LAS VEGAS — Market Scan Information Systems has partnered with Experian to offer auto lenders its mGauge product, which consolidates data and analytical insights into competitors’ rates and programs, Rusty West, Market Scan’s co-founder and president, told Auto Finance News.
“We aggregate all the data electronically — consumers’ preferences, OEMs incentives, lenders’ rates, trends by municipality and dealer trends,” West said. “So, for any one vehicle that gets delivered, there might be hundreds of thousands of payments that were calculated associated with that vehicle or a lending institution trying to target that vehicle.”
Here’s a typical use case, West said: A regional bank in Florida wants to target Ford F-150s in the Tampa Bay region at franchise dealerships. With mGauge, lenders can analyze rates offered by competitors to tailor their own offerings in a more focused way to make themselves more competitive in a specific market.
The partnership with Experian offers smaller lenders access to Market Scan’s data, West said. “Experian has a relationship with nearly every lending institution in the country,” he said. “The product is designed to be useful for every lending institution, big or small.”
Looking forward, this is the first product of what West hopes will be several with Experian. “These products are designed to evolve automotive commerce for the better,” he said.2 - Readers Like This Post