Newtek Business Services Inc., a small-business services company, once again is a preferred vendor to the more than 200 car dealers belonging to the General Motors Minority Dealers Association, New York-based Newtek announced this week.
Newtek had been on the associations’ recommended list of vendors for about three years until last year, when the automotive industry reeled from the recession’s impact, Barry Sloane, Newtek chairman and CEO, tells PaymentsSource. As conditions worsened in the automotive industry in 2009, business opportunities dried up for Newtek and the car dealers, he says.
Rejoining the association’s list signals an improvement in the automotive industry’s, condition, Sloane says.
Besides credit and debit card processing services, Newtek also will offer the dealers payroll-management services, insurance, e-commerce transaction processing and Small Business Administration loans, Sloane says. Newtek has been a Small Business Administration lender for seven years, he says.
Alliances, such as this one with the dealership organization, have been vital to Newtek, Sloane says. “We use the alliance relationships to drive business to us,” he says.
The ability to offer services beyond credit and debit card processing also is more important to merchants than ever, Sloane says. “We want to grow revenues, reduce costs and reduce their risk,” he says.