Deerfield Beach, Fla. - TCF Inventory Finance, Inc. (TCF) has selected and successfully implemented DataScan Technologies LLC (DataScan)--a leader in wholesale finance accounting and risk management systems--as its system provider for TCF's floorplan lending business in North America.
TCF, headquartered in Hoffman Estates, Ill., offers a full range of financing solutions to retailers serving the Consumer Electronics and Household Appliances industries. The DataScan products the company is now using include Wholesale Management System (WMS), Dealer Access System (DAS) and Risk Management System (RMS) to provide customers with flexible lending products, detailed billing statements and online access to their floorplan accounts.
"Our best-in-class solutions work well for this type of business by enhancing electronic communications between all of the different players--the floorplan lender, original equipment manufacturer, distributor, buying group and the electronics and appliance dealer," said Ed Brown, group vice president of DataScan. "We look forward to working with TCF to provide this service."
DataScan's products have revolutionized the way banks and captive financial institutions manage their floorplan portfolio, allowing them to work more effectively with quick, secure Internet access.
"DataScan's state-of-the-art floorplan solutions have streamlined our lending through an easy-to-use, online interface," said Ross Perrelli, president and CEO of TCF. "We are now ready to help solve the floorplan financing needs of electronics and appliances dealers."
TCF's floorplan solution includes DataScan's top products:
Wholesale Management System
Considered the industry standard, DataScan's Wholesale Management System was specifically designed to satisfy the unique needs of the wholesale floorplan industry. WMS provides banks and captives the flexibility to market a broad range of wholesale lending programs, the real-time information necessary to manage corresponding risk and cost savings required to remain competitive. WMS clients realize reduced costs, lower risks and increased productivity.
Dealer Access System
The first application of its kind, Dealer Access System offers dealers real-time Internet access to their wholesale floorplan portfolio and allows users to submit floorplan loan requests, equity account deposits/withdrawals and remit payments at any time, day or night. Dealers can also review and report on critical management data including available credit, outstanding balances and monthly billing statements.
Risk Management System
Designed specifically for wholesale lenders, DataScan?s Risk Management System offers financial institutions state-of-the-art technology to manage floorplan risk and improve efficiency. RMS helps lenders identify potentially risky situations before a loss occurs by capturing relevant data and highlighting risk factors on a variety of review screens and reports. RMS improves efficiency by automating the reconciliation and reporting processes.
About DataScan Technologies LLC
DataScan Technologies (DST) (www.datascantech.com), headquartered in Alpharetta, Ga., is a global leader in wholesale finance accounting and risk management systems and services. Specializing in floorplan solutions, DataScan has revolutionized the way banks and captive financial institutions manage their collateral, allowing them to work more effectively with quick, secure Internet access. The first to market dealership Internet solutions for wholesale financial institutions, DataScan enables closer electronic communications between the lender and the dealer. DataScan is a division of World Omni Financial Corp. (World Omni) (www.worldomni.com), a diversified financial services company headquartered in Deerfield Beach, Fla. World Omni operates as a subsidiary of JM Family Enterprises, Inc. (JM Family) (www.jmfamily.com), a diversified automotive corporation ranked by Forbes magazine as the 23rd-largest privately held company in the United States. JM Family is currently ranked No. 23 by FORTUNE® as one of the 100 Best Companies to Work For, its 10th consecutive year on the list. The company is also ranked No. 7 on Computerworld's list of "100 Best Places to Work in IT."
About TCF Inventory Finance, Inc.
TCF Inventory Finance, Inc. (www.tcfif.com) offers a full range of inventory financing solutions to retailers in the Consumer Electronics and Household Appliances Industries. TCF has a full geographic presence throughout North America. TCF Inventory Finance, Inc. is a wholly owned subsidiary of TCF Financial Corporation (www.tcfbank.com), a Wayzata, Minnesota-based national financial holding company with $16.5 billion in total assets. The company has 445 banking offices in Minnesota, Illinois, Michigan, Colorado, Wisconsin, Indiana and Arizona, providing retail and commercial banking services. TCF also conducts leasing and equipment finance business in all 50 states.
Media Contact
Christie Caliendo
(954) 363-6285
Christie.caliendo@jmfamily.com
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