AutoEngage+ provides you with an understanding of a consumer’s credit eligibility by using our experience of lender policies and segmenting these into 5 likelihood bands.
Find out more EnquiryLabs leverages AutoEngage+ for data driven affordability
Overview: EnquiryLabs leverages AutoEngage+ for data driven affordability and higher quality leads
Redefining the finance first journey
The car finance ecosystem, like others, has undergone significant changes over recent years, driven by digital innovation, shifting consumer expectations, and increasing regulation. As a result, dealers, brokers and lenders have had to rethink traditional processes.
In assessing potential data partners, EnquiryLabs recognised Experian’s strong position in the market. With most UK vehicle finance lenders already dependent on Experian’s data, it would provide a consistent link between pre-qualification checks and lenders’ own decisioning processes.
Find out how Experian and EnquiryLabs delivered innovation through partnership.
Challenge overview
From early conversations, the EnquiryLabs team identified a critical obstacle in the finance first journey. Brokers and dealers often submitted large volumes of consumer enquiries to numerous lenders without reliable pre-filtering. This created added cost pressures for lenders, who were running soft checks on applicants that were not always well matched.
Consumers, accustomed to instant feedback in other sectors, grew frustrated with unclear or drawn out processes. While existing bureau data clarified credit profiles, they could not reveal real affordability. Consumers who appeared creditworthy on paper, were often over committed when income and expenditure were factored in.
It was clear that central to their ambition for a next generation platform was the need for early stage pre-qualification and affordability insight to ensure brokers and dealers only guided consumers toward good outcomes. This would enable brokers to filter enquiries before reaching lenders, reduce wasted effort, and ensure only viable applications proceeded. Lenders would then receive high quality applications aligned with their proprietary criteria.
For this, they needed a data provider with deep coverage in the automotive lending market and the capability to supply an affordability score at the soft check stage. Furthermore, they needed a commercial partner willing to collaborate closely with a startup that was still scaling volumes.
View EnquiryLabs Profile
Company Bio:
EnquiryLabs are on a mission to redefine the automotive industry by seamlessly integrating cutting-edge technology, with a specialised emphasis on vehicle finance. Their commitment extends to providing exceptional consultancy and software solutions tailored to the unique needs of the automotive sector.
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| Founded: | 2023 |
| Industry: | Automotive finance |
Solution overview
We had recently introduced AutoEngage+, a new product combining credit file information with an affordability score delivered through a soft check, offering both an eligibility banding and an estimate of sustainable monthly commitments.
The EnquiryLabs team saw this as a unique differentiator. Embedding this intelligence into their finance first journeys would enable more precise vehicle recommendations and improved outcomes.
Bringing a new solution into a startup environment posed natural challenges, so we worked closely with EnquiryLabs to map how affordability and credit data would integrate into the platform, ensure scores were clearly visualised for brokers and dealers, and maintain a seamless, credit safe experience for consumers.
Once aligned on design and data flows, the technical integration moved quickly. We guided EnquiryLabs’ developers through API specifications and testing, while EnquiryLabs’ team built real-time logic to apply affordability bands within the user interface.
The technical build took around six weeks, and thanks to early collaboration on strategy, security, and commercial terms, this laid the foundation for a smooth and successful launch.
Early wins and broad impact
- Brokers immediately reported confidence in filtering enquiries with data driven clarity, reducing time spent on unviable cases and improving overall conversion ratios.
- Dealers, meanwhile, appreciated the ability to offer prospective buyers immediate, realistic guidance on the types of vehicles they could afford, enhancing in showroom engagement.
- Lenders, aware of the alignment between pre-screening and their in-house criteria, anticipate fewer declined applications and reduced soft check charges, contributing to leaner acquisition spend.
- Moreover, embedding affordability assessments at the outset addresses regulatory expectations around Consumer Duty and fair treatment. Consumers receive structured, evidence backed information early, helping ensure decisions are suitable and informed.
- Overall, EnquiryLabs valued the collaborative spirit of the implementation. Rather than a transactional vendor relationship, a true partnership has been fostered.
Create a journey where your customer is at the heart of decision making when it comes to their finance options.
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Results
- Brokers immediately reported confidence in filtering enquiries with data driven clarity
- Addressed regulatory expectations around Consumer Duty and fair treatment
- Lenders anticipated fewer declined applications
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