The insurance portion of potential F&I activities at the dealership might have gotten a boost via a move by Darwin Automotive and Fetch.
This week, Darwin announced that its platform is now seamlessly integrated with Fetch, an electronic auto insurance comparison site that specializes in insurance carriers that offer policies for people with all types of income, credit and driving histories.
The online marketplace can enable users to shop, compare rates, and purchase auto insurance all online in just minutes. Vehicle insurance is now inserted into the automated F&I process on the Darwin platform at no additional cost to dealership partners.
“Our partnership with Fetch is a gamechanger for the industry. For the first time, consumer insurance is now a seamless part of the automated F&I process for the dealership,” Darwin Automotive chief executive officer Phillip Battista said in a news release.
“As part of the vehicle delivery process, the customer can go online, fill out the information and in minutes get multiple quotes from insurance companies negotiating against each other,” Battista continued. “Similar to LendingTree for home loans, insurance companies are competing for business.
“With no human involvement, a customer can research, compare to their existing rates, and often save money for premier-level insurance. This is a brand-new profit opportunity for our dealership partners, and we are excited to be the first to integrate this into the F&I process,” he went on to say.
According to Fetch chief executive officer Fred Rector, Fetch is a closed platform that is an integrated customer-driven insurance solution designed for both virtual and brick-and-mortar dealerships.
“We limit the number of options offered to approximately four as we don’t want to compete with the auto sale but aim to complement it and avoid paralysis by analysis with a finite number of choices. At that point, the consumer can decide what they can afford, purchase insurance, and drive the vehicle off the lot,” Rector said in the news release.
Darwin explained that it added this functionality to enable its dealer clients to offer consumers discounted auto insurance from premium carriers in a matter of minutes without the need for human interaction. Consumers can now transact in-store, or online, and at any time with the dealership and solve their auto insurance needs.
“Darwin is considered to be the only truly transactional platform in the industry. The Fetch integration seamlessly adds auto vehicle insurance as part of the process that already includes e-contracting, fully digital F&I, and compliance and disclosure while still returning a profitable deal to the dealership,” Battista said.
Darwin Automotive currently operates in all 50 states with more than 8,500 dealerships subscribed to its programs. The company said it is on track to deliver 8.5 million units on the platform this year.
It’s numbers like those that have Rector enthused about the new integration.
“To say we are excited about this relationship would be an understatement,” Rector said. “An association with a company such as Darwin is flattering at the very minimum, it is a big deal. Darwin has done such a great job designing their platform. The company also has a lot of similar traits to Fetch They found a problem with a finance product and we found a problem with an insurance product, and then fixed it.”
For more information, or to schedule a product demonstration, call (732) 781-9010 or visit darwinautomotive.com.
Integrated Lending Technologies (ILT) recently announced that it has completed the development integrating CarletonCalcs from Carleton.
Finance companies and lenders using ILT’s Allegro Lending Suite now will have access to the CarletonCalcs loan, lease and compliance modules, providing computational accuracy and compliance with all relevant governmental regulations.
The companies said in a news release that the CarletonCalcs software will enable Allegro’s users to offer a wide variety of creative contract structures to their customers and to their dealer and merchant partners.
All Allegro clients, regardless of size, will be able to offer leasing, delayed payment starts, payment holidays, varied payment frequencies, annual payments and more with confidence in the accuracy of the calculations and required disclosures.
“In today’s high-speed digital lending environments, it is a significant burden to ensure your loan and lease disclosures are accurate and compliant especially when it comes to offering non-conventional, yet in-demand features for your lenders and their borrowers,” said Matt Ruszkowski, president and chief operating officer of Carleton.
“Carleton’s partnership with ILT is a natural fit and we are excited to be able to provide our computational-compliance software and expert support to ILT through the Allegro Lending suite,” Ruszkowski continued.
Integrated Lending Technologies chief operating officer Will McGregor added, “We’re very happy to have this integration finished to keep Allegro current with the very latest and best technologies available.
“This addition will significantly increase the versatility and value of our product. Carleton is a great partner, and it’s been a pleasure working with them over the last several months to bring this project over the finish line,” McGregor went on to say.
Black Book’s presence in the credit-union market strengthened on Thursday.
The provider of vehicle pricing and analytics announced the integration of Black Book values into the Origence consumer LOS, a CU Direct brand.
The companies highlighted in a news release that the Origence consumer LOS is a comprehensive loan origination system designed to improve the lending experience for both consumers and lenders for a variety of loan products, including indirect auto loans largely driven by its connection to the CUDL network.
The Origence consumer LOS is designed to remove the friction from the lending process with customizable workflows and data-driven decisions via its robust decision engine.
