iVendi 'Skyscanner for motor finance' tool can compare across lenders

A new online platform described as “Skyscanner for motor finance” is being launched by iVendi this week.

Called Finance Navigator, it enables dealers to undertake searches for potential vehicle buyers across their whole lending panel, returning results in under 10 seconds that show monthly payments, indicative finance rate, likelihood of approval and more.

In a feature thought to be unique, some lenders will even “pre-approve” applicants for finance through the product, meaning that if the consumer details provided in the search are accurate, they will offer a deal on the terms quoted.

The solution will also show instances where lenders may require further details from consumers, such as proof of income or identification documents and, because the initial search is “soft”, there are no footprints left on credit files.

James Tew, iVendi chief executive, said: “Either in the showroom or online, the dealer can ask the potential car buyer to enter a few details and then very quickly see a comprehensive set of results from their lending panel.

“We’ve been referring to it internally as ‘Skyscanner for dealers’ but the truth is that it does much more than that, delivering not just details about finance options available but also providing an accurate indication of the likelihood of approval, dynamically re-quoting directly from the lender and the possibility of pre-approval where available.

“Additionally, results are filtered out for customers who don’t meet rules covering risk appetite for each lender.

"This substantially reduces overall decline rates and removes the possibility of ‘hard’ searches which can damage the consumer’s credit profile."

Once results are received, the dealer can either guide the consumer through the finance process to making an application or give them a link that will allow them to make their own decisions.

No machine learning or AI needed for Finance Navigator

Tew said no machine learning or artificial intelligence was incorporated into Finance Navigator because all information used by the platform came directly from lenders

He said: "We use a combination of the vehicle, applicant details and bureau data to achieve this.

"The technology and rules employed in delivering search results are highly sophisticated because we manage all aspects of the quoting and application journey.”

Finance Navigator fits in with the Financial Conduct Authority's (FCA) thinking on providing customers a high degree of transparency over the finance options on offer.

There is also a feature that allows each lender to provide details on the key points of their overall value proposition, giving depth to the information surrounding the potential application.

Tew added: "We believe the platform offers the means to much more easily identify the most suitable possible outcome for the vehicle buyer and in doing so, further benefits the dealer and the lender by making it much more likely that the consumer arrives at a suitable outcome.

"It takes transparency to a new level."

The technology used in Finance Navigator will also be offered in other new iVendi products to be launched, with further details to be shared soon.