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Automotive Leasing software
Pay per use/ subscription and full-service lease trends.
Subscription-based lending and pay-per-use is already established offering for some financiers, especially in the equipment leasing industry; however, it’s still a new trend for many others. The pay-per-use model will not be around the traditional approach and the asset alone – leasing companies will need to bundle more services around the asset to get profits the same way the software companies created various services and product addons around the main product they sell.
Big data cannot stay out of sight either when talking pay per-use. Today the data is there but hard to retrieve and use for gaining insights. Closer cooperation with manufacturers to get data for further analysis and use it to make the right decisions would be inevitable for their business. E.g., getting information on the average usage of the car, non-driving time, and information on the asset independently from the customer could help create the pay-per-use metrics. This is where Artificial Intelligence (AI) solutions analyzing driver behavior could prove helpful.
Changing leasing environment with more electric cars sold – having a challenge on the asset depreciation, leasing the asset for several times.
Dozens of countries, from the UK to France and Norway, plan to phase out the sale of engine-driven cars by 2040 or earlier. Problems calculating residual values, or future second-hand prices, keep electric leasing prices high. This is because there is little data to base them on, unlike traditional leasing, where dealers use mileage and service history to give a car a future second-hand value. Reducing the amount that electric vehicles depreciate is, therefore key to making predominantly expensive battery cars more accessible to consumers.
Additional functions such as floor plan funding/ wholesale operations, providing self-service and reporting possibilities, and integrations to various external sources.
Next to the core leasing solution, leasing companies need additional enhancements – self-service capabilities, detailed, up-to-date reporting tools, extend with wholesale/ floor plan funding or factoring functions. SOFT4Leasing is constantly updated and enhanced with various functions and additional modules, both planned by our product architects and also requested by our customers.
Integrations with various external sources, such as manufacturers’ catalogs (Glass, Jato, and others), quote engines such as T-value, CRM systems, leasing company’s own website, origination platforms, public registers (e.g., ABN retrieving system, PPSR registration in Australia), e-signature providers (Docusign, OneSpan or local ones), credit bureaus (Equifax and similar), accounting software (Oracle, SAP, Xero, 1Tech, Xero, Microsoft Dynamics, etc.) are possible.
With SOFT4Leasing, you can manage any process from quotation to application to contract management and billing or integrate the systems you already use – as long as the contract management and lease accounting (back-office) happens in SOFT4Leasing.
SOFT4 is a trusted software provider of Toyota Financial Services in Europe and Toyota Tsusho in emerging markets, with multiple dealerships in the USA and Canada.
Novated lease management has become popular amongst independent and automotive leasing providers, some specializing only in this area. Novated lease enables arrangements for a motor vehicle via salary packaging, where a lease is novated from an employee to an employer.