U Drive Acceptance Opens New Office in Sioux City, Iowa
Since 2013, UDAC had been sharing office space with its affiliated auto dealership, Big Deal Auto Plaza. According to Neil Evans, the company’s vice president, the finance source's higher-than-projected growth forced the moved to the new office.
SIOUX CITY, Iowa — U Drive Acceptance Corp. (UDAC), a subprime financing company operating in Iowa, South Dakota, Minnesota and Missouri, announced the grand opening of its new office there.
Since 2013, UDAC had been sharing office space with their affiliated auto dealership, Big Deal Auto Plaza. According to the Neil Evans, the company’s vice president, the finance source's higher-than-projected growth forced the moved to the new office.
U Drive’s main focus now, according to CFO Jeremy Bennett, is technology. The company’s new loan origination system has enabled them to go from working three different platforms to only one, increasing efficiencies dramatically. This technology has also allowed the company to streamline its approval process through automation which will allow dealers to get approvals in a matter of seconds on one out of every four applications.
“When U Drive made the move to become an indirect lender, we were very pleased that they selected us for their LOS (loan origination system) services. It has been our pleasure to work with Jeremy and Neil as well their team. We are excited to be a part of their growth and bright future” said Chad Simmons, national lender sales manager for CreditSmarts.
Originally posted on F&I and Showroom
More Dealer Ops
Dealer Debrief: Defection Data & EV Updates
In this week's debrief, host Lauren Lawrence discusses how to use defection data to your advantage and the latest on EV sales and charging infrastructure.
Read More →
How Defection Data is Bridging the Dealership Conversion Gap
Lead volume is flat, cross-shopping is up and brand loyalty is in retreat. As confident sales teams keep losing buyers they thought they had, daily industry sales data is showing dealers exactly where their funnel is breaking and how to fix it without buying a single new lead.
Read More →
Dealer Debrief: Where are you losing customers?
In this week's debrief, host Lauren Lawrence discusses the hidden leaks in dealerships where you might be losing customers without even realizing it.
Read More →
Dealer Debrief: Improving Your Inventory Management
In this week's debrief, host Lauren Lawrence covers a new survey that shows what service technicians really want and two launches that could help improve your inventory and vehicle life cycle management.
Read More →
Ladies and Gentlemen, This Is a Dealership: Why the Fundamentals Still Decide Who Wins
A teaching moment by a legendary football coach happens to apply perfectly in the auto retail space. Learn what it is and how to use it to your store’s advantage.
Read More →
What Market Timing Mistakes Mean for Your Reinsurance Program
When volatility hits, dealer-owned reinsurance programs face a familiar temptation: pull back and wait for calmer waters. New data from BOK Financial shows why that instinct can quietly cost you years of surplus growth.
Read More →
Dealer Ads and the FTC
The agency has made it clear in recent enforcement actions and warnings, in auto retail and other industries, that advertised prices must include all nonoptional costs to the consumer.
Read More →
Used Autos Supply Dwindles
The March shopping surge, despite high prices, cut into inventory by the most since the thick of the pandemic, Cox Automotive analysts calculated.
Read More →
Managing Risk Effectively Through Changing Times
The variables influencing risk pricing have changed significantly over the past five years. Being proactive and responsive to emerging trends is not optional but essential.
Read More →
Survey Reveals What Won't Fix What's Breaking Car Sales
AutoPayPlus says extra-long auto loans are trapping consumers and threatening the dealer trade-in cycle, and that the industry is leveraging the wrong tools to combat high MSRPs.
Read More →