LONDON, Ont. — Inovatec Systems Corp. has chosen Carfax Canada VIN Scan to help power their industry-leading, cloud-based lending software solutions, the companies announced. Executives said the partnership enables Inovatec users to adjudicate lease and finance applications with greater efficiency and accuracy.
“We’re excited to be able to provide our partners with unmatched vehicle history information in a seamless and cost-effective way,” said Mike Foster, director of banking, insurance, and government at Carfax Canada. “This new partnership with Inovatec combines best-in-class loan origination software with key elements of a vehicle’s history, enabling users to drive better business decisions by leveraging our data more effectively than ever before.”
VIN Scan was designed to leverage Carfax Canada’s billions of data records from thousands of unique sources. The system integrates “seamlessly” into Compass, the Inovatec LOS dashboard, and users can order a full Carfax Canada vehicle history report if more specific detail is required, according to the announcement.
“We are very pleased to announce this partnership with Carfax Canada,” said Bryan Smith, vice president of sales and marketing at Inovatec. “The integration drives another level of data and transparency for our lender partners when adjudicating applications and assessing true risk. The result is higher efficiency, more deeply-informed decisions, upgraded customer experience, and lowered portfolio and transactional risk.”
