A ONCE-in-a-generation opportunity for brokers that modernise their systems, as vehicle financing and leasing industry enters dramatic new phase.

That’s the message from Jeremy Wright, Sales and Client Success manager for FinTech company, Quotevine.

Announcing the company’s renewed commitment to small and medium-sized broker businesses, Wright said Quotevine’s unique offering can enable them to get ahead by automating a range of day-to-day processes, freeing up decision-makers to focus on product and service innovation, growth and building market share at this crucial time.

Those that prepare for sweeping change coming over the horizon for the industry and grasp the unique opportunity digitising represents, will be the ones that ‘survive and thrive’.

Increasing customer expectations, changing approaches to vehicle financing structures and pressure for ever-more speed and accuracy in servicing client demand is resulting in – particularly smaller – brokers struggling to keep up, let alone get ahead.

Unlike their larger counterparts, they don’t have unlimited budgets to spend on systems, processes and people to meet ever-evolving requirements. Differentiating themselves in this increasingly price-driven space is a real challenge.

Which is why Quotevine plans to help even more of these hard-pressed intermediaries with its suite of scalable, artificial intelligence-powered ‘plug and play’ digital products which can solve most problems they face, saving them money and even-more-valuable time.

The Bedford-based software-as-a-service (SaaS) provider for the automotive finance and leasing industries, has invested heavily in remaining at the cutting edge of industry developments since it was created in 2014.

With the recent completion of series A round of funding, it expanded its UK team to 22 and employed a team specifically focused on brokers, in order to provide smaller broker businesses with the support they need to succeed at this crucial time for the vehicle financing and leasing sector.

Quotevine also recently joined the Leasing Broker Federation and the BVRLA, to support its efforts to understand and grow the Broker business. 

This investment has driven the success of 10 new broker clients in the past six months.

Today, there are 350 small and medium-sized businesses (SMEs) operating as automotive brokers and 600 asset finance brokers in the UK, serving customers with similar data and leasing options.

An increasingly saturated and price-driven SME asset, fleet and finance brokerage market has left many firms within the space struggling to differentiate their product and service bundles. 

With 88% of the cars on the road currently being leased, the brokerages that service this demand have a significant amount of paperwork and bureaucracy to deal with, and most still use simple Excel documents to manage client data. Quotevine streamlines this administrative task with its proprietary automotive finance ‘ecosystem’.

Its single, cloud-based platform, called Broker essentials, enables companies to create an outward-facing website with fast and accurate quoting capability, and their own application portal, ratebooks, document and supply management, as well as underwriting integration with credit referencing agencies, dealer and supplier order management, commission calculations, automated payout capability and in-life contract management.

The company is unique in its ability to tailor the combination of solutions to each specific broker’s needs through its supporting consultancy service. All of these capabilities can be implemented quickly and easily, integrating with existing systems and very little disruption to business-as-usual.

The system’s scalability can enable businesses using it to grow to the next level in an affordable way. New additions to Quotevine’s offering include integrated E-SIgn, user defined Reports and industry-specific advanced CRM and the company is constantly innovating to future proof it against upcoming market developments.

Josh Mills, Sales Manager of  Hitchin-based brokerage Motorlet, described the difference Quotevine has made to his business.

He said: Quotevine has been a huge help with the expansion of Motorlet. “It’s allowed us to triple the size of our client base in just two years, while maintaining the same level of customer service, and all without having to employ more staff. We’ve not even got around to using all of the features!

“If a brokerage needs a Customer Relationship Management system that moulds to your business and helps with growth, they’ve found it.”

Quotevine’s products also allow brokers to have complete control over the sale process, such as CRM and customer service, e-signature of contracts, simple-to-use pricing calculations, document storage and complete business data insight.

Offered with different tiers of services, brokers of every size can achieve their perfect solution, from a small team that needs to cherry pick a small number of functionalities from what’s available, to the ultimate bespoke service covering a larger brokerage’s end-to-end needs. And Quoteline backs its industry-leading digital solutions with full support from implementation to production.

Wright, Sales said: “Being able to adapt to quickly to changing market dynamics, supported by the use of technology, brokers will be able to create competitive services, create customer stickiness and improve business operations.

“At Quotevine, our commitment is to provide them with the digital tools and technology that works for them.”