CHICAGO — Specialty finance and customized payment plan providers PayLink Direct and Omnisure Group have merged to create what officials described as the largest vehicle service contract (VSC) payment plan provider in the United States.
Rebecca Howard, cofounder and CEO of PayLink Direct, and Paul Walder, cofounder and CEO of Omnisure Group, announced the completion of the transaction on Friday, April 28. The union creates a combined entity with unsurpassed funding power and unparalleled client support abilities, according to both companies, according to officials.
"The merger and resulting combination of our companies' core competencies will provide many benefits to our clients and to consumers,” said Walder. “We’ll be able to offer them expansive product solutions that are administered quickly and conveniently, making VSC sales an integral stream of revenue for direct marketing companies, auto dealerships and service contract administrators."
The combination of PayLink Direct and Omnisure Group brings together two highly complementary client networks that now total more than 3,000 auto dealerships, 100 direct marketers and 50 administrators nationwide.
The new merged entity will operate under the PayLink Direct brand. Howard will serve as CEO, while Walder will maintain an ownership position and remain involved in an executive capacity.
“Remaining a leader in our niche market means continually looking for new ways to grow and adapt. Today’s car buyers are keeping their vehicles longer, with an average car loan term of more than 60 months,” said Howard. “This partnership will allow us to meet the demands of the growing service contract market by giving consumers, contract administrators and sellers of service contracts ultimate product flexibility through a state-of-the-art technology platform, exceptional customer service, and an extensive portfolio of attractive financing solutions.”