Global Debt Network Launches GDNopen, Web-based Platform Enabling Customers To Transact Whole-Loan Consumer Portfolios
GDNopen’s Expanded Offering Now Includes Marketplace Platform For Auto, Motor Home and Towable Recreational Vehicles
ALAMO, Calif. (February 12, 2009) - Global Debt Network, Inc. (GDN) today announced that it is expanding its auto loan transaction platform to serve financial institutions and retail dealers who originate recreational vehicle loans. GDNopen (www.gdnopen.com) is a robust web platform designed to make whole loan transactions more efficient and transparent. With more than 130 debt buyers registered on GDNopen, sellers can achieve more competitive pricing on their portfolios, compared with traditional channels. In addition, buyers can significantly reduce their acquisition cost by using GDN's online due diligence room.
The company's first product, GDNauto, was launched in June 2008 and has listed more than $150 million in auto loans within its online marketplace. Key industry players have joined GDN, including JP Morgan Auto Receivables, Goldman Sachs, Wells Fargo Preferred Capital and 1st Investors Financial Services. The company's 200-plus members use the platform to access deals and understand pricing in today's difficult market. According to Mike Sheridan, President and CEO of GDN, the company is currently closing three auto portfolio sales.
"We launched GDNauto on the brink of the financial markets collapsing, said Sheridan. "With companies in despair, we seized an opportunity to give the market what it was seeking: greater access to liquidity, transparency, price discovery and standardization to what has traditionally been a very fragmented and inefficient market."
GDNopen is now accepting motor home and towable recreational vehicles to be placed for sale. The company plans to roll out its power sport and water sport platforms over the next several weeks, and is currently developing its mortgage platform for release later this year.
To learn more about GDNopen and to schedule a demonstration of its auto, RV and other asset class platforms, please visitwww.gdnopen.com or call 866-559-4339.
About Global Debt Network, Inc.
Based in California with offices in Alamo and Los Angeles, Global Debt Network, Inc. is a privately held company that simplifies consumer finance by offering GDNopen, the first online marketplace where dealers and financial institutions can transact seasoned consumer portfolios.
