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IGEN Signs Master Distribution Agreement with REMCOOP for Major Auto Groups and Credit Unions (Cooperativas) for the Territory of Puerto Rico
IGEN Signs Master Distribution Agreement with REMCOOP for Major Auto Groups and Credit Unions (Cooperativas) for the Territory of Puerto Rico.
About this update from Igen Networks Corp.
[{"type":"text","content":"MURRIETA, CA / ACCESSWIRE / November 13, 2019 / IGEN Networks Corporation (OTCQB:IGEN)(CSE:IGN), a leading innovator of cloud-based and Internet of Things (IoT) automotive solutions for the protection and management of mobile assets, today announced the signing of a Master Distribution Agreement with REMCOOP, a jointly owned enterprise represented by Puerto Rico's business leaders and operated by its members for the mutual benefit of Puerto Rico and it's community.REMCOOP through its extensive network will market IGEN product brands across multiple verticals that include franchise auto dealerships, automotive body shops and detailing outlets, automotive parts suppliers, Credit Unions (Cooperativas), and commercial assets through the Chambers of Commerce. The opportunities include the five largest automotive groups in Puerto Rico: AutoGrupo, Hyundai of San Sebastian, Triangle Auto Group, Villa Victoria Auto Group, and the Caribbean Auto Group. REMCOOP also provides direct access to 112 Credit Unions (Cooperativas) that provide the membership with support and financing for their automotive assets and IGEN product services.Under IGEN's industry leading dealer pre-load model, IGEN devices are pre-installed into all vehicles on the dealership lot, providing a unique and value-added inventory and lot management capability. Upon sale of the vehicle, the customer has the option to purchase the IGEN device and prepay for multiple years of service on IGEN's customer application platform, providing valuable security, vehicle tracking, systems status and driver behavior services to vehicle owners. Doing so provides a high value service to the consumers and members along with an added profit center for the automotive dealerships."More and more credit unions around the country are offering "Fresh Start" programs directed toward members with credit challenges who need to obtain a vehicle loan at fair and reasonable interest rates, said Abel Sierra, VP Business Development. IGEN product services provides a valuable win-win situation for the lender and the consumer, as part of the underwriting process whereby credit unions may be able to finance more of their members with low credit scores while offering lower down payments and improved overall loan performance. This allows more credit union members to get the vehi...