OTTAWA, ON / ACCESSWIRE / October 13, 2022 / Autocorp.ai, an automotive fintech company specializing in virtual retail & commerce technologies, is proud to announce the release of its newest product, AVA ID. AVA ID helps car dealerships fight fraud during the online car shopping & financing process. According to Equifax, dealerships experienced a 20% increase in online fraud in 2021. It is estimated that nearly $1 billion is lost every year to auto loan fraud in Canada alone.
"With the increase in online shopping activity over the past two years, we are also seeing a large increase in digital fraud which dealers need to get ahead of. Over half of dealers experienced an increase of fake ID's, with more and more of the deals starting online and over the phone. AVA ID gives dealers an easy and secure way to authenticate a customers drivers license around the test drive request or when starting a digital deal" says Andrew Lemoine, CEO of Autocorp.ai.
With this added product, Autocorp.ai will be able to provide a safe and secure digital transmission of verified customer identification information between consumers, dealerships and lenders. AVA ID targets identity fraud in vehicle purchases with a simple smartphone application using advanced artificial intelligence and anti-fraud technologies. AVA ID allows consumers to complete the ID verification process in under a minute, all from an SMS link sent to their smartphone. The results of their ID verification will be immediately available for review by dealers in their AVA portal.
"We are very excited to be able to offer our dealer partners this amazing new product. With the added risk current dealers are facing from synthetic fraud, AVA ID will offer an added layer of security plus will help introduce ID Capture earlier in the online car shopping process. "says Kole Hicks, CRO of Autocorp.
Autocorp.ai is the fastest-growing fintech company in the Canadian Automotive space, specializing in solutions and creating revolutionary products for the automotive industry. They combine expertise with world-leading technologies to bring consumers and dealerships a suite of digital retailing products primarily focused on credit and financial services. In 2021, Autocorp.ai created the most advanced credit application on the market, AVA Credit, which is powered by Equifax. AVA Credit's successful launch resulted in over $100 million in vehicle sales in its first year.
CONTACT
Kole Hicks
Executive Vice President, Autocorp.ai
877-255-8627
kole@autocorp.ca
About Autocorp.ai: Autocorp is a fintech company specializing in solutions for the automotive industry. We combine our expertise with world-leading technologies to bring consumers and dealerships a suite of digital retailing products primarily focused on credit and financial services. We have a proven track record of supporting customers and dealerships, designing solutions that scale and building innovative products that address the industry's needs. As experts in the automotive technology space, we deliver innovative solutions that support customers during the buying process, increase efficiency for dealerships, and create incredible experiences for both parties. Everything we do focuses on creating the best possible buying experience so that dealerships can scale and consumers get the most enjoyment from their purchase.
SOURCE: Autocorp.ai
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