Acuant and eLend Improve Retail Automotive Industry

Retail automotive can be considered the largest “broken industry” in the world, and companies are trying to innovate new solutions that simplify the process of purchasing a car. Anyone who has leased or purchased a new car has despaired at how long it takes to walk out of the dealership with the keys, even when you walk in knowing exactly what you want and how you want to finance it. Auto Trader estimates that consumers can spend 2 hours at the car dealership, and that’s if the buyer’s financing is already set up.

Dealers know that there is a lot of room for improvement in the speed, efficiency, and integration of their sales and financing processes: increasing customer satisfaction means more sales and higher profits. To increase efficiency, dealers have to start gathering and processing data at the initial point of contact. As soon as a potential customer walks into the dealership, reception needs to get that person into the sales queue and verify their license so they are ready for a test drive. Customers are understandably wary about handing their driver’s licenses to a salesperson. To prevent fraud and provide a transparent, relaxed experience, dealerships need a quick, systematic, and professional way to capture and verify ID information as early in the process as possible.

eLEND Solutions, an automotive technology company specializing in online and in-store credit and finance solutions, has incorporated Acuant’s identity verification and automated data entry solutions into its credit application products, thereby streamlining credit check and financing processes for auto dealerships. Acuant’s technology enables customer service representatives to quickly scan a potential customer’s ID card, verify their demographic information, check for history of fraud or other financial red flags, and automatically port all this information into a database. OCR scanning converts information captured from driver’s licenses, passports, and other government-issued IDs into text format, checks the information against DMV and other records, and auto populates applications the dealership uses for CRM, financing, and regulatory compliance.

Scanning and digitizing the data is more accurate than manual entry and reduces keystrokes, staff time, and customer waiting time. The Acuant solutions are cloud based and mobile ready; customer engagement can originate online or on the lot, and can be picked back up from any point if interrupted by the customer. Capturing quality, vetted data at the entry point carries through all back-end processes to positively impact everything from first handshake to final insurance certification.

Feeding verified information into integrated systems connects traditionally siloed processes, and the biggest slowdowns occur in the transition between Sales and F&I. Transforming the sales process to be “customer first” starts with efficient information capture and integration. Streamlining workflow, eliminating redundant processes, and speeding up the transition from Sales to F&I keeps the customer happy and willing to close the deal. With these data-driven tools, dealers can process more transactions per day.

The streamlined, efficient interactions impress customers and leave dealers free to focus on the finer points of customer service, eliminating some of the most painful aspects of the car buying experience- leading to increased Customer Satisfaction Index scores (CSI) and ultimately more sales.

 

 

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Acuant Partners with eLEND to Streamline Automotive Sales Process

LOS ANGELES, May 16, 2017 /PRNewswire/ — Acuant, a leading provider of data capture and authentication solutions, today announced a partnership with eLEND, an automotive technology company, to streamline credit check and financing processes for auto dealerships. eLEND works with more than 3,000 auto dealerships, representing all brands, and is integrated with all major CRM platforms.

Acuant’s AssureID™ and AcuFill™ technology enable dealerships to quickly scan a customer’s ID card, verify demographic information, check for history of fraud or other financial red flags, and automatically port all this information into a database. The integrated technology is proven to reduce the average transaction time by 60 minutes, representing up to a 30% improvement over paper-based, manual entry processes.

“Improving the consumer experience is an enormous challenge facing car dealers today,” said Pete MacInnis, CEO & Founder of eLEND Solutions. “Acuant’s identity verification is a key component of our ID DRIVE product. Our combined solutions are shaving 60 minutes off average transaction times, while increasing sales and profits and improving the consumer’s car buying experience. This is a big deal.  Acuant is a great partner for us.”

With Acuant’s technology, OCR scanning also converts information captured from driver’s licenses, passports, and other government-issued IDs into text format. The system then checks the information against DMV and other records, and auto populates applications the dealership uses for CRM, financing, and regulatory compliance.  eLEND’s platform also offers hard and soft pull credit solutions to automotive retailers.  Combining the two technologies, the driver’s license can triggers a consumer consented pre-qualification with no social security number requirement, jumpstarting the buying process.

“We are excited to work with eLEND to empower auto dealers to bring financing to the front of the sales process,” said Yossi Zekri, President and CEO of Acuant. “Capturing information and verifying potential customers early in the sales engagement process leads to higher closing ratios, a better customer experience, and more profitable deals. Everyone involved benefits when we can cut deal-making time from hours to minutes.”

Acuant solutions are cloud-based and mobile ready, which means customer engagements can originate online or on the lot, and can be picked back up from any point if interrupted by the customer. Capturing quality, vetted data at the entry point carries through all back-end processes to positively impact everything from first handshake to final insurance certification.

For more details on Acuant and eLEND’s use of this industry leading information capture and authentication solution, please visit https://www.acuantcorp.com/case-studies/elend_assureid_idverification/

About Acuant
Acuant Inc. is a global technology company that provides comprehensive Identity Verification solutions responding to various levels of risk and assurance requirements. Utilizing patented technology Acuant transforms data intake into a business-enhancing proposition while instantly reducing the risk of fraudulent transactions.

