Spireon and P360 Forge Strategic Partnership to Introduce Industry’s First Risk Analytics Tools for Auto Lenders

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Live modeling enables automotive finance companies to expand penetration into previously untapped credit tiers.

Spireon Inc., a leading innovator of Mobile Resource Management (MRM), today announced a strategic partnership with P360, Inc., a leading provider of loan-level data management and analytics. The collaboration will provide a comprehensive portfolio solution to help vehicle lenders to identify, calculate and monitor risk before it affects their business.

By coupling P360’s data-driven Mosaic loan intelligence platform with Spireon’s GoldStar CMS vehicle tracking, auto lenders can leverage business intelligence to significantly reduce risk and safely lend to previously overlooked borrowers. By increasing penetration and yield to customers in lower credit tiers, lenders can expand their overall portfolio production and performance, deploying more capital and increasing loan originations. Meanwhile, lenders such as credit unions and regional banks will be able to help their members build and improve their credit by providing better loan rates than other subprime dealers or lenders.

“As the auto finance industry evolves, our customers are demanding more sophisticated tools to measure their risk and improve their ability to expand their portfolios. Spireon is pleased to partner with P360 to be the first to offer tools that can improve decision making, increase return on capital, and streamline risk processes.” said David Meyer, executive vice president of sales for Spireon’s automotive telematics group.

P360 ran live portfolio analysis models with two market-leading credit unions, and their results show that adding GPS vehicle tracking lowered risk dramatically for these financial institutions. The model showed available market size increasing by over 10%, with credit union borrowers in lower credit tiers performing at the same level as higher credit tiers.

P360’s president and CEO, Carl Meiswinkel adds, “Our clients are constantly searching for ways to deploy more capital safely. P360 and Spireon’s combined technologies allows credit unions and other financial institutions to drive better business outcomes for offering services to underserved consumer markets. These goals can be accomplished with higher yields and less risk while providing significant benefit to their members.”

Contacts:

Spireon Inc.
Corinna Tutor
949-422-7103
ctutor(at)spireon(dot)com

P360, Inc.
Chris Urbaniec
949-347-7700
chris(at)p360inc(dot)com

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Corinna Tutor
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