CARFAX Announces New Partnership with Origence to Improve Vehicle Lending Process

Rhea-AI Summary

CARFAX has partnered with Origence to enhance access to vehicle history data for financial institutions, utilizing Origence's consumer loan origination system (LOS) for indirect auto loans. This integration allows auto lenders to access CARFAX Vehicle History Reports seamlessly, improving the lending experience for credit unions and their members. With over 25 billion vehicle history records, CARFAX aims to streamline the loan approval process and enhance risk management for lenders.

Positive

• Improved access to CARFAX Vehicle History Reports for auto lenders via Origence's LOS.
• Enhanced lending experience for credit unions and their members.
• Robust database with over 25 billion vehicle history records aiding in vehicle value assessment.

Negative

• None.

CENTREVILLE, Va., March 4, 2021 /PRNewswire/ -- Financial institutions now have better access to CARFAX data through a new partnership between CARFAX, the leader in vehicle history since 1984, and Origence, a CU Direct brand, a leading provider of lending technology and solutions to the financial services industry.

The expanding network of financial institutions using the Origence consumer loan origination system (LOS) for indirect auto loans now has access to CARFAX Vehicle History Reports in just one mouse click. The Origence consumer LOS is a comprehensive loan origination system designed to improve the lending experience for both consumers and lenders for a variety of loan products, including indirect auto loans largely driven by its connection to the CUDL network.

"The landscape of auto finance is changing, and we recognize the value and need for delivering a simplified, streamlined lending process for credit unions and their members," said Aleks Bogoeski, Vice President of Strategic Alliances for Origence.  "As a result, we've joined forces with CARFAX to provide auto lenders with the ability to easily access vehicle history information, paving the way for an improved lending experience."

This new integration follows partnerships between CARFAX and many of the top LOS providers, enabling thousands of auto lenders to seamlessly access CARFAX Vehicle History Reports and the VIN-specific CARFAX History-Based Value within their LOS for use in auto loan underwriting, title research, skip tracing, remarketing, and more.

"For more than 35 years, CARFAX has been helping auto lenders and their customers more accurately assess a specific vehicle's value based on its installed equipment and unique history," said David Lackey, CARFAX Banking & Insurance Group General Manager. "Getting an accurate value is important for risk management and avoiding fraud.  Working with partners like Origence, we're transforming the way lenders approach the loan approval process."

With a robust database of more than 25 billion vehicle history records, CARFAX is the leading provider of vehicle history information and solutions to auto lenders, serving thousands of banks, credit unions, and finance companies nationwide.

About Origence
Origence, a CU Direct brand, provides lending technology that enhances the origination experience to increase loan volume, create efficiencies, and grow membership.  With Origence, lenders can provide mortgage, consumer, indirect, and home equity loans with greater efficiency and increased scale while also delivering a convenient and personalized experience to borrowers. Further solutions include analytics, marketing and CRM, auto shopping, identity theft solutions, consulting, outsourced loan processing, and more. Origence is headquartered in Irvine, California. For more information, visit www.origence.com and follow us on Twitter and LinkedIn.

About CARFAX
CARFAX, part of IHS Markit (NYSE: INFO), helps millions of people every day confidently shop, buy, service, and sell used cars with innovative solutions powered by CARFAX vehicle history information. The expert in vehicle history since 1984, CARFAX continues to develop innovative services like CARFAX History-Based Value to assist lenders throughout the entire loan lifecycle. The company maintains a database comprising over 25 billion vehicle history records from more than 112,000 sources worldwide. Become a CARFAX Banking & Insurance Group lender at www.CarfaxForLenders.com or call 800-789-6232. Shop, Buy, Service, Sell – Show me the CARFAX™. Based in London, IHS Markit is a world leader in critical information, analytics, and solutions.

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SOURCE CARFAX

FAQ

What is the recent partnership announced by CARFAX?

CARFAX announced a partnership with Origence to provide financial institutions improved access to vehicle history data through Origence's loan origination system.

How does the CARFAX and Origence partnership benefit auto lenders?

The partnership allows auto lenders to access CARFAX Vehicle History Reports with ease, enhancing the lending process for credit unions and their members.

What is the significance of CARFAX's database for lenders?

CARFAX maintains a database of over 25 billion vehicle history records, helping lenders assess vehicle value accurately, manage risk, and avoid fraud.

When was the partnership between CARFAX and Origence announced?

The partnership was announced on March 4, 2021.

What ticker symbol is associated with CARFAX’s parent company?

CARFAX is part of IHS Markit, which has the stock symbol 'INFO'.