Motoinsight, developer of the MotoCommerce digital car-buying platform, is in the “implementation phase” with a captive and a bank. Cloud-based MotoCommerce allows lenders to offer consumers a paperless finance experience.
“If you’re a lender, you have a tremendous portfolio of customers that you already have an existing relationship with,” said Andrew Tai, Motoinsight’s chief executive and co-founder. “A lender can do what we call a key-to-key experience,” he said, referring to a consumer’s move from one vehicle to another, which can “dramatically help increase retention and loyalty.”
Though Tai declined to name Motoinsight’s lender clients, he said that the captive partner is working to deploy MotoCommerce in a “lease retention” capacity in order to onboard consumers coming off lease.
MotoCommerce was originally utilized by auto manufacturers, but a new simplified version for independent and franchise dealers was launched earlier in April. So far, more than 50 dealers have expressed interest in the technology, which is available in the U.S., Canada, and Australia, Tai said.
