Overview of Lonestar Truck Group’s Need for Enhanced Financing Solutions
Lonestar Truck Group operates across 24 locations, managing a range of commercial truck financing and sales operations. In 2023, facing operational challenges and the need for improved compliance, Lonestar sought a software solution to streamline their financing processes and enhance integration with their existing systems.
Evaluation and Selection of TRNSACT Software
After evaluating various options, Lonestar chose Trnsact, a solution that aligned with their commercial trucking focus and integration needs. As Greg Wheeler, F&I Director at Lonestar, explained:
“We needed a partner who could work with our existing systems, particularly our DMS Arcadium, and address our specific challenges in the commercial truck financing space.”
The partnership aimed to enhance efficiency across Lonestar’s operations while improving compliance and customer experience.
Addressing Key Challenges in Financing Operations
Lonestar Truck Group faced several operational challenges:
- Limited compliance features in their previous software
- Lack of integration with their DMS, Arcadium
- Inefficient paper-based application processes
- Need for improved soft credit pull accuracy
Cheryl Staples, F&I Lead for the Central Texas Region, highlighted the importance of accurate credit information:
“We needed a solution that could provide more accurate soft pulls. Our previous system was limited and often inaccurate, which affected our ability to make informed decisions quickly.”
Integrated Digital Solutions
Trnsact addressed these key challenges by providing:
- Enhanced Compliance: Introduced crucial compliance checks, including OFAC and red flag rules.
- Advanced Integration Capabilities: Improved connectivity with Arcadium DMS, with plans for even more advanced tie-ins.
- Digital Transformation: Replaced paper applications with a user-friendly digital platform.
- Accurate Soft Credit Pulls: Implemented a more reliable soft pull feature for better decision-making.
Greg Wheeler emphasized the importance of integration:
“Trnsact’s specialization in building integrations opens up more possibilities to make our process flow smoother.”
Projected Improvements in Compliance and Efficiency
While still in the process of full implementation, the Lonestar leadership team anticipates several key benefits. The new system is expected to significantly improve compliance by ensuring adherence to industry regulations. By integrating with Arcadium, the truck dealership aims to streamline workflows, making processes more efficient for their sales and F&I teams. Commercial customers will also experience enhanced convenience, as digital applications simplify their experience, particularly for those frequently on the road. This shift to digital processes is anticipated to increase accuracy by reducing errors associated with manual data entry, while improving soft pull accuracy, and expediting financing decisions.
Cheryl Staples highlighted the potential for improved accuracy:
“The accuracy is so much better when a customer directly inputs their information. These seemingly small improvements can have a big impact on our operations.”
