CARFAX Canada says that its VIN Scan product will now help power Inovatec Systems Corp.’s cloud-based lending software products.
Through that partnership, users of Inovatec Systems — a provider of cloud-based software products for automotive and equipment financing institutions — will be able to adjudicate lease and finance applications with greater efficiency and accuracy, according to CARFAX Canada.
CARFAX Canada said its billions of data records from thousands of unique sources include data “that can’t be found anywhere else.”
Using that information, VIN Scan provides high-level insight into key vehicle attributes, according to CARFAX Canada. With what CARFAX Canada describes as seamless integration into the Inovatec LOS dashboard (Compass), that enhances the ability of its users to see important information about a vehicle at a glance, which mitigates risk, the company said.
If more specific detail is required, the option to order a full CARFAX Canada Vehicle History Report is available.
“We’re excited to be able to provide our partners with unmatched vehicle history information in a seamless and cost-effective way,” said Mike Foster, who is the director of banking, insurance and government at CARFAX Canada, in a news release. “This new partnership with Inovatec combines best-in-class loan origination software with key elements of a vehicle’s history, enabling users to drive better business decisions by leveraging our data more effectively than ever before.”
Inovatec vice president of sales and marketing Bryan Smith said the integration brings another level of data and transparency for its lender partners “when adjudicating applications and assessing true risk.”
Smith added, “The result is higher efficiency, more deeply-informed decisions, upgraded customer experience and lowered portfolio and transactional risk.”