Solera :Vehicle Lifecycle Management Enriched with AI and Advanced Analytics

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Christopher Wright, UK Vice President, SoleraChristopher Wright, UK Vice President
Solera offers cutting-edge vehicle lifecycle management solutions designed to assist businesses in managing a vehicle’s journey from acquisition to disposal. Insurance companies, automotive dealerships, OEMs, and collision repair shops use its innovative software solutions to streamline operations and enhance overall efficiency.

It has established itself as a major player in the automotive space with its four distinct business lines—vehicle claims, repairs, solutions, and fleet solutions. Solera offers these services through an impressive array of top-tier brands in its ecosystem, including Audatex, cap hpi, Autodata, DealerSocket, Omnitracs, LoJack, Spireon, Mentor by eDriving, Explore, and Identifix. They help Solera remain at the forefront of the industry by using advanced digital technologies, such as AI, vehicle data intelligence, and data analytics, to add value to every stage of the vehicle management lifecycle.

The vehicle lifecycle management process begins before a vehicle is even manufactured – where their in-house consulting team works with OEMs on best practice to deliver strong future residuals post launch.

It then moves to capturing data on the newly manufactured vehicles and converting it into a digitalized and standardized format. Solera ensures seamless access and use of the data across different systems throughout the vehicle’s lifecycle. Once digitalized, it also forecasts its worth to facilitate initial funding and a subsequent sale.

As the vehicle enters its first life, the ability to navigate complex insurance claims is crucial. Solera’s advanced AI-driven image capture technology streamlines these processes. AI generated technology predicates off more than 270m assessments that has been designed to manage the vehicle claim system. From the first notification of loss, Solera can scan the vehicle firstly to identify it, and then to accurately capture key images, which can then detect the damage on the vehicle, and deliver a costed repair estimate.
The most important piece and the essence of Solera’s technology objective is that – it does not replace the experienced human in the loop; it simplifies their task and help them refocus as much time to their craft as possible.

When Solera introduced this technology in mainland Europe, it saw a promising adoption rate through a group in the Netherlands, where 55 percent of drivers began to use mobile devices to notify insurers of accidents and incidents. The technology allows for a quick assessment of the damage or loss, which can be forwarded to the insurance company for a headline assessment. From there, it can also be sent to the body shop’s front desk for further evaluation of the severity and necessary next steps. This process shortens the timeline to 15 minutes per claim, benefiting both the body shop and the insurer.

The same technology can be applied to other use cases, such as providing instant and accurate assessments of a vehicle’s condition to facilitate online trading for dealers in a digital environment ever more prevalent post-COVID. It even offers systematic software by AutoData for managing vehicle servicing and mechanical repair.

Solera plays a decisive role once the vehicle enters the second-hand market or remarketing phase too. It applies its evaluation and forecasting expertise to facilitate funding for the vehicle’s second life. This process continues until the vehicle is no longer economically viable and is scrapped.
  • We take a cradle-to-grave approach to vehicle lifecycle management, which includes repatriating claimable parts back into the ecosystem as environmentally recoverable.


“We take a cradle-to-grave approach to vehicle lifecycle management, which includes repatriating claimable parts back into the ecosystem as environmentally recoverable via Hollander. We are constantly adapting and applying new technologies and solutions to enhance our offerings and improve the customer experience,” says Christopher Wright, UK Vice President of Solera.

These offerings have added value to a vehicle’s lifecycle management in many ways, such as reducing the number of accidents on the roads. Solera’s accident management technology helps users navigate through distressing situations. For example, the technology tracks driver behavior and assesses the risk of an accident or other form of vehicle incident. This intelligent analysis enables Solera to meet its primary goal of ensuring every driver returns home safely to their family.

Solera has successfully implemented this program for large fleets, such as BT Fleet Solutions in the UK, with around 65,000 users. This resulted in a significant reduction in their direct losses due to accidents.

