pay-here industry. AutoZoom has created a number of Scoring Models specifically for the sub-standard credit (buy-here pay-here) industry. AutoZoom includes management tools which utilize dashboards, charting, and exporting features to present data related to underwriting, sales, repossessions and associated cash-on-cash gains and/or losses in a very user friendly interface. Additionally, AutoZoom clients are able to issue Adverse Action Letters systematically when credit is declined. back to top
Q.: I already have underwriting guidelines. How is AutoZoom different?
A.:AutoZoom is only different in the way it applies number values to standard buy-here pay-here underwriting criteria, allowing those values to be used to make more precise and consistent underwriting decisions. AutoZoom is based on more than forty years of buy-here pay-here underwriting experience. Since buy-here pay-here underwriters typically do not use, or capture, numeric values with their credit decisions, they can know their underwriting produces good or bad results, but not why or how to improve their underwriting. back to top
Q.: Does AutoZoom's Predictive Underwriting make decisions for me?
A.: No. You are in control. AutoZoom simply provides you with numeric indicators that allow you to see more clearly the strengths and weaknesses of each prospective customer and deal structure. Someone will still need to make the final decision on each deal. Typically, upper management in your company will establish minimum AutoZoom numeric benchmarks. Underwriters then use those for approval, eliminating the need for upper management to be involved in every decision. back to top
Q.: Can AutoZoom help me if I am just getting started in the BHPH business?
A.: Yes. Any company that chooses to use AutoZoom at start-up will avoid the losses traditionally associated with the learning curve of the BHPH underwriting and deal approval process. back to top
Q.: How can AutoZoom help me in my business if I already consider myself a BHPH expert?
A.: AutoZoom has found that, regardless of level of expertise, all companies can benefit from using AutoZoom. Our largest client has more than thirty BHPH lots. Some of our clients are even publicly traded companies. back to top
Q.: How long has AutoZoom been in business?
A.: AutoZoom has been offering we-based BHPH underwriting solutions since late 2002. Our clients have processed more than 1,000,000 customers through the AutoZoom system since it's inception. back to top
Q.: Can AutoZoom predict the exact time when a customer will become a repo?
A.: AutoZoom is not aware of any technology that is capable of such exactness. However, actuarial is the best term to describe predictive underwriting. This means that AutoZoom's numeric scoring models can predict the likelihood of timely payment, early default, or repossession. This allows your company to make necessary adjustments in deal structure to compensate for appropriate risks. back to top
Q.: How can I get past my fear of allowing a system to make underwriting decisions for me?
A.: AutoZoom does not make underwriting decisions for you. AutoZoom simply serves as a very discerning guide, enabling you to be more consistent in all of your underwriting efforts.back to top
Q.: How does AutoZoom work?
A.: Our data-base now holds records on more than one million buy-here pay-here transactions that were originated by our entire client base of independent and franchised car dealers across America. Using the data we have accumulated in more than seven years, plus the original 50,000 transactions used to create the first AutoZoom Scoring Model, enables AutoZoom to continue building even more predictive scoring models. Once clients subscribe to our service, they are able to retro test their own underwriting by processing any number of past sales and repossessions through the AutoZoom system as they wish. back to top
Q.: Will your product integrate with my current DMS?
A.: Possibly. AutoStar Solutions was the first DMS to integrate with AutoZoom via the AutoZoom DMS SoftLink, and AutoZoom is willing to discuss integration with any DMS partners. back to top
Q.: Will your product run on my existing computer system?
A.: If you are able to access this web site, the you have everything that is required to use the AutoZoom system. back to top
Q.: Can anyone access my data?
A.: The only way to access your data is with a user name and password set by you . Therefore, the only people with access to your data are the ones you grant access to. back to top
Q.: If I have underwriters that have been with me for years, why do I need AutoZoom?
A.: Hardly any of the prospective clients we talk to include predictive underwriting in their process. Without the use of predictive underwriting numerics, it is very difficult to track shifts in your underwriters' practices and to recognize weaknesses created in your portfolio at origination. AutoZoom will enable you to evaluate the skills of all underwriters. back to top
Q.: If I already have a low repo rate, is AutoZoom any benefit to me?
A.: Yes. If you repossess less than 30 of every 100 units sold over the life of those loans, you are likely missing some higher-risk, profitable sales. AutoZoom can help you match the right dollar risk to those higher risk customers with more accuracy and consistency. back to top
Q.: How long does it take to enter the information necessary to underwrite one customer?
A.: Less than one minute. back to top
Q.: How long does it take to see the predictive underwriting numerics for my customer?
A.: You will see the numerics as soon as you complete the underwriting process. back to top
Q.: How do you charge for the service?
A.: AutoZoom is a subscription based service. The annual cost is roughly half the mark-up on a typical BHPH transaction for our average client. Please contact us for more details. back to top
Q.: How long will it take to start benefiting from AutoZoom?
A.: Immediately. However, it will take several months to experience the full impact of the AutoZoom predictive underwriting system. back to top
Q.: If I decide to become and AutoZoom client, how long will it take to get up and running on the service?
A.: Typically, our clients are using the system ten working days after AutoZoom receives signed agreements and funding. back to top
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