“With the integration of Black Book data, including new and used car/light truck, Powersports, RV/camper, and cars of particular interest, Origence customers will have access to unparalleled, comprehensive industry data,” Black Book executive vice president of revenue Jared Kalfus said.
“This data, coupled with our industry-leading history adjusted valuations, will provide the insights necessary for financial institutions to successfully grow their vehicle lending portfolios,” Kalfus continued.
Black Book’s integration with the Origence consumer LOS can give credit unions another choice when customizing workflows, providing them with easy access to data that further improves decision making and the overall auto-financing process.
“Through our partnership with Black Book we’re able to provide the data necessary to simplify the decision-making process for lenders,” said Bill Lynch, senior director of strategic alliances for Origence.
“This data forward approach is a great offering for our clients. The integration of Black Book Values into our consumer lending platform further expands our support of all types of vehicle loans for our lenders,” Lynch added.
Not long after naming Kenny McDonald as its general manager, Carsfast — a startup dealership driven by artificial intelligence — formed a relationship with Black Book.
Black Book recently announced the integration of its used API values and inventory pricing into Carsfast, which provides a contactless service that allows consumers to shop and get financed for thousands of vehicles from their cellphones.
Currently, Carsfast is running through a suite of six different finance companies and is live in three states: Arizona, Texas and Illinois.
Carsfast’s artificial intelligence technology can communicate to consumers based on their needs and preferences matching shoppers with a range of vehicles that suit their personal and financial circumstances. Vehicles can be directly delivered straight to the consumer’s door or picked up from a partner dealer at any time that suits their needs.
“Black Book’s integrated VIN specific valuation and vehicle decoding data helps to power the Carsfast decision engine, that is utilized in the acquisition of appraisals, as well as inventory pricing,” Black Book executive vice president of revenue Jared Kalfus said in a news release.
“That data allows car buyers simple and efficient transactions and relieves them from the pressure of the typical sales cycle,” Kalfus continued.
Carsfast is geared to drive consumers from the top of the funnel through to delivery of the vehicle, providing consumers with an easy, transparent and personalized service.
“With the integration of Black Book’s data, we can precisely generate a list of pre-approved vehicles through our AI and decision engine,” Carsfast chief executive officer Shaun Sumaru said.
“Carsfast is like ‘texting a friend.’ Our buyers state exactly what they want instead of trawling through limited classifieds,” Sumaru continued. “We provide our customers a simple service to buying a car directly through their cellphones.”
CU Direct recently integrated with DealerSocket’s CRM in an effort to boost performance for both credit unions and dealerships.
As a result of the collaboration, CU Direct has expanded its CUDL auto financing platform’s DMS/CRM integration solution to include DealerSocket.
The company explained the system integration with the CUDL platform is designed to minimize the need for dealers to double enter data, better simplifying and streamlining the entire application process, while allowing more opportunities for quicker financing solutions.
“The new integration not only allows dealers to tap into CUDL’s credit union network — which, collectively, represents one of the industry’s top auto finance sources — it creates a seamless workflow within DealerSocket’s CRM that streamlines the credit application process for dealers and ultimately improves the experience for their customers,” said Darren Harris, executive vice president and general manager of retail solutions at DealerSocket.
“Having that access also means keeping those opportunities in one place, making it easier for sales teams to take advantage of the CRM’s marketing engine for follow-up and ownership lifecycle campaigns,” Harris continued.
The companies also highlighted the new system integration with DealerSocket’s CRM can provide a number of key advantages for dealerships, including:
• Improved transaction times and streamlined workflows with centralized and secured management of all customer opportunities.
• Pushing deals from DealerSocket directly into CUDL system
• Improved CSI with less customer time in the F&I office
• Improved capture of customer financing with access to the nation’s largest credit union network.
• Elimination of double entry with a direct push of customer credit and vehicle of interest details to the CUDL platform.
CUDL can connects financing providers to 15,000 dealers nationwide. Collectively, the 1,100 credit union partners on the CUDL platform have been the nation’s leading auto financing source since 2017, according to CU Direct.
“As the lending landscape and consumer expectations continue to evolve, we recognize the value and need for delivering a simplified, streamlined application process for dealers and their customers,” CUDL product director Marty Simons said.
“As a result, we’re excited to partner with DealerSocket to provide dealers with a faster, enhanced application process, paving the way for an improved customer experience,” Simons went on to say.
One of the fast ways for possible deliveries to go sideways is the potential buyer not having the credit background needed for the necessary financing.
ShopSmartAutos.com’s integration with Dealertrack is meant to head off that possible pitfall as the fruit of their new relationship finalized this week is the possibility for consumers to submit an online credit application from the vehicle listing, which can help set realistic expectations for both the potential buyer and dealer.
This capability is set to be available on ShopSmartAutos.com this month.
