Jun 5 AFFI Redmond Fund Inc. Announces a Stock Purchase Agreement With Affinity Technology Group Inc.
Tue May 2 AFFI Affinity Technology Group Launches Home Equity Products - Business Wire
COLUMBIA, S.C.--(BUSINESS WIRE)--April 10, 2000--Affinity Technology Group, Inc. (NASDAQ:AFFI) today announced plans to deliver to Auto Credit Acceptance, Inc. ("ACA"), an Internet based system that will enable a nationwide network of automobile dealers to access fully automated, real-time multi-lender decisions.
The system will be fully integrated with Affinity's rtDS, iDEAL and Decisys/RT products and services and will simultaneously evaluate the full range of lending alternatives to match the creditworthiness of the applicant with the credit offerings of lenders. The system will offer consumers faster approvals and improve the efficiency of lenders by matching applicants with appropriate lending sources.
Affinity's President and Chief Executive Officer, Joseph A. Boyle, said, "We believe this system will offer benefits to dealers, lenders, and consumers by allowing all parties to quickly identify appropriate financing opportunities. Additionally, this is an opportunity for Affinity to showcase the versatility of our products and services by demonstrating the adaptability of our closed-loop automated decisioning capability to the Internet."
Affinity Technology Group Inc. was formed to develop and market technologies that enable financial institutions and other businesses to provide consumer financial services electronically with reduced or no human intervention. The Company's ALM and DeciSys/RT (together, the ALM System) fully automate the consumer lending process, enabling consumers to apply for and, if approved, receive a personal loan (including loan documentation and proceeds) in as little as 10 minutes without involving loan officers, customer service representatives or other lending personnel. The ALM System is similar in appearance to an automated teller machine.
52-Week Low
on 10-Jan-2000 $0.25
Recent Price $1.125
52-Week High
on 14-Apr-1999 $4.469
Daily Volume (3-month avg) 929.4K
Daily Volume (10-day avg) 2.06M
Share-Related Items
Market Capitalization $33.5M
Shares Outstanding 29.8M
