iVendi has signed its first major international deal – with Société Générale subsidiary, Bank Deutsches Kraftfahrzeuggewerbe (BDK), an automotive bank serving around a quarter of car dealers in Germany.
iVendi’s technology will provide an online marketplace with motor finance pre-approval open to all 4,500 dealers who use BDK for motor finance.
In a release iVendi said its search function provides results based on vehicle, payment and locality, with results shown on a map for better user visibility.
BDK is one of the leading motor finance providers in Germany and offers a wide product range including dealer financing, retail loan and retail leasing business for new and used cars as well as innovative insurance and warranty products.
James Tew, chief executive at iVendi, said: “This marks a major step forward for iVendi. While we have worked with some customers on overseas projects in the past, this is our first major international deal with a significant motor finance provider.
“Talking to BDK about this project has been a genuinely exhilarating process. As a business, we have been through the kind of changes you would expect – modifying our products to deal with the needs of a new market – but we have also been stretched and inspired by the customer to deliver a much-enhanced solution.
“It will, we believe, make a major impact on the German dealer motor finance sector. We are looking forward to seeing the results it produces in real word conditions.”
Dr Hermann Frohnhaus, chief executive at BDK, said: “We are very excited to be working on this project with iVendi and we’re attracted to forming a partnership with them based on their passion, knowledge and insight. Our new online market place will provide car dealers a highly attractive sales channel focused on their specific needs, while at the same time standing out with an exceptional user experience for car buyers.”
The new dealer platform is set to be delivered across BDK’s dealers later in 2019 and Tew said that, strategically, iVendi was aiming to use the momentum from the BDK deal to create a strong presence across other major markets in the EU.
“BDK have massive credibility and are widely respected in the European motor finance sector, so to be working with them in this way can only open doors for us,” he said.