Leeds-based automotive tech vendor DealTrak has launched a compliance module on its dealer platform.
The module will help manage regulated activity for the sale of automotive finance and insurance products for motor dealers, brokers, and F&I partners.
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The system can handle finance suitability decisions as well as insurance statements, said Dealtrak, meaning dealerships will be prompted for the correct information that satisfies regulation when making a sale.
Dealtrak said the module could save, store and share documentation and handle consent processing, data retention and deletion obligations to satisfy GDPR demands.
Christian Ingrey, head of insurance and data strategy, said; “Whether a small, independent retailer, or a multi-rooftop franchised dealer, most motor retailers rely heavily on the sale of F&I products in order to deliver their sales targets. With that in mind, it’s vital that efficient and compliant processes are in place to offer motor dealers a competitive advantage.
“All of our clients handle some sort of regulated activity, whether that be finance, insurance or both, and although DealTrak does not mandate the sales process, the software allows for third-party users to configure the sales process in in their own way, providing the right tools to do the job properly.”
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By GlobalDataThe DealTrak platform is used by 1,100 dealerships across the UK, and processed in excess of 3.6m proposals in 2018.
Last month BNP Paribas Personal Finance signed a deal with F&I platform DealTrak to grow its presence in the UK automotive finance sector following its launch last year.
Working alongside DealTrak, the suite of products is designed to provide dealerships across the UK with finance offerings.
The first phase of the partnership sees platform integration which will enable dealers and brokers to interact with BNP Paribas Personal Finance and obtain lending proposals and decisions. The integration also includes a proposal process which can integrate Value Added Products (VAP) and negative equity.
