DecisioningIT is set to launch a widget that will allow consumers to get prequalified for lending regardless of their credit rating and directly through the dealership’s website.
Rosa Hoffmann, CEO and Co-founder of DecisioningIT, which launched two years ago in the vehicle finance technology space, said the widget has been tested with some partners and will be released to a broader market in May.
“There are other companies that do pre-qualification, but not to the extent that we do and I can also say they don’t do the non-prime space,” said Hoffmann in an interview with Canadian auto dealer. “I think there are some companies that claim to do non-prime, but they have not been as successful. That’s not really what they market.”
She said the widget will have the ability to determine the customer’s credit rating, specifically whether or not the individual qualifies for prime lending, along with which lenders would be the best option to provide financing — rather than letting the application fall through the cracks.
Moreover, she said the program would have the ability to let the dealership determine which other vehicle in its inventory consumers would qualify for lending if they were turned down for the one they specifically wanted.
“There’s tons of online finance applications that exist, but it’s the back end. It’s our brain, it’s our technology, the AI component that makes it very unique and to my understanding no one’s doing exactly what we’re doing. We know the criteria that lenders need,” said Hoffmann.
DecisioningIT was recently informed it is a finalist for the CanadianSME Small Business Awards for 2022, which Hoffmann said was “very honouring.”
“We are growing and we are definitely doing the best we can to create a sustainable company that’s making a difference in Canada and keeping technology here in Canada,” she said. “We are proud of our team for their hard work and dedication in making a positive impact on the car-buying experience for consumers.”
