Technology first allows dealers to advise car buyers on why online motor finance applications are likely to fail
Advertorial: A technology being introduced first by iVendi will allow dealers to advise any potential used car, van or motorcycle buyer on why their online motor finance application is likely to fail – and adjust it accordingly.
Eligibility Summary means when a customer tests their likelihood for credit approval online using iVendi technology – an option already offered online by more than 900 motor retailers – a report covering any rejections is sent to the dealer.
This provides a two part analysis. Firstly, a credit score and an applicant score related to the vehicle, each based on iVendi’s own algorithms, output the strength of the applicant as a whole, shown as a percentage figure.
Secondly, a product-by-product assessment highlights where the applicant stands based on the criteria of each member of the dealer’s lending panel. These include policy rules on the vehicle and loan-to-value, information from the consumer’s credit file, and specific lender product rules for the applicant’s personal details.
James Tew, CEO at iVendi, said: “The report will enable dealers to gain a much deeper insight into the reasons why an application may fail a lender’s underwriting criteria, something that is currently simply unavailable to them, and provide specific guidance to the customer on how to improve their chances of success. Steps taken as a result could range from increasing the deposit to opting for a different product altogether.
“Eligibility Summary will help retailers become more efficient by identifying the most suitable lender products based on the make-up of the entire transaction, driving efficiencies for them and for the lender, while meeting customer needs more exactly.
“Ultimately, it transforms online leads into highly qualified prospects that can quickly be turned into deals in a manner that we believe is new in the motor finance sector.”
Eligibility Summary works with any eligibility checks made through iVendi’s CONVERT product, part of the company’s Connected Retail range which was introduced last year.
CONVERT is designed to facilitate the process of initial consumer interest in a vehicle into a sale, both online and in the showroom. Key features include a reservation tool, finance application processing, multi-lender quoting, and consumer-centred finance product information and videos.
The iVendi Connected Retail range
ENGAGE is designed to help consumers find the right vehicle by rewriting the rules for online car, van and motorcycle search using the natural language adopted by the majority of vehicle buyers.
CONVERT facilitates the process of transforming initial online consumer interest in a vehicle into a sale through a range of essential features.
TRANSACT develops online consumer interest in a specific vehicle through to a final transaction while managing the complexities of the sales process and includes iVendi’s innovative Digital Deal.
CONNECT is a fully connected platform that delivers an omni-channel retail solution for vehicles and financial services, connecting the consumer, retailer and lender together at all stages of the vehicle buying journey.
Founded in 2009, iVendi is the market leader in motor retail technology both in the UK and internationally. With a connected, modular product range which engages consumers, converts buyers and manages transactions, iVendi technology interacts with around five million consumers every month and thousands of motor retailers, manufacturers and finance providers. The company is based in Colwyn Bay.