In the middle of the most challenging trading environment in decades, a new online credit proposal system is aiming to offer auto finance and leasing companies the chance to save money.
Quotevine claims to mark a radical departure from the sector-wide practice of paying high IT costs – both installation and on-going upgrades and support – to process customer finance applications.
The developers say that it requires no up-front investment and features a pay-as-you-go pricing model that makes it self-funding.
“Motor finance lenders need to maximise revenues and reduce costs, without weakening their product or service offering,” said Malcolm Thompson, managing director of Quotevine.
“For the dealer network, these difficult economic times mean having the tools to maximise finance and insurance income has never been more important.
“Until now, the annual spend on capturing, and submitting finance proposals across the industry, has been around £24 million – in this area alone, Quotevine delivers savings of up to 50%.
“For a company processing 100,000 credit proposals per year, using Quotevine will save it £2.2m over five years.
“An added benefit in choosing Quotevine is that it doesn't matter what stage the lender is at in their systems lifecycle, the sooner they start using Quotevine the sooner they start saving money.
“But not only do we offer tremendous savings – and improved margins as a consequence – the use of Quotevine allows dealers to introduce industry leading best practices. Anyone who uses Quotevine will be at the cutting edge of financing in the motor industry.”