New technology connects vehicle manufacturers and leasing companies to drive sales.
Car manufacturers and leasing providers are set to benefit from a new partnership between Quotevine and cap hpi.
The partnership has supported the development of a new tool, Radia, which will help leasing companies close more sales by creating a closer connection between the vehicle manufacturer and leasing company. It enables a quicker time to market for new models as terms are imported instantly into leasing platforms.
Quotevine is a technology business that aims to digitise the asset and motor finance industries. Radia will streamline the process around the review and approval of manufacturer support terms and discounts, to enable more responsive and dynamic pricing decisions.
The Radia analysis engine accepts any input, including PDF format, and uses machine reading and learning technology to extract the raw data from the support term agreements. The data then creates CAP codes before it is shared with customers through an API.
Radia also allows for procurement optimisation by enabling historical data to be analysed.
Quotevine Founder and CTO Daniel Layne comments: “This is a significant development, and forms a critical foundation for the real-time, tailored services that vehicle lessors have come to expect. Our digital offering will allow our customers to bring their operations into the digital age, to deliver new and innovative services that are better aligned to how customers want to use and buy vehicles.”
The process reduces errors by cutting down manual processes and human interpretation. Manufacturers can get pricing to market in a timely manner, while leasing providers can take advantage of tactical deal opportunities in real-time.
Amanda Morgan, Head of Sales (Fleet), at cap hpi adds: “The management of support terms has always been a difficult area to manage for the leasing sector and currently relies on manual resource. There are huge benefits to be had from implementing Radia and in the majority of cases no IT development will be required.”