“The timing for this relationship is perfect as we believe more and more consumers will rely on ShopSmartAutos.com to find their new or pre-owned car, truck or van,” ShopSmartAutos.com founder Richie Bello said in a news release.
“Having access to Cox Automotive’s solutions gives dealers looking for lead generation from ShopSmartAutos.com direct links to improve dealer efficiency and customer satisfaction,” Bello continued. “Consumers currently spend 85% of their car-shopping experience online. ShopSmartAutos.com looks to provide all the tools necessary to help consumers make the decision to buy and help dealers close the sale.”
ShopSmartAutos.com has developed its search engine to accommodate more than 6 million vehicles, allowing consumers to find their next vehicle locally as well as nationally. The organization has connected with national delivery systems to make the shopping experience as easy as getting an airline ticket online.
“The only difference is instead of the consumer driving to the airport to get on that plane, the car buyer can either go to the dealership or stay home and receive their new or pre-owned car, truck or van right in their driveway,” Bello said.
“Lead generation is a long-established method to justify marketing budgets, but COVID-19 stay-at-home orders pushed the industry to service dealers needs even better,” he continued. “By purchasing leads of interested, qualified buyers, dealers can maintain a ramp up that makes sense within the latest guidelines and strategies for interacting with consumers.”
For more information, visit SmartShopAutos.com.
A week after landing nearly $300 million in financial resources to expand operations, DigniFi is integrating its financing platform for auto repairs and services with Xtime.
To help increase dealer revenue per repair order and provide customers with more flexible service financing, the Cox Automotive division announced on Tuesday that it’s integrating with DigniFi to launch FlexPay, an easy-to-use payment option offered directly through the Xtime platform.
With FlexPay, dealers can help boost service department revenue while making comprehensive auto repairs more affordable to customers.
Xtime acknowledged many service customers struggle to pay for auto repairs out of pocket, making it difficult for dealerships to sell service recommendations in a way that maximizes fixed ops revenue. In fact, 71% of additional service recommendations and 29% of primary service lines go unsold, according to Cox Automotive's 2018 Service Industry Study.
“Our research shows 63% of customers are unable to pay for a $500 auto repair out of pocket, so advisors are having difficulty selling not just additional service recommendations, but also regularly scheduled maintenance,” Xtime vice president of operations Tracy Fred said in a news release.
“These unsold services present a missed opportunity that dealers can reclaim by offering a simplified and streamlined service financing process,” Fred continued.
To fill this gap in the market, Xtime pointed out that many forward-thinking dealers have already adopted service financing options to help make vehicle service more accessible to customers and lessen the impact of unexpected repairs on consumers’ budgets. However, until FlexPay, service financing solutions required their own separate systems, complicating the sales process for service advisors and depreciating the customer experience.
DigniFi explained that FlexPay offers a more streamlined service financing option from within a dealer’s existing appointment scheduling and inspection process. The payment option is presented throughout the system as consumers engage with it.
“Today, making a service experience easy and contactless are the keys to success, so excluding financing solutions as part of the process is no longer optional,” DigniFi chief executive officer Richard Counihan said. “By integrating with Xtime to create FlexPay, our dealer clients can provide a better customer experience while enjoying easy processing and potentially higher profitability.”
The companies went on to mention other competitive advantages through Xtime’s FlexPay include:
— Increased revenue per repair order: Customers are 76% more likely to make purchases if a simple and seamless payment plan is available, making it easier for advisors to sell primary and additional service recommendations, according to a 2018 survey orchestrated by Citizens Financial Group.
— Simplified service financing sales process: By integrating seamlessly into dealerships preexisting scheduling and inspection systems, FlexPay provides more efficiency through the sales process and a better customer experience.
— Higher repair order close rates: Xtime’s FlexPay has a consistent presentation of offerings across multiple customer touchpoints that drives wider knowledge of the service financing option and in turn, increases business opportunities for the dealer as well as more comprehensive service for the customer.
AutoNation already valued what DigniFi did for the service drive at its stores. In this week’s news release, Jay Helbert, operations director at Town East Ford, described what DigniFi’s integration Xtime did for his operation in Mesquite, Texas.
“The option for flexible service financing through Xtime’s FlexPay is a real game-changer for a lot of our customers who otherwise wouldn’t be able to afford their repair order upfront,” Helbert said.
“It’s also a big advantage for our service advisors who no longer have to toggle between systems to process financing and technicians can perform the full level of service recommendations that they make for a vehicle, which at the end of the day, means better service and a better experience for the customer too,” he went on to say.
Xtime’s FlexPay is currently available at no additional cost to all U.S. Xtime dealers with a DigniFi account through Xtime’s Schedule, Inspect and Engage products.