It is committed to continuing down this path of simplifying vehicle lifecycle management in more sophisticated ways. Solera aims to support the automotive industry by developing companion technologies that keep humans in the loop while bringing more consistency and accuracy to their management process, reducing the time, effort, and cost required to serve customers.

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Solera

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Christopher Wright, UK Vice President

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Solera is the global leader in vehicle lifecycle management software-as-a-service, data, and services. Through four lines of business – vehicle claims, vehicle repairs, vehicle, and fleet solutions – Solera is home to many leading brands in the vehicle lifecycle ecosystem, including Identifix, Audatex, DealerSocket, Omnitracs, LoJack, Spireon, eDriving/Mentor, Explore, cap hpi, Autodata, and others.

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Solera's Vehicle Solutions Business to Showcase New Technology and Innovations at NADA SHOW 2024

WESTLAKE, Texas --Solera’s Vehicle Solutions business line, the leader in vehicle owner lifecycle management, is excited to present their latest dealer and OEM solutions updates at the NADA SHOW 2024 in Las Vegas from Feb. 1-4. This premier event offers automotive industry professionals an opportunity to explore groundbreaking technology and strategies for expanding their businesses. By revolutionizing and reinvigorating dealership operations, customer relationship management, marketing and digital advertising, and fixed operations, Solera’s dealer solution suite has the potential to change the game in the industry.

Visitors to the Vehicle Solutions’ interactive booth will have the opportunity to experience firsthand the game-changing technologies transforming the automotive industry. Here are a few of the exciting new products that Solera is presenting:

• Service Suite: This modular platform, designed for large-scale businesses, offers a comprehensive suite of solutions that integrates seamlessly with various dealership processes, including appointment scheduling, check-in procedures, lane walkarounds, electronic loaner management, digital payments, and other advanced features. This is set to revolutionize automotive fixed operations, boosting efficiency and profitability for dealerships nationwide.

• Peri by Solera: This innovative payment processing service is tailor-made for the automotive industry. It offers a sustainable approach that effectively lowers transaction fees for businesses of any size. Peri’s goal is to bring about a positive change in the merchant services sector, which is frequently burdened with hidden fees and complex terms and conditions. The most noteworthy feature of Peri is its potential to reduce transaction fees by up to 35% compared to industry standards.

• ServiceAgent AI powered by Stella: The state-of-the-art inbound call center solution will soon leverage artificial intelligence to provide a smart, efficient, and personalized call center experience that redefines customer engagement in the automotive industry.

• AutoMate and DealerFenix Partnership: Solera’s partnership with DealerFenix brings unprecedented efficiency to dealership operations by integrating DealerFenix’s expertise in digital retailing with AutoMate’s innovative dealership solutions. This collaboration aims to enhance the overall customer experience.

• Marketing Platform Enhancements: Solera’s commitment to excellence extends to its state-of-the-art marketing platform under the AutoPoint brand. On AutoPoint’s OnDemand platform, dealers can engage with potential customers in just a few minutes through targeted marketing campaigns using the new website visitor ID system.

“Solera’s Vehicle Solutions team is extremely proud to showcase our latest innovations, cementing our pledge to revolutionize the automotive sector,” declares Tony Graham, Executive VP, Solera. “Our pioneering solutions promise to redefine the terrain of dealership operations with a steadfast dedication to furnishing state-of-the-art solutions and services that not only fulfill but surpass the changing requirements of our dealers, while setting new standards for productivity, financial gains, and customer satisfaction. Join us for discussions, demos, and a glimpse into how our technology empowers dealerships to thrive in a dynamic market. We can’t wait to see you at NADA, where innovation meets inspiration!”

Attendees and media representatives are invited to visit Booth 2901W at the 2024 NADA Show to experience these groundbreaking services and solutions firsthand. Solera’s Vehicle Solutions team will be available for presentations, demonstrations, and discussions regarding their comprehensive suite of solutions.