Financial technology company Codeweavers has launched a set of APIs it said will help phase out the need for traditional stand-alone point-of-sale systems for dealers.
Codeweavers’ sales director Shaun Harris stated “For many years, people have discussed the need for the nirvana of a single system process in automotive retail; a system that would eradicate re-work and the potential errors associated with data replication, remove the additional data protection burden and improve both efficiency and customer experiences. Finance point-of-sale systems that do not integrate seamlessly with CRM and DMS systems are part of the problem that we want to take away.”
The company claims its range of APIs will allow CRM and DMS providers to create their own point-of-sale finance solution using its services.
While Harris described the move as a ‘bold step’, he added it was one that he thought was overdue and necessary. He said: “By offering this service, we hope to make the stand-alone unintegrated finance point-of-sale system redundant.”
In some ways, this might take away control from finance lenders, however Harris suggested: “I think they [lenders] will be delighted with the initiative. After all, every customer will get a finance presentation in a controlled, accurate manner. It can only aid finance penetration rates in the retailer market. Going further, finance companies will benefit from improved data accuracy, which will aid acceptance levels and avoid re-work; finally, they will save time and money in supporting their own technology.”
Codeweavers plans further enhancements to the services for their CRM partners over the coming months, Harris concluded; “This is stage one, we are making all of our services available to our CRM and DMS partners, so expect to see some exciting developments as they learn to use our services to their fullest extent.”