Major milestone for iVendi as it signs international deal

iVendi, the provider of specialist e-commerce solutions to the car finance sector, has secured its first major international deal with the introduction of a complete online marketplace for Hamburg-based Bank Deutsches Kraftfahrzeuggewerbe (BDK).

BDK is a subsidiary of Société Générale that serves around one-quarter of all car dealers in Germany.

It offers a product range including dealer financing, retail loan and retail leasing business for new and used cars, along with insurance and warranty products.

iVendi’s technology will provide a service including access to motor finance pre-approval for all 4,500 dealers who use BDK for motor finance.

A new search function provides results based on vehicle, payment and location. All results are shown on a map to help customers in their search for a new vehicle.

James Tew, CEO 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.

“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-world conditions.”

Dr Hermann Frohnhaus, CEO at BDK, added: “We are very excited to be working on this project with iVendi and were 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 rolled out to BDK’s dealer network during 2019.

Executives at iVendi are aiming to use the momentum from the BDK deal to create a wider presence across other major markets in Europe.

Tew said: “BDK have massive credibility and are widely respected in the European motor finance sector. To be working with them in this way can only open doors for us.”