Quotevine and Cap HPI has launched Radia, a tool to connect vehicle manufacturers and leasing companies.
It is expected to enable a quicker time to market for new models and more responsive and dynamic pricing decisions.
The Radia analysis engine accepts any input, including PDF format, and uses machine reading and learning technology to extract the raw data from the vehicle manufacturer’s support term agreements. The data then automatically generates CAP codes before it is shared with lessor customers through an API. This digitises the workflow, without requiring either party to change the complex and longstanding terms creation process.
“This is a significant development, and forms a critical foundation for the real-time, tailored services that vehicle lessors have come to expect. Our digital offering will allow our customers to bring their operations into the digital age, to deliver new and innovative services that are better aligned to how customers want to use and buy vehicles,” said Quotevine founder and CTO Daniel Layne.
This new solution streamlines the process around the review and approval of manufacturer support terms and discounts, enabling a quicker time to market for new vehicle models, with terms imported instantly into leasing platforms. The process reduces errors and reconciliation issues by cutting down manual processes and human interpretation.
Manufacturers can get pricing to market in a timely manner, while leasing providers can take advantage of tactical deal opportunities in real-time. Radia also allows for procurement optimisation by enabling historical data to be analysed.
Amanda Morgan, head of sales (Fleet), at Cap HPI, added: “The management of support terms has always been a difficult area to manage for the leasing sector and currently relies on manual resource. There are huge benefits to be had from implementing Radia and in the majority of cases no IT development will be required.”