Creating a new way for consumers to get what they need by accessing tools previously unavailable has earned the founder of a technology financing company recognition among his peers.
The International Transportation & Automotive Summit recognized DecisioningIt’s founder and president André-Martin Hobbs in July. He was bestowed with the Excellence in Transportation & Automotive Award, which recognized his “unparalleled contributions” to the industry. The group recognized Hobbs’ efforts behind a program called “Lucy” as part of “the foundation for a better tomorrow.”
Lucy isn’t a “who” — rather, it is a “what.” Lucy is a tool that utilizes technology new to vehicle dealership circles. It’s operated by DecisioningIT, a technology company dedicated to making vehicle financing easier for consumers. The company is creating a new standard in non-prime lending thanks to Lucy, helping automotive dealerships connect with consumers who have a history of trouble getting the financing they need to achieve their dreams.
The issue: Consumer financing lacks transparency where the work is done manually, explains Hobbs, a tech industry veteran.
“We brought science to a process that was dependent on people and their experience,” he says.
To build such technology, DecisioningIT needed to assemble a team of finance and insurance (F&I) managers and IT developers to transfer knowledge and build Lucy as a group.
“This wasn’t an easy task,” Hobbs admits. “I originally thought it would take me one year to build. But it took five years to get to where we are today.”
DecisioningIT sees more than 85% accuracy on Lucy’s decisions.
Lucy doesn’t just help those who need help due to their credit profiles; it also helps those whose profiles are pristine. No matter what the customer profile looks like, Lucy can help F&I managers select the right lender programs in just seconds — maximizing profit while offering the lowest payment to consumers.
“Lucy makes sure there aren’t mistakes when processing the consumer file,” Hobbs says. “In the very close future, Lucy will be available online on dealer websites, so consumers won’t have to wait to get pre-approved. They will get it live, from the comfort of their home.”
Taking the process down from at least half an hour to a quarter of a minute is just good business for dealers, who can maximize their profits and provide their customers with accurate info, Hobbs notes.
