A claim to provide the “most accurate motor finance quoting yet” has been made for iVendi’s Stock Engine technology.
Designed to be used in the showroom or online, it draws in all the cars, vans and motorcycles contained on each retailer’s core database and allows them to identify, review and amend data conflicts in just a few clicks, resulting in a much lower error rate for quotes across their entire panel of lenders and products.
iVendi’s research shows this kind of issue affects around 8% of vehicles, resulting in a high number of incorrect quotes being potentially issued to consumers and even used to form the basis of completed finance deals.
The problem arises because vehicles have been allocated the wrong code on the database, which then impacts supporting taxonomy data and finance quotations.
The Stock Engine automatically checks each vehicle for likely data accuracy and provides a one, two or three-star rating for dealers, allowing dealers to then make a physical check on those most likely to have been misidentified.
CEO James Tew said: “Conflicting data means the wrong valuation and, for a PCP, the wrong forecast residual value. This can have a positive or a negative effect from a financial point of view but it is an error and one that can have unpredictable results.
“This means that the quotes being delivered to customers could be incorrect on a typical PCP quotation – and it is also very much possible that the error would be carried through to any finance deal that is ultimately concluded for the vehicle.
“As more and more customers are being empowered to choose and process their own finance online, minimising this kind of error is essential, we believe.
“These mistakes also potentially have implications from an FCA and ASA point of view, which is something that could have serious consequences for retailers.
“Making motor finance as simple, accurate and compliant as possible remains the keystone of the majority of successful consumer vehicle buying journeys and, as a company, we’ve spent the last decade working towards this aim.
“The Stock Engine is very much a result of this journey. It is designed to be the most effective motor finance quoting for dealers and consumers yet seen in the UK car, van and motorcycle markets – a claim we do not make lightly.
“Our view is that motor finance should be an enabler to each vehicle purchase and the aim of the technology within the new product is to deliver the right solution to the consumer with the minimum of effort in the shortest possible time.
“The path that we have created is designed to gather the information needed as quickly and painlessly as possible. In fact, without a step-change in technology, we believe that this is as simple as motor finance can be made.”