CU Lending Solutions, LLC (SureFundIt) and Pelican Resource Group, LLC (PelicanResourceGroup.com) Partner to Help Mid-Atlantic Auto Dealers Capture Sub-Prime Business
Auto Dealers Can Sell More Cars and Boost Gross with CU Lending Solutions, LLC's “SureFundIt“ Program.
San Diego, CA, June 23, 2009 --(PR.com)-- Frank Mercer, a visionary leader in the auto lending industry, and President / CEO of CU Lending Solutions, LLC is proud to announce the East Coast launch of his latest, cutting-edge auto finance program - SureFundIt, in partnership with Pelican Resource Group, LLC (www.pelicanresourcegroup.com).
“This innovative and unique program is designed to combat the lack of sub-prime lenders in today’s economic climate. It allows auto dealers to deliver cars to sub 575 FICO purchasers that were being financed at the large independent finance companies, but now can’t because of tightened lender criteria,” said Frank Mercer.
The program is a full cycle process where auto dealers sell older, higher mileage cars -- where the dealer is the seller of vehicles and the financing source for the sold vehicles. The Dealer simply sells the vehicle and SureFundIt does all the backend; collections, customer service, and risk management on behalf of the dealer. After 3 customer payments are received, SureFundIt offers the dealer’s loans for sale to both institutional and private investors; providing the dealers with faster cash liquidity than collecting payments for the full term. SureFundIt provides dealers a deep sub-prime lending partner with significant experience servicing the needs of the sub-prime customer base, giving them confidence to capture an ever growing market.
“This product is a win-win for both dealers as well as consumers during these challenging economic times,” added Mercer. “Dealers can rely on our partnership and expertise while we provide a turnkey solution that generates revenue with loan portfolio sale strategies that contribute to ongoing dealer liquidity.”
“Pelican Resource Group, LLC is proud to partner with Frank Mercer, and we are pleased to announce the appointment of Frank Mercer as Executive Advisor to our Board,” said Troy Cavallaro, President. “Frank’s long track record of success in creating powerful financing solutions is well documented and once again he is building creative solutions in the sub-prime space,” Cavallaro added.
For more information or to sign up for the program, visit www.pelicanresourcegroup.com or call 1-866-989-9688.
About CU Lending Solutions, LLC / SureFundIt
SureFundIt is an industry leading operations firm that specializes in indirect auto lending. Our product enhances a dealer’s ability to sell vehicles to credit challenged consumers in the 500-575 FICO credit spectrum. With over 100 combined years of automotive finance experience & 60 years (40 years at senior management and executive levels) in automotive special finance – the SureFundIt management team has the knowledge, expertise, and experience to provide this turnkey solution to the automobile dealer community.
About Frank Mercer
Frank is a dynamic financial services executive and respected leader with more than thirty years of exceptional achievements in auto finance lending, management, startup company development and strategic planning. He is an expert at cultivating and managing profitable growth, while limiting losses and defaults while maximizing profits and margins. Frank excels at designing underwriting strategies and creating metrics to manage and monitor loan production while utilizing technology to streamline processes, identify trends, and implement controls to reduce overhead and continuously improve credit quality.
Beginning in 1993, Frank was the founding SVP, Chief Credit Officer of American Credit Corporation (“ACC”). ACC went public in 1995 and was sold to Household International in October 1997 and became known as Household Auto Finance Corporation (“HAFC”). In 2004, Frank cofounded and was the original President and Chief Operating Officer of ACC Consumer Finance LLC, a leading provider of consumer loan installment contacts and servicing for the credit union industry.
From 1993 to 2003, Frank served as Group Director of National Sales and was the Chief Credit Officer for ACC / HAFC and was responsible for generating over $8.5 Billion in auto dealer installment contracts assets. Frank directed branch operations, where he designed and implemented innovative sales programs, profitable lending programs, and was responsible for overseeing the activities of 635 employees. In his last full year (2002) Household Auto Finance produced a pre-tax net profit in excess of $110 million.
