Technology startup Quotevine has entered the motor finance
market, launching a direct mail initiative aimed at increasing
awareness of its pay-as-you-go motor finance software.
The company offers products covering
quotations, proposals, credit workflow, CRM, management
information, compliance and lead management, and is currently
targeting captive finance companies, with plans to approach
non-captives and leasing companies.
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Malcolm Thompson, Quotevine managing director,
said the company was “bringing a fresh viewpoint – our ethos is if
you process 100,000 proposals, you are charged for 100,000
proposals,” reducing the sunk outlay by companies for IT and the
“stop-start, stop-start approach to IT” which may hamper
businesses.
Following initial work with leasing and motor
finance lenders, Thompson told Motor Finance his company
could reduce lenders’ credit proposal operating costs by “about
50%.”
Thompson claimed a reduction of the industry’s
£24m annual expenditure on finance processing would represent “a
tremendous saving” and said Quotevine would save a company handling
100,000 proposals a year £2.2m over five years.
Together with chief technology officer Daniel
Layne, whose experience includes work with fleet company
Leaseplan, Thompson said Quotevine could “eliminate waste and
afford lenders the opportunity to deliver first class
products.”
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By GlobalDataAsked about his company’s competitive
position, Thompson named CHP Consulting, White Clarke Group and
Frontline Solutions as offering competitive “elements in
isolation,” though claimed Quotevine’s pricing model as a USP.
richard.brown@vrlfinancial.com
