The Texas-based company is an industry trailblazer in vehicle lifecycle management SaaS, data, and services
The mark of a good company is often reflected in its longevity. Great companies, however, harness innovation and adapt to the changes that emerge across the industries they represent.
Within the automotive & transportation industry, one Texas-based company is driving innovation at a record pace. Based in Westlake, TX, Solera began in the insurance industry in 1966 as it worked to advance the technology behind the digital processing of insurance claims. The company serves over 300,000 global customers in partnership with more than 100 countries and conducts over 1 million daily international transactions with insurers, repairers, dealers, and fleets.
Specializing in vehicle lifecycle management software-as-a-service (SaaS), data, and services, Solera operates through four lines of business, including vehicle claims, vehicle repairs, vehicle solutions, and fleet solutions. As a result, Solera’s product line of services offers customers the ability to succeed in the digital age through its “one-stop-shop” solution, including streamlining operations, offering data-driven analytics, and enhancing customer engagement.
Video-based safety solution leverages AI
Video-based safety solution leverages AI
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Solera’s efforts to reimagine small fleet roadway safety were on full display when it hosted Outlook 2022 —the inaugural 3-day Solera Fleet Solutions conference held in New Orleans on May 24. At the highly-anticipated event, the company introduced SmartDrive Protect as its latest addition to the Solera SmartDrive product suite.
The video-based safety solution designed for small fleets offers accident exoneration, rewards safe driving, and provides the tools to coach and correct unsafe driving habits. According to the American Trucking Association, the technology is especially critical as research indicates that 80% of car-truck crashes are attributed to car drivers.
“With SmartDrive Protect, our number one goal is to ensure that drivers get home safe to their families,” said Mark Freitas, Vice President of Video-Based Solutions at Solera. “In a changing world that has increasingly more distractions, we need better ways to protect our drivers. With this solution, we are providing the key functionality needed to exonerate drivers in no-fault accidents using video while also providing safety coaching opportunities to keep a fleet’s reputation on solid ground.”
Among SmartDrive Protect key features are innovative tools such as AI for road and driver-facing cameras, continuous video recording, a dashboard featuring centralized data, and driver coaching workflow. SmartDrive Protect is one of several products in Solera’s portfolio of fleet technology solutions showcased at the user conference.
Driving innovation in used car lending solutions
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The launch of Solera’s advanced line of products announced at Outlook 2022 comes on the heels of the company’s March unveiling of Solera Holdings Solera Auto Finance (SAF). The service, touted as a fast, powerful financing solution for the franchise and independent used car dealers and their customers, has gained impressive traction two months after its launch.
“We have a robust offering, a motivated team, and a strong network that is growing on a daily basis. Solera Auto Finance planned to launch initially in seven states and add about a dozen more in the next six months. I’m proud to say we have made quick inroads with dealers and customers in record time,” said Kenn Wardle, CEO of Solera Auto Finance.
Operational within 25 states, the company hopes to expand throughout the country, “Based on our accelerated growth and performance, we are revising our short and long term growth targets and now plan to be operational in all 50 states within the next one year.”
SAF is unique because it uses an artificial intelligence-driven loan origination system to speed funding and a dealer management system (DMS) reward program. “We believe Solera Auto Finance’s commercial value proposition for franchise and independent used car dealers will positively impact the automotive industry,’ said Alberto Cairo, Solera Managing Director of Vehicle and Fleet Solutions.
“Solera Auto Finance provides our dealer customers with an integrated solution that creates a seamless journey for car buyers, accelerates the financing and funding processes, provides a superior car-buying experience, and reduces operating costs.”
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