About Pelican Resource Group, LLC
Based in Cherry Hill, New Jersey, Pelican Resource Group is an innovative automotive lending and servicing partner. Currently operating in the Mid-Atlantic region, Pelican Resource Group brings automobile dealers a portfolio of solutions that increase sales by providing financing to lower-FICO borrowers that would normally be turned away.
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“This innovative and unique program is designed to combat the lack of sub-prime lenders in today’s economic climate. It allows auto dealers to deliver cars to sub 575 FICO purchasers that were being financed at the large independent finance companies, but now can’t because of tightened lender criteria,” said Frank Mercer.
The program is a full cycle process where auto dealers sell older, higher mileage cars -- where the dealer is the seller of vehicles and the financing source for the sold vehicles. The Dealer simply sells the vehicle and SureFundIt does all the backend; collections, customer service, and risk management on behalf of the dealer. After 3 customer payments are received, SureFundIt offers the dealer’s loans for sale to both institutional and private investors; providing the dealers with faster cash liquidity than collecting payments for the full term. SureFundIt provides dealers a deep sub-prime lending partner with significant experience servicing the needs of the sub-prime customer base, giving them confidence to capture an ever growing market.
“This product is a win-win for both dealers as well as consumers during these challenging economic times,” added Mercer. “Dealers can rely on our partnership and expertise while we provide a turnkey solution that generates revenue with loan portfolio sale strategies that contribute to ongoing dealer liquidity.”
“Pelican Resource Group, LLC is proud to partner with Frank Mercer, and we are pleased to announce the appointment of Frank Mercer as Executive Advisor to our Board,” said Troy Cavallaro, President. “Frank’s long track record of success in creating powerful financing solutions is well documented and once again he is building creative solutions in the sub-prime space,” Cavallaro added.
For more information or to sign up for the program, visit www.pelicanresourcegroup.com or call 1-866-989-9688.
About CU Lending Solutions, LLC / SureFundIt
SureFundIt is an industry leading operations firm that specializes in indirect auto lending. Our product enhances a dealer’s ability to sell vehicles to credit challenged consumers in the 500-575 FICO credit spectrum. With over 100 combined years of automotive finance experience & 60 years (40 years at senior management and executive levels) in automotive special finance – the SureFundIt management team has the knowledge, expertise, and experience to provide this turnkey solution to the automobile dealer community.
About Frank Mercer
Frank is a dynamic financial services executive and respected leader with more than thirty years of exceptional achievements in auto finance lending, management, startup company development and strategic planning. He is an expert at cultivating and managing profitable growth, while limiting losses and defaults while maximizing profits and margins. Frank excels at designing underwriting strategies and creating metrics to manage and monitor loan production while utilizing technology to streamline processes, identify trends, and implement controls to reduce overhead and continuously improve credit quality.
Beginning in 1993, Frank was the founding SVP, Chief Credit Officer of American Credit Corporation (“ACC”). ACC went public in 1995 and was sold to Household International in October 1997 and became known as Household Auto Finance Corporation (“HAFC”). In 2004, Frank cofounded and was the original President and Chief Operating Officer of ACC Consumer Finance LLC, a leading provider of consumer loan installment contacts and servicing for the credit union industry.
From 1993 to 2003, Frank served as Group Director of National Sales and was the Chief Credit Officer for ACC / HAFC and was responsible for generating over $8.5 Billion in auto dealer installment contracts assets. Frank directed branch operations, where he designed and implemented innovative sales programs, profitable lending programs, and was responsible for overseeing the activities of 635 employees. In his last full year (2002) Household Auto Finance produced a pre-tax net profit in excess of $110 million.
About Pelican Resource Group, LLC
Based in Cherry Hill, New Jersey, Pelican Resource Group is an innovative automotive lending and servicing partner. Currently operating in the Mid-Atlantic region, Pelican Resource Group brings automobile dealers a portfolio of solutions that increase sales by providing financing to lower-FICO borrowers that would normally be turned away.
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Contact
Pelican Resource Group, LLC
Joel Kennedy
866-989-9688
www.pelicanresourcegroup.com
Joel Kennedy
866-989-9688
www.pelicanresourcegroup.com
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