For more information, visit www.xtime.com/flexpay.
On Tuesday, Carzato, a leading automotive online services provider, announced its integration with RouteOne, a leading F&I technology provider, in an effort to furnish an optimal experience for consumers and dealers in North America.
With the collaboration, Carzato explained its online retailing experience (ORE) platform integrates with RouteOne’s credit aggregation system to present indirect auto-financing quotes to consumers and enable full online credit application and e-signing. The firms believe the integration enhances the automotive digital retailing product offering and empowers consumers with financing quotes that are fully transactable at the dealership.
“Carzato’s integration with RouteOne allows us to provide an industry first cross-tier and brand-customizable car-buying tool that routes high-intent shoppers directly to dealer online retailing tools,” Carzato chief executive officer Javier Ruiz said. “Regardless of where people are shopping — brand website, dealer website, social media, email, search and the like — ORE provides a consistent and efficient experience for the car-buyer, while generating incremental, high-closing leads for dealers.”
Carzato emphasized that it works closely with automakers to provide a fully modular digital retail experience that is white-label ready — offering a unique platform with advanced customization to meet highly-specific needs — currently servicing more than 2,600 dealerships across six automotive brands.
“RouteOne remains committed to delivering innovative solutions to enhance both the dealer and consumer experience,” RouteOne chief executive officer Justin Oesterle said. “RouteOne is pleased to integrate with Carzato to solve for current market challenges and support the launch of this online retailing experience that delivers quality leads from OEM and dealer digital retail platforms.”
Carzato reiterated that its ORE platform was built to be agile, allowing OEMs and dealers to integrate existing retail tools into the platform. The company contends the result is a high-performing retailing experience that does not require dealers to replace their existing sales processes.
“Creative delivery can also be tailored to the specific needs of each brand with messaging that is both relevant and targeted to the intended audience,” Carzato said.
On Tuesday, LendingTree announced an integration with RouteOne. With this development, LendingTree’s credit application functionality will integrate with RouteOne’s credit aggregation system to present indirect financing offers to consumers.
The company highlighted the integration enhances LendingTree’s automotive product offering and is geared to empower consumers with instant finance offers that are fully transactable at the dealership.
LendingTree president Neil Salvage insisted that knowing their finance options ahead of time provides vehicle buyers with peace of mind. Salvage continued that dealerships, in turn, can seamlessly fulfill car-buying transactions using their respective processes, systems and selection of finance companies.
“Our integration with RouteOne allows us to further broaden consumer choice while creating incremental sales opportunities for car dealers,” Salvage said in a news release.
“Equipped with financing in hand, LendingTree users can walk into the dealership and close their deal with speed and confidence, resulting in a positive consumer experience for lenders, dealers and borrowers,” he went on to say.
LendingTree tries to simplify the auto-financing experience, giving consumers instant access to finance offers. Millions of consumers have used LendingTree’s innovative digital auto finance platform to get approved for financing prior to visiting the dealership.
“We’re pleased to welcome LendingTree to our platform,” RouteOne chief executive officer Justin Oesterle said. “This integration is yet another example of RouteOne’s commitment to providing innovative ways to enhance the car buying process for consumers, car dealers, and indirect auto financing sources alike.”
LendingTree offers vehicle buyers nationwide the ability to obtain up to five personalized financing offers on the vehicle of their choice. The company said it safeguards sensitive consumer information with advanced encryption and state-of-the-art data security technology.
Following the initial workshops nine months ago, White Clarke Group recently delivered its CALMS wholesale finance solution to V12 Vehicle Finance, the automotive financial services arm of Secure Trust Bank, an established, well‐funded and capitalized retail bank in the U.K.
White Clarke Group highlighted the solution deployment is designed to give V12 Vehicle Finance greater speed to market as well as meet the bank’s functional and technical requirements to facilitate each element of the dealer floor-planning journey to become more effective and efficient.
V12 Vehicle Finance’s investment in the CALMS Wholesale Finance platform will automate the full wholesale lifecycle process, providing the bank with the ability to fund through a variety of channels, such as auctions and forecourt purchases, enabling dealers to manage their contracts through the CALMS Dealer Portal, as well as offering flexible configuration of finance products and easy integration with existing in-house and third-party systems.
“We are especially pleased with the success of this implementation. V12 Vehicle Finance has established a unique digital buying and funding journey for dealers and White Clarke Group’s platform supports the future growth of our business,” Secure Trust Bank managing director David Mercer said in a news release.
White Clarke Group chief operating officer Peter Dyson, added, “A collaborative approach and transparency from the start led to the smooth delivery of this project.”
White Clarke Group also is in the process of implementing its CALMS Retail Finance software for V12 Vehicle Finance, which is scheduled to go live during the first quarter of next year.
