Automotive F&I firm DealTrak is to collaborate with international software engineering firm Godel Technologies in the development of the next generation of its platform.
Leeds-headquartered DealTrak passed more than 3.6m proposals through its current platform in 2018, representing potential transactions totalling £9.6bn. This number is expected by the company to rise by 40% over the next two years.
Through its partnership with Manchester-based Godel, whose software development centres are based in Belarus, DealTrak expects that, once launched, the software will enable motor dealers to liaise with more customers each day and handle increased volumes of F&I transactions. In turn, this could lead to an uplift in sales and reduced operational overheads.
Ben Moore, IT Director at DealTrak, said: “Used by over 1,100 motor dealerships, the current iteration of our platform is already renowned for significantly improving operational efficiencies within time-poor dealerships. But we want to take that to the next level.
“The FinTech landscape is shifting rapidly, and there’s huge pressure on the market to keep up. Our goal is to remain ahead of the curve and, by partnering with Godel, we’re reinforcing our position as a trailblazer within the F&I sector.”
The new platform is scheduled for release in early 2020.
Martin Hill, managing director of DealTrak, said: “This is an incredibly exciting new chapter for DealTrak. There have been a number of incremental improvements made over the years in line with the rapidly-evolving landscape.
“Following a review of the market and what we predict is a bright, but challenging, future in our space – and having seen some of the fantastic work Godel has produced within the tech space – we believe the time is right to commence work on the next generation of the DealTrak platform.
In June DealTrak created 18 positions in the business to support expected growth in the coming months. The company’s latest financial results showed a 13% increase in Q1 proposal numbers and a 10% uplift in the number of active sites year-on-year.