CrediCar has won another plaudit in a line of awards since its inception in 2019, bagging Digital Innovation of the Year: Consumer Finance at the Motor Finance Awards in London.
The innovative platform puts customers at the heart of the car finance journey, giving them the information and tools to configure accurate car finance quotes based on their actual credit risk and affordability profile, allowing a customer to consider correct finance quotes as they choose between cars on offer at dealerships.
CrediCar’s business model has already won the interest of the FCA and leading lenders focussed on meeting ever more stringent guidelines designed to ensure that every customer is treated fairly. The system will be put through its paces in the FCA sandbox, and talks with some of the national lenders keen to stay compliant are understood to be well advanced.
CEO Amar Rana comments “Its becoming increasingly clear to lenders that some of the recent suggestions made by the FCA, including exploring rate for risk, and assessing and identifying every customers position on a spectrum of risk of vulnerability, is going to push many technology systems to the limit.
“This is no longer a job that can be handled by general finance platform and it makes sense to hand the task to specialists.
“Credicar brings together legal and regulatory expertise, finance specialists and cutting edge technology, delivered to dealers and funders in a product which can be easily bolted into existing systems.”
CrediCar’s platform provides lenders and dealers with a sophisticated decision engine which matches customers, to the lenders on a dealer’s panel. Decisioning uses personalised credit risk and affordability data including the same level of enhanced credit data available to lenders. For enhanced affordability assessments, CrediCar’s open banking solution combines banking data with conversational artificial intelligence to power more accurate assessments that enables customers to self-verify their income & expenditure reducing lender costs.
CrediCar is headed by Amar Rana, an experienced fintech entrepreneur backed by Credicar’s chairman and director David Betteley, former Global Financial Services Director for Jaguar Land Rover and Senior Vice President for Toyota FS for Europe and Africa. Advisory board member, and founder of Auxillias, Joanne Davis is a trusted legal advisor to automotive financial services firms across the UK. Our technology team includes a CTO that launched one of the first open banking propositions in the UK and is backed by a team of expert developers in our sister company, 'The Data Company'.
To find out more contact Amar at amar@credicar.co.uk for a demo which will get you into the detail of how this innovative system delivers real and lasting value to customers, lenders and dealers.
