QUOTEVINE and cap hpi are extending their partnership with the launch of a new product called Radia.
Radia is intended to speed up the time from vehicle manufacturer market data to dynamic pricing decisions for leasing companies and leasing brokers.
Radia, says Quotevine, can analyse all data, including PDFs, 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 leasing companies via an API.
Quotevine says Radia streamlines the process around the review and approval of manufacturer support terms and discounts, and enabling a quicker time to market for new vehicle models. Manufacturer terms are imported instantly into leasing platforms.
By digitising the workflow, Quotevine says that mistakes made by manual processes and human interpretation are eliminated.
It means that manufacturers can get pricing to market swiftly, while leasing providers can take advantage of tactical deal opportunities in real-time. Radia will also allow for procurement optimisation by enabling historical data analysis.
Quotevine Founder and CTO Daniel Layne 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.”
Among the funders Quotevine supplies are Toyota Financial Services, MotoNovo Finance and Toomey Leasing Group.
Quotevine is a technology business that provides a suite of SaaS solutions to digitise asset and automotive finance.
cap hpi is an automotive data supplier, owned by Solera.