TRADER Corporation has acquired Collateral Management Solutions (CMS) from Teranet, a move that will help enhance the company’s financial technology offerings as an expansion of Dealertrack Canada.
Jill Hadfield, President at Dealertrack Canada
They will do this by incorporated CMS into TRADER’s Fintech portfolio alongside Dealertrack, thereby capitalizing on the “natural synergies” between the two, according to Jill Hadfield. In an interview with Canadian auto dealer, she said the goal of the acquisition is to consistently broaden their range of service offerings and provide unique insights to lenders.
“We believe this acquisition will enable us to enhance the lien registration process for lenders as we invest in capabilities to improve accuracy, prevent fraud, and drive efficiency,” she said. “We plan to enhance the asset valuation process and expand our remarketing capabilities.”
Hadfield said both businesses share a joint customer base, allowing TRADER to provide a top notch end-to-end service in the Canadian market. She also foresees interesting data opportunities in the future to help their lender customers operate their businesses more effectively.
For dealers, Hadfield was clear that there will be no impact on them as CMS products and services focus on the lender side of the business.
As for what lenders can expect to see in the coming months, Hadfield said service levels and delivering customer value will continue to be their primary focus. “Lenders should expect no disruption in service as the entire CMS team and suite of products and services have transitioned as part of the acquisition.”
Furthermore, Teranet employees currently servicing CMS will join the Dealertrack Canada team. However, the more interesting bit may be what lenders can expect beyond the initial change-of-hands: a significant focus on product, technology, and data.
