AmeriTrust Announces the Launch of "AmeriTrust Serves"
AmeriTrust Financial Technologies announces the launch of AmeriTrust Serves, a new asset loan and lease servicing platform. The division provides lending partners with technology, loss mitigation, and customer care services. The platform leverages 45 years of auto finance industry data and incorporates proprietary technology and algorithms. Testing since April has shown lower delinquency rates, higher asset recovery, lower remarketing expenses, and improved customer satisfaction. The company also appointed Troy Hocker as Chief Revenue Officer, bringing over 20 years of automotive finance experience.
AmeriTrust Financial Technologies annuncia il lancio di AmeriTrust Serves, una nuova piattaforma per il servizio di prestiti e leasing di beni. La divisione fornisce ai partner di prestito tecnologia, mitigazione dei rischi e servizi di assistenza clienti. La piattaforma si basa su 45 anni di dati dell'industria della finanza automobilistica e incorpora tecnologie e algoritmi proprietari. I test condotti da aprile hanno mostrato tassi di insolvenza più bassi, un recupero degli beni superiore, minori spese di rivendita e una maggiore soddisfazione dei clienti. L'azienda ha anche nominato Troy Hocker come Chief Revenue Officer, portando con sé oltre 20 anni di esperienza nel settore della finanza automobilistica.
AmeriTrust Financial Technologies anuncia el lanzamiento de AmeriTrust Serves, una nueva plataforma de servicios de préstamos y arrendamientos de activos. La división proporciona a los socios prestamistas tecnología, mitigación de pérdidas y servicios de atención al cliente. La plataforma aprovecha 45 años de datos de la industria de financiamiento automotriz e incorpora tecnología y algoritmos propietarios. Las pruebas realizadas desde abril han demostrado tasas de morosidad más bajas, una mayor recuperación de activos, menores gastos de reventa y una mejora en la satisfacción del cliente. La compañía también nombró a Troy Hocker como Director de Ingresos, quien trae más de 20 años de experiencia en financiamiento automotriz.
AmeriTrust Financial Technologies는 AmeriTrust Serves의 출범을 발표했습니다. 이는 새로운 자산 대출 및 리스 서비스 플랫폼입니다. 이 부서는 대출 파트너에게 기술, 손실 완화 및 고객 관리 서비스를 제공합니다. 이 플랫폼은 45년간의 자동차 금융 산업 데이터를 활용하고 독점 기술과 알고리즘을 통합합니다. 4월부터 진행된 테스트에서 낮은 채무 불이행율, 높은 자산 회수율, 낮은 재판매 비용, 향상된 고객 만족도가 나타났습니다. 회사는 또한 Troy Hocker를 최고 수익 책임자로 임명하며, 그는 20년 이상의 자동차 금융 경험을 가지고 있습니다.
AmeriTrust Financial Technologies annonce le lancement de AmeriTrust Serves, une nouvelle plateforme de services de prêts et de location d'actifs. La division fournit aux partenaires de prêt des technologies, de la mitigation des pertes et des services de relations clients. La plateforme s'appuie sur 45 ans de données de l'industrie du financement automobile et intègre des technologies et des algorithmes propriétaires. Les tests effectués depuis avril ont montré des taux de défaut réduits, une meilleure récupération d'actifs, des coûts de revente réduits et une satisfaction client améliorée. L'entreprise a également nommé Troy Hocker au poste de Directeur des revenus, apportant plus de 20 ans d'expérience dans le financement automobile.
AmeriTrust Financial Technologies kündigt die Einführung von AmeriTrust Serves an, einer neuen Plattform für die Verwaltung von Asset-Darlehen und Leasingverträgen. Die Abteilung bietet den Kreditpartnern Technologie, Verlustminderung und Kundenservice. Die Plattform nutzt 45 Jahre Daten aus der Automobilfinanzierungsbranche und integriert proprietäre Technologien und Algorithmen. Tests seit April haben niedrigere Zahlungsverzugraten, höhere Vermögensrückgewinnung, geringere Wiederverkaufsaufwendungen und eine verbesserte Kundenzufriedenheit gezeigt. Das Unternehmen ernannte außerdem Troy Hocker zum Chief Revenue Officer und bringt über 20 Jahre Erfahrung im Bereich Automobilfinanzierung mit.
