MOTOR manufacturers and Pan-European lenders are the target market for iVendi’s new international, multi-lender motor finance calculator.
Taking the form of an application programming interface (API), it enables car buyers to search a range of finance and insurance products quoting on varying deposits, length of term and different levels of credit and GAP insurance cover.
James Tew, CEO at the motor retail technology market leader, said: “We’re calling this our ‘universal quoting tool’ because it literally can be added to almost any existing online car sales platform in any market, which is something of an innovation, we believe.
“It can be modified for any new territory in a relatively short period of time. Initially, it has been formatted to support our expanding operations in the UK and Germany but Spain, France and Italy will follow soon.
“The key market for this product is motor manufacturers who work with multiple lenders across Europe and motor finance lenders that want a single solution to function across a range of markets and territories, avoiding the obvious difficulties of using different technology in different places. It creates an opportunity for both to dramatically simplify their digital sales strategies, offering a consistent vehicle buying journey across multiple markets with regards to finance.
“It also manages vehicle identifier codes across different countries, a complex task that is often something of a headache for manufacturers.”
James added that finance quoting tools, while one of the longest established elements of online motor retail, remained one of the most effective.
“It’s perhaps easy to overlook finance calculators because they have been part of the scene here in the UK for so long but that is not necessarily true across Europe and beyond. Where they are offered by retailers, it is often on localised basis. The beauty of our new product is that it provides a single international solution.
“Additionally, it slots into existing online car buying journeys by offering complementary products such as credit protection insurance alongside the main finance quote. This can, of course, be easily changed to suit the needs of individual manufacturers.”
The API already forms part of iVendi’s Connected Retailing platform, designed to transform initial digital consumer interest in a vehicle into a sale through a range of engagement tools that enable the buyer to progress the sale online
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