Technology business Quotevine is partnering with vehicle data provider cap hpi to launch a major new service for vehicle manufacturers and leasing companies.
The new product, called Radia, aims to create a closer connection between vehicle manufacturers and leasing companies to speed up time-to-market for new models and enable improved 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 unique CAP codes before it is shared with lessor customers through a direct digital link.
This digitises workflows, without requiring either party to change the complex and longstanding terms creation process.
The companies say the 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 intervention.
Manufacturers can get pricing to market in a timely manner, while leasing providers can take advantage of tactical deal opportunities in real-time.
Quotevine founder Daniel Layne (pictured) said: “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.”
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.”
cap hpi is part of global digital specialist Solera, which processes more than 300 million digital transactions annually for 235,000 partners and customers in nearly 90 countries.