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Solifi has become the first automotive finance technology provider to join the BlackBerry IVY Advisory Council. The collaboration will integrate BlackBerry IVY with Solifi’s open finance platform to provide a reliable and secure way to access a broad catalogue of vehicle sensor data to enhance existing value-added services, optimize business operations, and power a new wave of innovative products and services for OEMs and auto finance providers.

This partnership will accelerate BlackBerry’s focus on creating high-impact technology use cases and solutions that leverage in-vehicle data. Council members help drive the BlackBerry IVY roadmap, focusing on co-value development with a view to addressing key pain points that OEMs are looking to solve.

With many parts of the broader automotive industry eager for granular real-time and near real-time data sets to determine residual value assessments, maintenance and repair costs, for example, integration with BlackBerry IVY will enable Solifi to provide its customers with better fleet management services and more intelligent cost-forecasting.

Providing access to rich, real-time data will facilitate the predicted once-in-a-generation shift to new financing models that are fundamentally changing the way consumers and businesses use and manage vehicle resources. This shift will drive increasing numbers to forego traditional ownership of vehicle assets in favour of pay-for-use or shared-ownership financing models.

David Hamilton, CEO of Solifi, said: “By 2030, forecasts indicate 95% of all new vehicles sold globally will be connected. Experts anticipate this exponential increase in connectivity and data availability will represent $250 billon - $400 billion of incremental revenue opportunity for the automotive industry.”

He added that now is a timely opportunity to bring forward the voice of the automotive finance industry and help deliver solutions that provide real value to OEMs, lenders, fleet managers, and consumers. “We look forward to collaborating with BlackBerry and introducing intelligent, data-driven solutions for the next generation of retail, fleet, and wholesale automotive financing,” Hamilton said.

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Peter Virk, vice president of IVY Product and Ecosystem, BlackBerry, said: “Solifi are trusted by leading players across both the automotive and financial services value chains, and with BlackBerry IVY, together, we have the potential to turbocharge innovation and unlock new streams of revenue in an industry on the cusp of profound transformation in terms of how vehicles are valued, paid for, managed, repaired and optimized.”

Solifi, which brings together IDS, William Stucky & Associates, and White Clarke Group, delivers a global portfolio of end-to-end, integrated solutions to the automotive finance market, which are used by many of the world’s leading OEMs and financial services firms.