Photo - DecisioningIT
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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
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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.

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.

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.

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

Money will be spent on

Hiring more dev team
Sales team for the USA
Sales and lenders team

Team or Management

Photos

Photo 1 - Getting more consumers approved
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video