NETSOL Technologies has announced major updates on its digital retail and mobility technology platform, Otoz, and the latest traction achieved with two automotive clients, MINI USA and AutoNation.
After implementing updates to the platform, NETSOL Technologies has unveiled Otoz 2.0.
The white-label solution is tailored to automotive industry stakeholders including OEMs, dealerships, finance providers, and startups. The platform has been designed for deep integration within distinct internal ecosystems.
Otoz addresses various complexities, establishing key integrations with third-party services, ranging from inventory and CRM systems to identity safeguards, fraud monitoring, comprehensive lender APIs, tax services, F&I product aggregators, and payment gateways.
With the end customer in focus, Otoz's synergy with these third parties and its strategic placement of deal checkpoints expedite vehicle and deal verifications for dealers. This ensures a secure and profitable digital sales channel.
NETSOL is set to expand its offerings with the upcoming phased launch of Otoz 2.0 over the next year. At the forefront is the debut of an API-first product ecosystem, Appex Now (Appexnow.com), NETSOL’s marketplace offering that caters to the global finance industry with turnkey API-first solutions.
Through Appex Now’s Hubex API product, collaborations with major dealer management systems (DMS) providers, customer relationship management systems (CRMs), and finance drivers are now available.
The Otoz dashboard for dealers and administrators will undergo substantial enhancements, with advanced artificial intelligence and machine learning models to optimize customer interactions and gain predictive insights.
With Otoz, NETSOL Technologies hopes to provide dealers with a holistic omnichannel tool for both digital and in-person transactions, minimising reliance on auxiliary dealer systems, and creating efficiencies through fewer screens. Emphasis will also be placed on curating personalised and intuitive F&I upselling opportunities.
Case study: MINI Anywhere
Since its debut in June 2021, MINI USA's digital retail program, MINI Anywhere powered by NETSOL’s Otoz technology, offers MINI dealers an omnichannel, end-to-end sales platform while delivering customers a seamless and comprehensive shopping experience.
In the last 12 months, the program has more than doubled dealer enrolments now active across nearly two-thirds of the MINI USA dealership network, enabling a 5x increase of lead volume and vehicle sales, and a 20% lead conversion rate on average. The program continues to roll out across the network.
Patrick McKenna, the Department Head of Marketing, Product, and Strategy at MINI USA, commented, “In May 2021, MINI USA and MINI Financial Services set out to build a digital retail tool that could handle credit decisioning, eContracting and eSignature to allow end-to-end transactions. For the past three years, major automotive forums in the industry have recognised MINI Anywhere as one of the top ranked OEM digital retail tools in the competitive luxury space. We are extremely proud of MINI Anywhere, the team at NETSOL Technologies, and want to thank our dealer partners for such an achievement.”
Case study: AutoNation Mobility
The automotive market is witnessing a significant shift towards short-term vehicle usage options. Otoz 2.0 has supported AutoNation Mobility in their shift towards micro-leasing. Otoz 2.0 is leveraged for back-end, operational processes and integrated with AutoNation Mobility’s customer facing micro-lease marketplace. This service allows customers to navigate through the process of vehicle selection, deal configuration, and transaction finalisation with ease and transparency. The Micro Lease marketplace is currently available in California and Florida, with plans for further expansion.
Otoz 2.0 is powered by the API-first ecosystem of NETSOL’s AppexNow marketplace. Its suite of functionalities within Otoz 2.0 are designed to streamline customer onboarding, service workflows, vehicle delivery, and return processes. These features are vital for facilitating interactions among AutoNation Mobility’s operations team, dealers, and customers.
Ivan Mihov, Vice President of Mobility at AutoNation Mobility, celebrates the partnership, "Our strategic alliance with NETSOL and the integration of the Otoz platform align perfectly with our goals for innovation and market entry. The swift launch of AutoNation Mobility, a mere six months into our collaboration, highlights our shared commitment to continual innovation and prioritising customer needs."
