Automotive retail solutions provider Keyloop has joined forces with AI company Kortical, aimed at enhancing dealers’ retention of customers approaching the end of their vehicle finance agreements or considering early renewal.
The five-year collaboration will see Kortical’s AI capabilities integrated into Keyloop’s customer retention software.
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The utilisation of Kortical’s tools has already been associated with an increase in finance renewal rates, with early adopting motor retailers reporting an average uptick of 7.1%.
Kortical’s system, which has been in development for the last five years, specialises in the analysis of vast amounts of data to forecast customer renewal propensities.
The analysis encompasses the review of customer records, digital activity, and market trends to identify those most likely to engage in finance renewals and the optimal approach for conversion.
Kortical co-founder and CEO Andy Gray said: “We believe AI should deliver real, measurable results, and that’s exactly what this partnership with Keyloop is all about.
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By GlobalData“By embedding our machine learning into Keyloop’s retention tools, we’re helping dealerships connect with the right customers at the right time with the right vehicle.”
Enriched with Kortical’s real-time analytics, Keyloop’s digital dashboards will provide managers with the ability to track and assess the impact of their renewal strategies.
The insights derived from Kortical’s analytics will also enable increasingly targeted sales campaigns.
By identifying specific customer segments based on geographic and demographic data that indicate a higher propensity to invest in EVs.
Keyloop chief product officer Adrian Nash stated: “Collaborating with Kortical means we can offer something new and innovative to finance providers and their retail partners, boosting the efficiency of the sales process and helping staff spend more time on customers with the highest levels of purchase intent.
“Retailers can also use the data to identify those most likely to convert to an EV, helping them meet new targets for uptake of plug-in vehicles.”
Earlier this year, Keyloop appointed Megan Harvey as chief revenue officer, a role in which she will guide the company’s revenue-focused departments in the lead-up to the launch of its new automotive retail platform, Fusion.
