Automotive
The automotive industry as a whole is facing steadily shrinking profit margins – the result of consumers with good and sub prime credit caught by the mortgage lending crisis. The declining housing market has directly affected their home’s worth and therefore their ability to borrow against the equity in it.

Risk within auto lending escalates as auto inventories pile up, forcing dealers to accept lower credit scores and focus more on accurate data on the buyer’s residential and employment history.

Scoring Optimization

Other ongoing challenges besieging the industry include globalization, intensifying competition, increases in fraud, and increased regulatory compliance standards. These issues require a trusted automated risk analysis partner who can deliver IT solutions that optimize business process management. To stay competitive, dealerships big and small need a risk analysis solution that:

  • Delivers fast, accurate, real-time data on prospective buyers from the three bureaus
  • Allocates significant cost savings in time and administrative overhead
  • Integrates seamlessly with of any of your own data sources, resulting in a complete credit profile of the buyer
  • Has flexibility built into the software, so you can make changes without hard coding to the scoring model based on your preferences and needs
  • Offers high-speed scoring that provides responses in seconds and allows you to offer the right loan options for your customers
  • Boasts an unbeatable reputation in the industry for dependability and up-time

Minimize Fraud

Fraudulent applications slow down the efficiency of your operations and cut into your bottom line. Fraud can also threaten your compliance status with regulatory agencies, including law enforcement entities. To combat fraud, you need a safe, automated risk analysis partner that can help quickly identify false documentation, money laundering and tax evasion while providing you with trustworthy information from a wide range of sources.

Consistent Compliance

The automotive industry experiences a high rate of fraud, and regulation non-compliance can result in heavy fines, bad publicity and lawsuits. With Magnum, you can provide fully-documented support for fair and consistent credit decisions while ensuring you remain current on regulatory changes that impact your industry.

Key Magnum Benefits

  • Risk analysis software that sets the standard for the industry in terms of flexibility and dependability
  • Real-time data from the three credit bureaus that incorporates the bureaus’ continually changing processes, plus integration of over 20 trusted external and internal sources of data
  • Powerful analytics software that assists in identifying potentially fraudulent activities
  • Fully documented support for fair and consistent credit decisions that support compliance requirements
  • Tools that empower risk managers to create, change and test new scoring models with no hard coding, thereby reducing time and expense.

MAGNUM PRODUCTS:

CreditFlow, Workflow Management

CREDICHECK, Data Acquisition

RapUP, Data Analytics

StrategyOne, Decision Engine

Dante, Scorecard Development

Magnum Test Facility, Test/Simulation Tool