Online Car Sales to gain momentum with the Launch of KUWY’s Lending as a Service
- KUWYLaaS is a first-of-its-kind technology platform to offer end-to-end digital lending for online car trading platforms
Chennai, 3rd February, 2022: With an aim to accelerate online car sales in India, Kuwy, India’s first and leading Automotive Fin-Tech start-up and a subsidiary of Volkswagen Finance, today announced the launch of its latest technology innovation for India - KUWYLaaS. Introducing Lending-as-a-Service for the first time in the Indian online car sales segment, KUWYLaaS is an AI-driven platform with Block Chain Technology that will complete car sales online by seamlessly bringing together the Buyer, Seller, Car and Lender. In addition to democratizing the online car sales with complete transparency, this technology provides greater level of information to power the choice as well as right decision making for all three - seller, buyer and lender.
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| B Ganesh Kumar, CEO & Co-Founder, Kuwy |
Commenting on the launch, Mr. B Ganesh Kumar, CEO & Co-Founder, Kuwy said, “We are happy to introduce Kuwy’s “Lending as a Service “ using which customers can buy new & used cars from online sellers with finance. 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 - right from the car specifications to selecting finance options, choosing a lender and getting instant approval in a completely paperless journey. All of these, 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”.
The new platform allows Car Manufacturers, Dealers, Car Aggregator platforms & Lenders to offer digital retailing to their customers by leveraging KUWYLaaS and bringing their own branded car retailing experience while offering their customers a transparent, fully automated financing solution.
Adding to this, Mr. Ganesh said “While India ranks fifth amongst 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. In this entire process KUWYLaaS will empower all the groups thus improving their business and more importantly making the entire segment transparent and organized.”
KUWYLaaS offers OEM’s, Dealers, Online Aggregators & Lenders both basic and advanced integrations of the online car finance journey to enable Digital Retailing of New & Used Cars.
- Digital Credit Application submission on new, used, and certified cars
- Real-time customer loan decisioning through Kuwy Loan Decision Engine
- Right Lender Selection from over 25 of India’s leading Car Lenders
- Access to 27+ Kuwy Loan Programs, pre-approved by lenders
- Embedded Counteroffer Technology
- Access Kuwy’s Proprietary Vehicle Paper Transfer Platform
KUWYLaaS is fully customizable and is available on both mobile and desktop versions. It is easy to integrate with the existing systems – website, DMS or internal LOS through API suite.
About Kuwy - The Chennai based startup Kuwy (which means Digital Finance in Tamil), was co-founded by B. GaneshKumar in the year 2017 with a vision to democratize and digitize automotive credit. Kuwy is India’s first automotive Fin-tech platform that connects dealers, lenders, OEM’s and customers digitally. It simplifies auto loans by facilitating end-to-end digital loan approval, processing and disbursal. With presence in 500+ locations across India, Kuwy works with a large network of dealers (4500+) and is a subsidiary of Volkswagen Finance.
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