51587
DecisioningIT
Getting more consumers approved
Canada, Toronto
Market: Auto Maintenance, Financial services
Stage of the project: Operating business
Date of last change: 12.03.2021
Canada, Toronto
Market: Auto Maintenance, Financial services
Stage of the project: Operating business
Date of last change: 12.03.2021
Idea
By combining predictive AI, Loan-Matching & Customer Credit Management, DecisioningIT is transforming dealership lending
Current Status
Currently we are operational in 10 dealership. These were test dealerships. These dealers have seen an increase of over 50% approvals on deals that would typically be declined.
We launch April first and have orders of over 300+ dealerships.
We have integration with Route One, DealerTrack and other 3rd party companies in the Auto Sector.
We launch April first and have orders of over 300+ dealerships.
We have integration with Route One, DealerTrack and other 3rd party companies in the Auto Sector.
Market
Our target market is Automotive dealers (to start). In North America we have over 75,000 dealerships giving us a market opportunity of over 1 Billion. We plan to take our product worldwide.
Problem or Opportunity
81% of finance or lease applications with a score below 675 are declined in dealerships.
There are dozens of financial institutions that approve non-prime consumers.
Majority of declines are due to a lack of experience and understanding of the non-prime space by the finance manager. 21% of North-American auto loans are non-prime, and it’s growing
Economics are warning for an increase in non-prime lending around the world due to COVID-19
Our software is able to determine which bank would be willing to approve a customer based on all criteria. In the automotive space, non prime sales accounts for roughly 30+% of deals. Unfortunately due to a lack of experience in non prime, many consumers are declined or put into a bad loan that is more harmful for their credit.
Our software uses historical data (over 150,000 credit applications) as well as bank reserves and programs in order to give clients the best option first.
There are dozens of financial institutions that approve non-prime consumers.
Majority of declines are due to a lack of experience and understanding of the non-prime space by the finance manager. 21% of North-American auto loans are non-prime, and it’s growing
Economics are warning for an increase in non-prime lending around the world due to COVID-19
Our software is able to determine which bank would be willing to approve a customer based on all criteria. In the automotive space, non prime sales accounts for roughly 30+% of deals. Unfortunately due to a lack of experience in non prime, many consumers are declined or put into a bad loan that is more harmful for their credit.
Our software uses historical data (over 150,000 credit applications) as well as bank reserves and programs in order to give clients the best option first.
Solution (product or service)
Our software helps dealerships get more non prime customers approved and simplifying a customers retail experience online.
We help dealers sells more calls, but we also match a consumer to the right lenders, not just one lender. We help customers reestablish their credit as well.
We help dealers sells more calls, but we also match a consumer to the right lenders, not just one lender. We help customers reestablish their credit as well.
Competitors
There are other competitors but no one shares all lenders details with dealers and consumers
Advantages or differentiators
We show all lenders details .
Finance
We have two major products.
The Lucy Platform - $995 per month per rooftop
The Lucy Widget - A website forum $699 per month per rooftop
The Lucy Platform - $995 per month per rooftop
The Lucy Widget - A website forum $699 per month per rooftop
Money will be spent on
Hiring more dev team
Sales team for the USA
Sales and lenders team
Sales team for the USA
Sales and lenders team
Team or Management
Photos
Presentation
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