LexisNexis Risk Solutions has announced the availability of LexisNexis Owner Check, an ownership management solution that provides automakers with a more timely and complete method of identifying changes in vehicle ownership. The solution can also provide updated contact information, helping OEMs to unlock new customer engagement and retention opportunities.
In the United States, more than 40 million previously owned vehicles are sold per year. Of the millions of vehicles that change ownership annually, one in three are sold through a franchise dealer network. The other two-thirds (25 million vehicles) are transferred through private sales and independent auto dealers. This fragmentation can make it difficult for automakers to quickly, accurately, and securely identify the current vehicle owner. This knowledge gap, or “blind spot”, only increases over time. It is compounded even further by traditional sources of owner change information that can often be latent and restrictive.
To streamline this process, LexisNexis Owner Check enables automakers to facilitate the delivery of connected services and other vehicle benefits to both prior and subsequent owners. These benefits include the reactivation and transfer of connected services, the transfer of aftersales benefits (including prepaid maintenance, roadside assistance, vehicle diagnostics and warranty), and the effective management and migration of connected services from prior owners, protecting privacy and ensuring security.
“Whether it’s the second owner or the tenth, Owner Check is designed to support automakers in closing that knowledge gap and help otherwise unidentified owners take advantage of connected services by migrating consumers into the automaker’s network,” said Dave Nemtuda, head of OEM Product Development, U.S. Connected Car, LexisNexis Risk Solutions. “Having a more accurate and clearer line of sight into vehicle ownership allows automakers to establish a relationship with the new vehicle owner and upon registration can transfer connected services and other aftersales benefits.”
“We see that while connectivity is enabling a two-way connection with the consumer, automakers still struggle to execute a successful connected car journey because of sheer complexity,” added Jeffrey Hannah, Chief Commercial Officer for the analyst research firm SBD Automotive. “Automotive OEMs need to have a lifetime picture of their customers and the connected vehicles they are driving at scale. This allows them to drive secondary owner awareness of features and services, enable remote updates to keep the vehicle updated, and ensure stronger identity management – everybody wins.”
Consumer awareness around the benefits of connected features, such as knowing about the ability for a car to be located, unlocked, and started through a connected service with a smartphone, or taking advantage of telematics, continues to increase along with the usage of these services. As more vehicles ship with connected services, the awareness and activation of them can add urgency to ensuring that the right owner is tied to the vehicle. Likewise, knowing the owner allows OEMs to build new customer relationships and educate them on the advantages of transferable benefits – such as prepaid maintenance, roadside assistance, and service diagnostics.
LexisNexis Risk Solutions is working with multiple automakers to enhance their understanding of the vehicle ownership cycle. They are also working to provide current owners with an array of benefits, while helping to protect the safety and privacy of previous owners.
LexisNexis Owner Check works by combining proprietary linking technology with a unique LexID identifier to leverage more reliable vehicle owner information from billions of public records. Tracing owner changes allows OEMs to easily connect with new owners. Vehicle owners, themselves, can also benefit by gaining access to connected services and realizing their car’s features and benefits.
Owner Check allows automakers to identify owners throughout the ownership lifecycle – from the initial purchase, through to subsequent transfers. This enables them to better support their existing customers and develop new relationships. Owner Check can also provide actionable, more accurate, intelligence in as little as a few weeks, rather than a few months.
The solution gives automakers a clearer view into vehicle ownership changes. Incorporating advanced data and analytics from LexisNexis Risk Solutions, it can enhance customer relationship strategies, and help improve business workflows through a quicker, more complete, change of vehicle ownership information.
For more information on LexisNexis Owner Check and their other automotive industry offerings, visit their Solutions for Automakers webpage.