- Platform showing improved operational metrics: lower delinquency rates, higher asset recovery, and lower remarketing expenses
- In-house servicing platform providing better control over customer interactions and data security
- Partnership with UNIFY Financial Credit Union showing strong results in delinquencies and recoveries
- Appointment of experienced Chief Revenue Officer with track record in billion-dollar enterprise growth
- Extended timeline needed for securing financing partnerships (estimated 8 months based on previous deals)
- In-house auto finance partnerships still pending identification and due diligence
TORONTO, ON / ACCESSWIRE / November 18, 2024 / AmeriTrust Financial Technologies Inc. (TSXV:AMT)(OTC PINK:PWWBF)(Frankfurt:1ZVA) ("AmeriTrust" or the "Company"), a fintech platform targeting automotive finance and specializing in used vehicle lease originations for the automotive industry, is pleased to announce the launch of a new division called AmeriTrust Serves.
AmeriTrust Serves is an asset loan and lease servicing platform focused on providing the Company's national lending partners with technology, loss mitigation, and customer care unlike any other servicing model in the automotive industry. AmeriTrust's CEO Jeff Morgan commented: "Technology in lending is advancing rapidly and AmeriTrust is focused on all stages of computer networking, machine learning, and the rapid development of Artificial Intelligence. The evolution of AmeriTrust, and now AmeriTrust Serves, is based on 45 years of auto finance industry statistical data that has been incorporated into our proprietary technology and algorithms.
AmeriTrust Serves' model is to create efficiencies and enhance customer retention throughout the loan or lease servicing process. Our servicing platform is managed in-house, as opposed to being outsourced. Benefits of an in-house servicing platform include better control over customer interactions and service quality, a more personalized customer experience, better data security, greater employee engagement and greater customization and flexibility in processes and training. AmeriTrust Serves utilizes an approach that is driven by cost efficiencies through our technology, and when needed, a personal touch from in-house corporate employees. We have developed a common-sense approach to how customers should be communicated with, and it is proving to be effective. AmeriTrust Serves and AmeriTrust Auto, the vehicle remarketing division of the Company, have developed a unique in-house technology-focused servicing and remarketing platform that, according to our largest lending partner, UNIFY Financial Credit Union ("UNIFY"), has mathematically proven to mitigate their losses, reduced customer expense, and has generated new revenue streams for AmeriTrust. Since we began testing these innovative servicing and remarketing systems in April of this year, we are seeing lower delinquency rates, higher asset recovery, lower remarketing expenses, higher returns at point of sale, and all the while improving customer satisfaction."
UNIFY's CFO Nathan Montgomery commented: "We agreed to test the services of AmeriTrust Serves earlier this year when Jeff Morgan returned to the company. Since that time, we have seen strong results in delinquencies, recoveries, and losses to that portfolio."
Jeff Morgan commented further: "I would like our shareholders to be well informed of our agenda. While in-house auto finance is a top priority, it can take time to identify the right partners, to complete due diligence, and then to execute definitive legal agreements. The Company's previous financing agreements with Tesla, Goldman Sachs, and MUSA took eight months to finalize. AmeriTrust Serves is now operational and able to produce revenue. AmeriTrust Auto is now receiving vehicles from its partners and is very close to a full launch. These two divisions will result in a large reduction of net cumulative losses for our lending partners, while at the same time increasing customer satisfaction and retention. I am looking forward to further enhancing AmeriTrust and providing a superior asset loan and lease origination, finance, and now servicing platform for our partners."
