QUOTEVINE and cap hpi have launched a new product called Radia.
The new Radia tool is intended to speed up the time from vehicle manufacturer market data to dynamic pricing decisions for leasing brokers.
Radia, says Quotevine along with its data partner cap hpi, can analyse all data, including PDFs, and uses machine reading and learning technology to extract the raw data from the vehicle manufacturer’s support term agreements.
The data then automatically generates CAP codes before it is shared with leasing companies via an API.
Quotevine says Radia streamlines the process around the review and approval of OEM support terms and discounts, and speeds up the process for new vehicle models to market. Manufacturer terms are imported instantly into leasing platforms.
By digitising the workflow, Quotevine says that mistakes made by manual processes and human interpretation are eliminated.
It means that manufacturers can get pricing to market swiftly, while leasing providers can take advantage of tactical deal opportunities in real-time. Radia will also allow for procurement optimisation by enabling historical data analysis.
Quotevine Founder and CTO Daniel Layne said:
“This is a significant development, and forms a critical foundation for the real-time, tailored services that vehicle lessors have come to expect. Our digital offering will allow our customers to bring their operations into the digital age, to deliver new and innovative services that are better aligned to how customers want to use and buy vehicles.”
Amanda Morgan, Head of Sales (Fleet), at cap hpi added:
“The management of support terms has always been a difficult area to manage for the leasing sector and currently relies on manual resource. There are huge benefits to be had from implementing Radia and in the majority of cases no IT development will be required.”
Leasing brokers using the Quotevine system include Synergy Automotive – winner of Leasing Broker of the Year 2018 – UK Carline, Kudos Vehicle Management, Crusader Vans and VoozoDealer.
