Latest News | Kuwy Launches Digital Lending Platform for Online Car Sellers

Chennai, Feb 3 (PTI): Automotive financial technology start-up Kuwy and a subsidiary of Volkswagen Finance on Thursday announced the launch of lending as a service platform in the domestic online car sales segment.

According to a top official of the Chennai-based company, with the launch of Kuwy's Lending as a Service (LaaS) facility, customers would be able to buy new and used cars from online sellers.

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"KuwyLaaS will jump start the journey of online car retailing in India. The technology innovation in the KUWYLaaS will not only eliminate all the challenges associated with online car sales today but also provide deeper insights that will enable the completion of online transaction at the point of search by providing a better buyer experience", Kuwy CEO and Co-Founder B Ganesh Kumar said.

The new platform would allow car makers, dealers, car aggregator platform and lenders to offer digital retailing to their customers by leveraging the KUWYLaaS and bringing their own branded car retailing experience while offering their customers a transparent, fully automated financing solutions.

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"Right from car specifications, to selecting finance options, choosing a lender and getting instant approval in a completely paperless journeys, I believe makes KUWYLaaS a much-needed technology that will not only strengthen the overall ecosystem of the car sales segment in India but also put the country on par with the technology innovations in the global landscape", Kumar said.

KUWYLaaS offers OEMs, dealers, online aggregators and lenders both basic and advanced integrations of the online car finance journey to enable digital retailing of new and used cars.

According to the company, real-time customer loan decisioning could be made through Kuwy Loan Decision Engine, right lender selection from over 25 of India's leading car lenders, access to over 27 Kuwy Loan Programmes besides access to Kuwy's Proprietary Vehicle Paper Transfer platform.

KUWYLaaS is fully customisable and available in both mobile and desktop versions.

Kumar said while India ranks fifth among the top five countries in the world for car sales, the buying and selling, behaviour pattern varies as per the advancement of the technology and information sharing.

KUWYLaaS just fixes this by making all the stakeholders highly informed of the choices in order to make a right decision and instantly complete the transaction, digitally, he said.

"In this entire process, KUWYLaaS will empower all the groups thus improving their business and more importantly making the entire segment transparent and organised", he said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)