AmeriTrust would also like to announce the appointment of Troy Hocker to the position of Chief Revenue Officer. Troy is a seasoned automotive finance executive with over 20 years of industry experience at the largest direct to consumer leasing company in the country. During his tenure he helped develop and implement highly successful training programs, laying the foundation for future growth. Troy played a pivotal role in the company becoming a billion-dollar enterprise.
About AmeriTrust Financial Technologies Inc.
AmeriTrust Financial Technologies Inc., listed on the TSX Venture Exchange, OTC Pink, and Frankfurt markets, is a finance solution and fintech provider disrupting the automotive industry. AmeriTrust's integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers, and funders. AmeriTrust's platform is being made available across the United States.
For further information, please visit the AmeriTrust website or contact:
Shibu Abraham
Chief Financial Officer and Director
E: info@ameritrust.com
P: 800-600-6872
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Information
Certain information included herein is forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information may include statements regarding the objectives, business strategies to achieve those objectives, expected financial results (including those in the area of risk management), economic or market conditions, and the outlook of or involving AmeriTrust, its subsidiaries and its businesses. Such information is typically identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "plan", "forecast", "future", "outlook, "guidance", "may", "project", "should", "strategy", "target", "will" or similar expressions suggesting future outcomes.
Forward-looking information in this document includes: future financial position and the rollout of AmeriTrust Serves.
Forward-looking information is provided for the purpose of providing information about management's expectations and plans about the future and may not be appropriate for other purposes. Forward-looking information herein is based on various assumptions and expectations that AmeriTrust believes are reasonable in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct. Those assumptions and expectations are based on information currently available to AmeriTrust, including information obtained from third party industry analysts and other third-party sources, and the historic performance of AmeriTrust's businesses. Such assumptions include the timing of receipt of necessary regulatory approvals, anticipated financial performance, current business and economic trends, the amount and timing of future dividends paid by AmeriTrust, business prospects, utilization of tax basis, regulatory developments, currency, exchange and interest rates, commodity prices relating to the automotive industry, trading data, cost estimates, our ability to obtain financing on acceptable terms, and statements regarding net working capital, anticipated operational and capital expenditure reductions, the length and impact of COVID-19 on AmeriTrust's businesses and customers and capital expenditure requirements of AmeriTrust, the assumptions set forth under the "Financial Outlook" sections of our MD&A. The forward-looking information is also subject to the risks and uncertainties set forth below.
By its very nature, forward-looking information involves numerous assumptions, risks and uncertainties, both general and specific. Should one or more of these risks and uncertainties materialize or should underlying assumptions prove incorrect, as many important factors are beyond our control, AmeriTrust's actual performance and financial results may vary materially from those estimates and intentions contemplated, expressed or implied in the forward-looking information. These risks and uncertainties include those relating to incorrect assessments of value when making acquisitions, increases in debt service charges, the loss of key personnel, the anticipated impact of the COVID-19 pandemic, the impact of increased inflation and the expected economic recession, fluctuations in foreign currency and exchange rates, inadequate insurance coverage, liability for cash taxes, counterparty risk, compliance with environmental laws and regulations, reduced customer demand, operational risks involving our facilities, force majeure, labour relations matters, our ability to access external sources of debt and equity capital, and the risks identified in our MD&A under the heading "Risk Factors". The preceding list of assumptions, risks and uncertainties is not exhaustive.
When relying on our forward-looking information to make decisions with respect to AmeriTrust, investors and others should carefully consider the preceding factors, other uncertainties and potential events. Any forward-looking information is provided as of the date of this document and, except as required by law, AmeriTrust does not undertake to update or revise such information to reflect new information, subsequent or otherwise. For the reasons set forth above, investors should not place undue reliance on forward-looking information.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.
SOURCE: AmeriTrust Financial Technologies Inc.
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FAQ
What is AmeriTrust Serves and when was it launched?
What results has AmeriTrust Serves shown since testing began in April?
Who was appointed as AmeriTrust's Chief Revenue Officer?
How long does AmeriTrust typically take to finalize financing agreements?
