NETSOL Technologies (Nasdaq: NTWK), a global leader in SaaS
solutions and IT services, today announced major updates on its
digital retail and mobility technology platform, Otoz, and the
latest traction achieved with two key automotive clients, MINI USA
and AutoNation.
Otoz 2.0: The Future of Digital Retail and Mobility
Orchestration
NETSOL Technologies has officially unveiled Otoz 2.0 after
implementing major updates to the digital retail and mobility
technology platform. The white-label solution is tailored to
leading automotive industry stakeholders including OEMs,
dealerships, finance providers, and startups. Designed for deep
integration within distinct internal ecosystems, Otoz facilitates
unmatched e-commerce experiences that are fully aligned with
clients’ unique brand requirements. With cutting-edge technology,
user-centric design, and data-driven strategies, Otoz is redefining
customer engagement in the automotive realm.
The ambition to deliver a seamless, end-to-end purchasing
journey and manage asset and contract lifecycles particularly for
mobility business models—from real-time pricing and meticulous tax
computations to digital e-contracting—presented various challenges.
This required navigation of complex state-by-state regulations and
keen attention to data security, privacy, and inventory amidst
unprecedented supplier challenges.
Otoz elegantly addresses various complexities, establishing key
integrations with crucial third-party services, ranging from
inventory and CRM systems to identity safeguards, fraud monitoring,
comprehensive lender APIs, tax services, F&I product
aggregators, and payment gateways. With the end customer in focus,
Otoz's synergy with these third parties and its strategic placement
of deal checkpoints expedite vehicle and deal verifications for
dealers. This ensures a secure and profitable digital sales channel
that transcends traditional lead generation.
NETSOL is set to expand its offerings with the upcoming phased
launch of Otoz 2.0 over the next year. At the forefront of this
advancement is the debut of an API-first product ecosystem, Appex
Now (Appexnow.com), NETSOL’s marketplace offering that caters to
the global finance industry with turnkey API-first solutions.
Through Appex Now’s Hubex API product, collaborations with major
dealer management systems (DMS) providers, customer relationship
management systems (CRMs), and finance drivers are now available.
The modular and headless architecture of Otoz 2.0 will empower
partners to rearrange process flows and innovate without
implementing code modifications.
The Otoz dashboard for dealers and administrators will undergo
substantial enhancements. These new integrations will be further
enriched by advanced artificial intelligence and machine learning
models to optimize customer interactions and gain predictive
insights. The vision is to provide dealers with a holistic
omnichannel tool for both digital and in-person transactions,
minimizing reliance on auxiliary dealer systems, and creating
efficiencies through fewer screens. Emphasis will also be placed on
curating personalized and intuitive F&I upselling
opportunities.
MINI Anywhere Powered by Otoz Doubles Enrollment in Past
12 Months; Achieves 5x Increase in Lead Volume
Since its debut in June 2021, MINI USA's digital retail program,
MINI Anywhere powered by NETSOL’s Otoz technology has established
itself as a premier digital retail platform in the automotive
industry. More than a sophisticated lead generator, MINI Anywhere
offers MINI dealers an omnichannel, end-to-end sales platform while
delivering customers a seamless yet comprehensive shopping
experience. From payment options aligned with MINI Financial
Services programs to trade-ins, MINI finance and insurance
(F&I) options, streamlined credit approvals, digital contracts,
and delivery schedules, every aspect has been designed with
convenience in mind. Remarkably, MINI enthusiasts can finalize
their purchase in as little as 30 minutes, all from the comfort of
their homes.
In the last 12 months, the program has more than doubled dealer
enrollments now active across nearly two-thirds of the MINI USA
dealership network, enabling an unprecedented 5x increase of lead
volume and vehicle sales, and an impressive 20% lead conversion
rate on average. The program continues to roll out across the
network.
Patrick McKenna, the Department Head of Marketing, Product, and
Strategy at MINI USA, captures the vision, “In May 2021, MINI USA
and MINI Financial Services set out to build a digital retail tool
that could handle credit decisioning, eContracting and eSignature
to allow end-to-end transactions. For the past 3 years, major
automotive forums in the industry have recognized MINI Anywhere as
one of the top ranked OEM digital retail tools in the competitive
luxury space. We are extremely proud of MINI Anywhere, the team at
NETSOL Technologies, and want to thank our dealer partners for such
an achievement.”
AutoNation Mobility Launches Micro Lease Marketplace,
Leveraging Otoz Back-End Technology
The automotive market is witnessing a significant shift towards
short-term vehicle usage options, a trend ignited post-pandemic. In
the wake of evolving market demands for flexible vehicle usage,
Otoz 2.0 supports AutoNation Mobility in spearheading the shift
towards micro-leasing. Otoz 2.0 is leveraged for back-end,
operational processes and integrated seamlessly with AutoNation
Mobility’s customer facing micro-lease marketplace. This service
allows customers to navigate through the process of vehicle
selection, deal configuration, and transaction finalization with
ease and transparency. The Micro Lease marketplace is currently
available in California and Florida, with plans for further
expansion.
