Automotive FinTech

The majority of vehicles on the road today are purchased via a finance agreement where the end to end process of acquiring the vehicle involves many steps before you can drive it away. And when a car has been leased under long term finance or even rented for just a few days, the driver has agreed to take care of that vehicle and return it in line with Vehicle Return Standards, if damaged there are normally charges to pay.

How We Help

EDM has delivered numerous solutions to the automotive retail sector, but we specialise in processes important to Automotive Finance such as getting your customer in their car as smoothly as possible via our automated Digital Payout solution and getting them out of the car at the end of a lease or rental with our Digital Damage Management solution.

Digital PayOut

EDM’s Digital Payout solution automates the critical part of the automotive finance process from contract signing to payout enabling the retailer to release the vehicle to the customer without delay. Paper based processing can take hours or even days with faxes of contracts and invoices being sent from retailer to finance company. With Digital Payout this process is completed in a matter of minutes for an automatic payout based on business rules being passed and an average of 45 minutes for payouts requiring manual review. The solution significantly improves efficiency of the back office processing team at the finance company and enables the retailer to track exactly where their payout is so they can inform the customer confidently when they will be able to collect their new vehicle. This solution means an end to resourcing up for peak periods with temps and improves compliance with automated checks on 30 plus data points including online Driving Licence verification and invoice matching. Digital Payout is now available with eSignature for both face to face signing in the dealership or at distance for customers signing at home. A leading German Automotive customer has said Digital Payout is “The most significant change in the way they sell cars in the last 10 years”.

Digital Damage Management

EDM’s Digital Damage Management solution can be used in either the car rental sector or automotive finance to automate the assessment of a vehicle on return to a rental station, dealership or even for self-service return by the customer with both expert and simple modes of operation. Car splats are used to enable the user to point and click on a part of the vehicle and then take a photo of the damage. The estimated cost of damage can be calculated for defined issues or the system can create requests for quotation to suppliers for other damage. Suppliers can bid for work, receive orders, invoice and get confirmation of acceptance of work through our online supplier portal resulting in automated purchase to pay. A leading global car rental customer uses the system to manage damage and maintenance for its’ fleet of over 100,000 vehicles across Europe. New developments include integration with Telematics in the near future. This solution can significantly improve the recovery of charges for damage and excess charges such as mileage at the end of a lease or rental in addition to providing best value repair and remarketing saving millions for customers with large fleets.

Who We Help

Car
Retailers

Car
Manufacturers
Finance
Companies

Car
Rental
Companies