TurboPass Targets Franchise Auto Dealer Market With PayStub Report

Banking information provider TurboPass hopes to break into the franchise dealership market with a new product that allows retailers to review the payroll data of potential auto borrowers, Patrick Jarman, director of marketing and strategic initiatives, said last month.

TurboPass’ business has historically been to help auto buyers easily share their bank account data with lenders and dealerships through an online tool accessible via a text message link. This allows the retailer or creditor to quickly verify stip information, such as income, that the lender verifies before issuing a loan. TurboPass says it’s able to cut an “in-transit” – not yet funded – contract from days to hours. Dealerships have requested more than 200,000 TurboPass banking reports over the past two years, according to the company.

The company’s new PayStub Report option allows TurboPass dealers and lenders to receive information and check credit directly from the consumer’s payroll provider (eg, ADP) through a similar mechanism. Workers can often log in and view their pay stub data on demand, and TurboPass leverages that capability to log in to information and transmit it digitally, according to Jarman. Jarman said TurboPass PayStub Report can access data from 80% of payroll providers used by employers.

Jarman called the product the company’s biggest announcement in two years and said there is significant demand for such a feature, which TurboPass says could help defend against fake pay stubs.

“It’s great to have another in-dealer verification tool to speed up and improve the customer experience. It’s made our financing process much faster,” URboss Auto Dealership Manager Greg Skurkovich said in a statement. “We require TurboPass or PayStub banking reports to be used for every car transaction.”

TurboPass PayStub Report launched nationwide on October 3.

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