Otoz 2.0 is powered by the robust, API-first ecosystem of
NETSOL’s AppexNow marketplace, built with a headless architecture
and flexible backend design that allows for seamless updates and
integration, providing a highly customizable and modular
experience. Its comprehensive suite of functionalities within Otoz
2.0 are designed to streamline customer onboarding, service
workflows, vehicle delivery, and return processes. These features
are vital for facilitating interactions among AutoNation Mobility’s
operations team, dealers, and customers, thereby guaranteeing an
exceptional customer experience.
Ivan Mihov, Vice President of Mobility at AutoNation Mobility,
celebrates the partnership, "Our strategic alliance with NETSOL and
the integration of the Otoz platform align perfectly with our goals
for innovation and market entry. The swift launch of AutoNation
Mobility, a mere six months into our collaboration, highlights our
shared commitment to continual innovation and prioritizing customer
needs."
The debut of Otoz 2.0 signifies a transformative moment in the
automotive retail technology landscape. The flexible software
powers the ability for customers to finance or lease a vehicle with
unmatched convenience and adaptability. To explore AutoNation
Mobility’s micro-lease options and witness the future of car
ownership, visit autonationmobility.com. For an in-depth look at
how Otoz 2.0 is setting a new standard in mobility solutions, visit
otozmobility.com.
About AutoNation, Inc.
AutoNation, a provider of personalized transportation services,
is driven by innovation and transformation. As one of America's
most admired companies, AutoNation delivers a peerless Customer
experience recognized by data-driven consumer insight leaders,
Reputation and J.D. Power. Through its bold leadership and brand
affinity, the AutoNation Brand is synonymous with "DRVPNK" and
"What Drives You, Drives Us." AutoNation has a singular focus on
personalized transportation services that are easy, transparent,
and Customer-centric.
Please visit www.autonation.com, investors.autonation.com, and
www.twitter.com/AutoNation, where AutoNation discloses additional
information about the Company, its business, and its results of
operations. Please also visit www.autonationdrive.com, AutoNation's
automotive blog, for information regarding the AutoNation
community, the automotive industry, and current automotive news and
trends.
About MINI USA
MINI is an independent brand of the BMW Group. In the United
States, MINI USA operates as a business unit of BMW of North
America, LLC, located in Woodcliff Lake, New Jersey and includes
the marketing and sales organizations for the MINI brand. The MINI
USA sales organization is represented in the U.S. through a network
of 104 MINI passenger car dealers. MINI USA began selling vehicles
in the U.S. in 2002 with the introduction of the MINI Cooper and
MINI Cooper S Hardtops. Since then, the MINI Brand in the U.S. has
grown to encompass a model range of five unique vehicles.
About NETSOL TechnologiesNETSOL Technologies,
Inc. (Nasdaq: NTWK) is a worldwide provider of IT and enterprise
software solutions primarily serving the global leasing and finance
industry. The Company’s suite of applications is backed by 40 years
of domain expertise and supported by a committed team of
professionals placed in eight strategically located support and
delivery centers throughout the world. NFS, LeasePak, LeaseSoft,
and NFS Ascent – help companies transform their Finance and Leasing
operations, providing a fully automated asset-based finance
solution covering the complete leasing and finance lifecycle.
Forward-Looking StatementsThis press release
may contain forward-looking statements relating to the development
of the Company's products and services and future operation
results, including statements regarding the Company that are
subject to certain risks and uncertainties that could cause actual
results to differ materially from those projected. The words
“expects,” “anticipates,” variations of such words, and similar
expressions, identify forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, but their
absence does not mean that the statement is not forward-looking.
These statements are not guarantees of future performance and are
subject to certain risks, uncertainties, and assumptions that are
difficult to predict. Factors that could affect the Company's
actual results include the progress and costs of the development of
products and services and the timing of the market acceptance. The
subject Companies expressly disclaim any obligation or undertaking
to update or revise any forward-looking statement contained herein
to reflect any change in the company's expectations with regard
thereto or any change in events, conditions or circumstances upon
which any statement is based.
Investor Relations Contact:IMS Investor
Relationsnetsol@imsinvestorrelations.com+1 203-972-9200
AutoNation Public
Relations:publicrelations@autonation.com954-769-4120
MINI USA Press Contact:Andrew CutlerHead of
Corporate CommunicationsMINI
USA201.307.3784andrew.cutler@miniusa.com
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