VehicleXchange, LLC Announces Agreement with Experian
Collaborative effort powers next-generation equity tool for automotive dealers
DALLAS, TX, December 02, 2014 – Auto industry entrepreneur Bruce Thompson announced today that his new company VehicleXchange, LLC (VX) has entered into an agreement with Experian, the leading global information services company. The agreement will allow VX to incorporate Experian data into its new suite of auto-loan equity tools, as well as develop a new generation of services that will range from service drive and data mining to dynamic appraisal and digital auto retailing.
“VehicleXchange is not just an equity tool, but rather a powerful, intelligent marketing platform,” Thompson said. “It was imperative that we put an agreement in place with Experian, because its industry-leading data and analytics are the foundation we will leverage to deliver groundbreaking new tools to the market.”
The new tool helps dealers better evaluate a vehicle’s value or equity. Dealers only can estimate a vehicle’s equity if the consumer purchased that vehicle at the dealership. Statistics show that in 53 to 55 percent of all cases that did not happen, making it difficult for them to determine the equity position of every vehicle that enters their service centers.
As part of the collaboration, the newly developed tools will help users access a customer’s name and address, which will yield their current auto loan information, including the current payoff balance, and their credit score. Given the customer’s current loan balance, VX can estimate the vehicle’s equity regardless of where it was originally purchased, enabling them to offer the consumer a line of credit for a trade-in or new vehicle purchase. The process only generates a soft inquiry on a customer’s credit report, therefore not affecting their credit score.
“The new tool will potentially double the opportunities in every service drive because it delivers equity estimates on nearly 100 percent of the traffic. It also provides valuable data that benefits both dealer and customer,” Thompson added. “If the dealer can improve the customer’s existing loan terms, and the customer can capitalize on their equity position to trade up to a new or better vehicle, it’s a win for both parties.”
“We’re excited to be working with the VehicleXchange team,” said Kevin Henahan, senior vice president for Experian Automotive. “Understanding a vehicle’s current value is an important piece of information for automotive dealers and consumers. By helping to make these insights available, dealers will be able to uncover new pockets of opportunity and improve profitability, while consumers will be better prepared to make car-related decisions, such as refinancing or purchasing a new vehicle altogether.”
VehicleXchange officially commenced its operations with 30 GM pilot stores on October 2 and has aggressive plans to roll out the application immediately to all eligible dealers.
For more information on VehicleXchange, please visit www.vxdealer.com or call 888-978-1409.
About VehicleXchange, LLC
Auto industry entrepreneur Bruce Thompson announced earlier this year the formation of a new holding company, Pearl Technology Holdings, LLC. Pearl was an automotive technology incubator. The company’s mission is to create and deliver innovative new impact tools to the industry. Thompson has been credited with creating the “used car inventory management” space when he formed American Auto Exchange (AAX) in 2001. In 2010, he started RedBumper, LLC, which is also primarily focused on “used car inventory management”. Pearl represents a departure from used car space with the launch of three new subsidiaries in 2014: CarOffer, LLC, NewCarIQ, LLC and VehicleXchange, LLC.