Sunday 22nd September 2019

Connected car financing gets a new lease of life on the Quotevine

Published on September 11th, 2018

The best creative people will breathe life into the most mundane activities, argues freelance technology writer, Nick Booth.

Daniel Layne, founder of Quotevine, must be an absolute genius because he’s written an exciting new chapter for leasing. Layne spotted a problem that few in the connected car industry would have been excited about, even if they knew of it. He then unblocked the bottleneck and has arguably turbo-charged the engines of commerce.

Thanks to Layne’s invention, the once boring car leaser is now someone you’d want to seek out, as they’ll help buyers (both consumer and corporate) get better deals, realise greater ambitions and glorify their in-car experience. At the retail end of the leasing business, lessors can instantly cross-reference personal, vehicle and driving data when creating contracts for customers.

Lack of confidence

When leasing cars, we all have a confidence problem. We don’t know our limits, and the best of us will modestly narrow our horizons. Quotevine acts as a sort of digital disappointment buster, by helping us realise the full extent of our entitlement to the best car available for the type of driving we want to do — depending on the miles to be covered or the prestige to be coveted.

Lessors can dynamically price and qualify customer contracts with greater accuracy and speed, thanks to their access to our personal and driving histories. This is achieved using mobile devices connected to cloud-based quoting engines, which finish their work while today’s manual processes are still getting the paperwork out of the drawers.

For connected car leasers this offers a much better option for protecting their assets. The cost savings could be passed onto to the customer, or the lessor could just please the client without any personal sacrifice with new cost savings. Such as helping customers to avoid penalty charges on mileage caps through automated, machine learning-driven warning notifications.

Nick Booth

Then there is the company car pool, which is the bane of every company secretary’s life — so I’m told — because people project so much meaning into their vehicles. This is where automation could actually help the administrator who has to deal with all the pent-up emotion.

The big data dividends in enterprise leasing operations will have a strong impact, particularly in those big corporations that have whole fleets of these four-wheeled psychological bombshells.

Defensive data

Defensive use of the IoT and Big Data will let enterprise fleet managers see off a range of threats. There is a problem solved for everyone. The finance director will be impressed by the cost savings. The corporate social responsibility director will be pleased by the cuts in carbon emissions. Health and safety will like the improvements to driver safety.

Leasing businesses could alleviate the problem of a bloated enterprise fleet by cross-referencing data and showing which of their employees live within proximity of each other. These could be approached and asked if they want to car share, says Layne. Although that sounds like a difficult conversation to me.

The data can also improve the duty of care by using car sensors to ensure drivers are not operating vehicles for longer than recommended, or when the vehicle is due a service. Dynamic pricing across fleets can nudge operators when drivers are not being eco-friendly. They could also make friendly suggestions during the procurement phase, prompting fleet managers about the green vehicle choices and specs.

Leasing companies could re-brand themselves as trusted business advisors who are more interested in long-term benefits than short-term profits. Now that is creative.

The author of this blog is freelance technology writer, Nick Booth.

Comment on this article below or via Twitter: @IoTNow_OR @jcIoTnow