Toronto, Ontario–(Newsfile Corp. – October 27, 2021) – Hank Payments Corp. (TSXV: HANK) (“Hank” or “Corporation“), is pleased to announce that is has signed an agreement with Dennis & Co. Auto Group Inc to offer Hank products to consumers in all of its stores.
Founded in 2006 and headquartered in West Nyack, NY, Dennis & Co. Auto Group, Inc. operates one of the largest networks of dealerships in the US, generating more than half a billion dollars in annual revenue. Dennis & Co. connects prospective buyers with their ideal vehicles and offers warranty and repair services that keep drivers on the roads. Its owner, Brian Dennis, is Secretary of the New York Auto Dealers Association.
Dennis & Co is adding 6 stores to the Hank Platform through this calendar year, and currently sells approximately 1,400 vehicles per month. Hank penetration is expected to be between 25 and 40% of vehicles sales as Dennis & Co intends to leverage the Hank product to make warranty and insurance products more affordable, and to improve the build-up of vehicle equity for the balance of customers that choose Hank.
Having affordable insurance products and improving equity quicker is important as it helps consumers avoid financial surprises like dramatic swings in the value of their vehicle, dings and dents and tire and rim damage, which can all affect the cost of buy-back or residual values.
Owner, founder and President of Dennis & Co., Brian Dennis commented, “We have been using similar platforms in a lesser capacity with good success but the broad capabilities of Hank, coupled with its seasoned leadership and robust product path, convinced us to get serious about this industry leading platform.”
“This is a clear signal of confidence in Hank by one of the nation’s most respected automotive dealership groups,” commented Michael Hilmer, Hank Payments Chairperson and CEO. Hilmer added, “We have followed Brian’s success in taking the friction out of the vehicle buying process and in particular putting the customer’s needs front and center. Brian is a clear leader in the automotive retail sector and we are thrilled to be partnering with Dennis & Co.”
About Dennis & Co. Auto Group.
Dennis & Co. Auto Group, Inc. operates one of the largest networks of dealerships in the US, generating more than a half of a billion dollars in annual revenue. Dennis & Co. connects prospective buyers with their ideal vehicles, and offers warranty and repair services that keep drivers on the roads. Utilizing the industry’s most advanced technological platform, Dennis & Co. ensures customers can shop on their terms, and in the venue of their choice (online, mobile, in-person), picking up where they left off as they move across channels. Beyond technology, Dennis & Co. cares about people. For customers, this means a shift away from pushy salespeople, and a move to seamless interactions that can begin online and pick up in person. For more information, please visit the company website at www.dennis-co.com.
About Hank Payments Corp.
Hank is a financial technology company. The Hank software platform (the “Hank Platform“) acts as a consumer’s personal, financial concierge using a powerful technology to automate the complexities of personal cash flow management. Through its FDIC (Federal Deposit Insurance Corporation) insured bank partners in the United States, Hank helps consumers, in every state, find funds in their existing cash flow and speed up the retirement of liabilities. The Hank Platform debits consumers when they have cash, stores the cash with partner banks, then automatically instructs partner banks to pay bills and loans as they come due, and often sooner than required. Approximately half of Hank’s customers are financially sound and use the Hank Platform for convenience, while the other half improve their payment performance through use of the Hank Platform. One hundred percent of Hank’s customers are in the USA and pay setup and ongoing monthly processing fees while remaining on the Hank Platform for an average of three years. Hank continues to innovate and anticipates launching more expansive features to its expected growing customer base that will provide greater visibility into their cash flow, credit performance, and viability to borrow or refinance at lower rates, including introducing Hank customers to interested lenders.
This news release may contain forward-looking statements (within the meaning of applicable securities laws) which reflect the Corporation’s current expectations regarding future events. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on the Corporation’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the future success of the Corporation’s business.
The forward-looking statements in this news release are based on certain assumptions, including without limitation the Shares beginning trading on the TSXV. The forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Corporation assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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