It is been an energetic thirty day period for Automotive Ventures.
Two months ago, main executive officer and founder Steve Greenfield declared the closing closing of the firm’s inaugural enterprise fund. Then according to a information release dispersed on Wednesday, Automotive Ventures’ name surfaced again as it was associated with Loan provider Compliance Systems (LCT) — a organization that specializes in compliance answers for automotive, RV, marine, and powersports finance corporations — increasing $4.15 million in a Series A funding spherical.
The spherical was led by a crew of seasoned software business people and joined by Automotive Ventures and Driven Funds Partners for the ongoing growth of technology remedies to aid finance businesses mitigate regulatory threats.
This announcement will come on the heels of the start of LCT’s Refund Management, a compliance-controlled compliance solution for F&I products cancellations and refunds, and the close of Automotive Ventures Fund I, an inaugural undertaking fund established by Automotive Ventures to assistance early-stage automotive know-how organizations.
“Banks, credit score unions, and finance organizations confront more and more stringent controls these days,” Greenfield claimed in the information release. “Consumer F&I item cancellations and credits are tiresome and if taken care of improperly, expose creditors to hefty fines and broken reputations.
“Automotive Ventures, together with a syndicate of program business owners and Pushed Money Associates, invested in LCT since the company’s sturdy system presents end-to-close solutions to simplify, automate, and streamline this system,” he ongoing. “With virtually 40 million F&I goods obtained by consumers every single year, the sector is enormous and the pitfalls are considerable. LCT can help mitigate these challenges for lenders.”
Loan provider Compliance Technology’s flagship products, Refund Management, was launched in April and is presently in the pre-income section, with official U.S. rollout scheduled in a handful of weeks, in accordance to LCT president Glenn Munro, of and a 20+-calendar year economic providers sector veteran,
Munro mentioned Refund Manage is just the beginning of technological know-how-pushed answers to assistance finance providers stay compliant across a variety of factors of their organization.
“There has never been a extra vital time for loan providers to effectively handle and navigate the many buyer polices they experience,” stated Munro, who has been an government in economic companies for far more than 20 several years. “Vehicle industries are challenged in the wake of the pandemic and lending experts want each individual accessible source to mitigate risk.
“This funding from our dependable expenditure partners permits us to develop a total compliance roadmap and accompanying software program alternatives,” he ongoing. “Our supreme purpose is to help loan providers provide their market consumers and auto consumers with an unparalleled stage of assistance that satisfies regulatory demands at each switch.”
Very last week, Greenfield appeared yet again on the Automobile Remarketing Podcast to examine the most recent functions at Automotive Ventures. That episode is obtainable in the window under.