Loan Portfolio Servicing, an Innovate Company, scales rideshare … – Markets Insider

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FORT WORTH, Texas, Sept. 12, 2017 /PRNewswire-USNewswire/ — Loan Portfolio Servicing (LPS) as we speak introduced the newest enlargement of the corporate’s rideshare portfolio servicing platform, making LPS one of many largest and most skilled rideshare servicers within the nation.

Most lately, LPS was retained to service 7,000 rideshare leases belonging to 2 totally different rideshare leasing corporations. Prior to these partnerships, LPS helped Uber convey its Xchange leasing program to fruition and serviced over 30,000 brief-time period leases by way of Spring 2017.

“Three years ago, this type of short-term lease product was practically non-existent. But the surging popularity of ridesharing – especially among millennials – has contributed to the need for flexible lease programs,” stated Scott France, government vice chairman of strategic initiatives for Innovate Auto Finance and president of LPS. “From the beginning, flexibility has been one of our core values. We seek to understand what our clients are trying to accomplish and develop strategies that support their vision. For example, when Uber approached our company to service their upstart rideshare program, we needed to modify almost all of our processes to accommodate short-term, high-touch leases. We recognized a well-timed opportunity to service these portfolios, and our company has invested significant resources toward scaling our infrastructure to support this underserved niche.”

France emphasised the experience wanted to efficiently service rideshare portfolios. “They are not your average leases. We have to manage vehicle maintenance, taxes, tolls, title issues, registrations, citations and excess mileage with a frequency much higher than that of a typical lease. All in all, rideshare portfolios behave much more like rental car portfolios and require a specialized servicing infrastructure.” 

LPS has serviced excessive-contact rideshare portfolios for the previous three years. In addition to modifying its processes and procedures, the corporate has invested in know-how that’s important to offering high quality service on one of these product.

“It’s fun and exciting to participate in the evolution of the automotive finance and lease arena,” France stated. “We are at the forefront of developing viable servicing solutions that support such dynamic financing alternatives. We are always interested in what is next.”

France will converse at Used Car Week, Nov. 13-17, in La Quinta, Calif., on find out how to maximize returns and reduce losses from auto mortgage and lease portfolios in mild of at present’s altering markets.

For extra details about LPS / Innovate’s providers, contact Scott France at rel=”nofollow”>scott.france@innovateauto.com or (817) 471-1182.

About Loan Portfolio Servicing
Loan Portfolio Servicing (LPS) specializes within the administration of auto loans and leases, with area of interest experience in rideshare portfolios. The agency offers its shoppers with a prime-tier expertise in title and data administration, account administration, buyer care, collections, loss mitigation, repossession and remarketing administration, and loss restoration.

With many years of business expertise, the LPS staff has serviced greater than 2 million collateralized loans throughout the complete credit score spectrum. For extra info, go to www.lportsvc.com.

About Innovate Auto Finance
Founded in 2009, Innovate Auto Finance offers liquidity options to each franchised and unbiased sellers, in addition to finance corporations, by way of bulk portfolio acquisitions. Innovate’s versatile, turnkey strategy, which features a single level of contact and open, constant communication, supplies useful options for its shoppers.

Since its inception, Innovate has offered liquidity to its shoppers via the acquisitions of greater than $500 million of auto finance receivables. For extra info, go to www.innovateauto.com.

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SOURCE Innovate Auto Finance



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