What we do at Whitebox, a primer. . .

When we launched Whitebox last year we thought we knew what business we were going into.  Quite a bit has happened over the last eighteen months.  First, the economy has imploded, the credit market has disappeared and automobile sales have fallen through the floor. We spent a year creating the Whitebox system.  Some of you may be wondering what it is.  Let me try to explain:

Whitebox is a software platform that enables a) electronic contracting, b) ACH collections and c) ACH payments.  Our users can easily create a customized contract on our web based software platform and their employees can use it worldwide to create contracts for their customers.  With a USB powered signature pad, they can include real signatures in the contract.  Most users have some sort of ‘rating’ system that dictates the sales price of their particular product.  We integrate these ‘rules’ into Whitebox.

We then take the contract from there and begin to collect, via ACH from the consumer on a monthly basis.  Our system is VERY flexible and allows for ‘workouts’ and ‘payment plans’ from consumers who would normally default on their contract.  Instead of 35-40% collection rates, our system allows for 80%+ collection rates.  Why?  Because we can schedule lots of small payments.  Can’t pay it all today?  No problem, how about $10 on Wednesday, $20 next Tuesday, $32 the following Friday and so on.  Whitebox allows our agents to be VERY flexible with consumers.  This makes ALL of the difference.

Finally, we know that commissions and payouts are what sell products.  Whitebox makes it very easy for an agent or a dealer to design a system that allows all parties to be paid upon collection.  For example, Lets say we are collecting $100 per month from a consumer over 24 months.  The first 12 months the F&I representative could be paid via ACH (directly or to a special account) $20 per month.  The second 12 months the F&I representative could be paid via ACH $10 per month.  The agent could be paid $5 per month.  The master agent could be paid $2.50 per month.  The dealer could be paid the balance.  We can pay ten different parties every month or every other month – our system offers complete payment flexibility.  This means you will be able to sell you product because you will be able to pay your sales people.

Our primary target today is the automotive industry.  In the future we are considering taking our model to the spa and dental industry.