Acuant’s intelligent engineering is made to work in any industry in any environment with compatibility for Windows, iOS, Android, Hybrid and HTML 5- and built to allow meeting the highest level security requirements and regulations such as KYC, PII, HIPAA and AML. Partners include start-ups, Fortune 500 and FTSE 350 organizations.

Acuant and NewTech Automotive Improve CRM for Auto Dealerships with Mobile Information Capture

LOS ANGELES, May 3, 2017 /PRNewswire/ — Acuant, a leading provider of data capture and authentication solutions, today announced that it has formed a partnership with NewTech Automotive Services, one of the automotive industry’s leading innovators in technology, consulting, financial services, and vehicle management.

Acuant’s Acufill technology, integrated with NewTech Automotive, will enable sales associates at automotive dealerships across the country to capture and auto-populate critical customer information into the dealership’s CRM system, using an Android or IOS enabled mobile device. The solution will enable quick and easy capture of ID’s before customers go for test drives, enhancing both the customer experience and the accuracy of data for dealerships. No standing around to photocopy your ID or manually enter data. Improving these workflows has been proven to increase Customer Satisfaction Index Scores (CSI) which leads to higher sales volume.

Information is encrypted and data is not stored locally on the mobile phone to meet regulatory and compliance concerns. Acuant’s solution also provides the ability to authenticate and verify a customer’s credentials with third party systems to identify counterfeit IDs instantly reducing fraud.

“The automotive sales process is undergoing a significant digital transformation as dealerships embrace new mobile CRM technologies that bring sales associates closer to their customers to improve the entire buying process from the initial test drive to the final sale,” said Yossi Zekri, President and CEO of Acuant. “We are excited to provide a solution that helps modernize the automotive sales function at dealerships to improve customer satisfaction rating and streamline the sales process.”

About NewTech Automotive Services
NewTech Automotive Services is one of the automotive industry’s leading innovators in technology, consulting, financial services, and vehicle management. Since 1998, our proven systems and methods have helped car dealers throughout the country add more volume and gross.

Advanced technologies from NewTech Automotive Affiliated companies can help you save time and money while implementing capabilities that will systematize your dealership’s operations. These technology products and services will enable you to sell and market your vehicles, finance products and repair services in a more efficient manner.

About Acuant
Acuant Inc. is a global technology company that provides comprehensive Identity Verification solutions responding to various levels of risk and assurance requirements. Utilizing patented technology Acuant transforms data intake into a business-enhancing proposition while instantly reducing the risk of fraudulent transactions.

Acuant’s intelligent engineering is made to work in any industry in any environment with compatibility for Windows, iOS, Android, Hybrid and HTML 5- and built to allow meeting the highest level security requirements and regulations such as KYC, PII, HIPAA and AML. Partners include start-ups, Fortune 500 and FTSE 350 organizations.

For more information, please visit acuantcorp.com

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PR Contact:
Mike Gallo
Lumina Communications for Acuant Corp
212-239-8594
acuant@luminapr.com

Avoiding ID Fraud, Car Theft and Auto Rental Chargebacks

The advent of the Internet of Things has turned 20th-century cars into automated smart cars that harness sensors and the Internet for connectivity and convenience. In fact, connected cars can contain as much as 100 million lines of coded information. With such large amounts of data, the chances for a possible hack and access to personal data increase; moreover, the growth in car sharing services as a car rental option or a growing division of an existing company also presents cybersecurity issues. However, these problems are resolvable by taking the right steps to avoid ID fraud, car theft and auto rental chargebacks. Here are a few actions to consider.

1. Consider ID scanning & verification

Car rental and car sharing services are susceptible to fake IDs and auto theft, especially during a test drive or when loyalty programs can make it easy for multiple online reservations without the need to swipe a card. However, ID scanning can help reduce this issue. Solutions via mobile devices or scanners allow for quick data capture, ID authentication and even identity verification in real time.

2. Use biometric technology

According to the FBI, more than 700,000 cars are stolen on an annual basis in the United States, with one stolen every 45 seconds, as of 2015. Weak links in code and anti-theft systems explain why car thieves can easily steal vehicles and access personal data from consumers and even suppliers and manufacturers. However, biometric technology, such as facial recognition, offer viable solutions for mitigating this issue. For instance, facial recognition can be used in real-time to authenticate the driver and send a text message to the owner of the vehicle, should an unauthorized person enter the car.

3. Spot potential chargeback signs

While the sharing economy offers car sharing as a new revenue stream, dishonest customers can present security issues in the form of chargebacks. Chargeback fraud is often associated with increased customer complaints, and a history of chargebacks can increase this fraud. That’s why it is vital to recognize risks. Additionally, car sharing services can engage facial recognition to ensure that only drivers signed up for the program are using the authorized account and consider engaging further ID verification services while assessing vulnerabilities.

Final Thoughts

Technology is very often the driver of better services and better products for cars. However, connected cars can leave their drivers and passengers vulnerable to ID fraud and car theft if not secured properly. Business owners and managers of car sharing services or traditional car rental services can also leave their businesses exposed to chargeback fraud from their own customers. You can prevent these actions by using the right technology or consulting with an expert on ID verifications and security services.