9:32 am, June 4, 2018
MORE than 100 billion motor finance quotes are now being generated for dealers by iVendi every month, the company has reported.
The quotes are preconfigured to almost every possible variation of vehicle, finance product, quote length and deposit across many thousands of dealers, so that they can be delivered instantly to used car buyers using a payment search online.
James Tew, CEO, said: ‘Every month we quote using an average of 768 parameters for every vehicle listed by each of our dealers for every one of the finance products and providers that they offer.
‘That’s how we have hit the 100 billion milestone. It’s a reflection of the growth in both the number of dealers using our technology and the general increase in online motor finance that the car market is seeing.’
Tew said that iVendi continued to invest substantial sums in creating the infrastructure required to deliver on this increasing level of business activity.
‘The headline 100 billion number is obviously massive and a good indication of the scale of technology needed to make online motor finance work effectively in the real world, especially while meeting the highest possible security standards.’
He added that currently, iVendi was generating online motor finance quotes for individual, potential buyers on around 250,000 vehicles every month.
He said: ‘In its own way, this is a figure every bit as impressive as the 100 billion. At a time when it is still possible to find people in the industry who deny the relevance of online motor retail, this shows its undeniable and growing importance.’
MORE: Alfa Romeo to relaunch two legendary nameplates
MORE: Alan Day Volkswagen signs new deal with rugby champions Saracens
MORE: April boost for UK car manufacturing
On WorkshopMagazine.co.uk: Baldwins to hold apprentice showcase day
