SLOUGH-based Binamic Digital Media has launched a new rate management platform (RMP) to help leasing brokers – and dealers – manage and aggregate rates in a highly efficient manner.
In particular, the platform identifies hot spots in a broker’s itinerary and highlights the opportunities for brokers to increase margin through better negotiation with either dealers, OEMs or funders.
Binamic says that ratebooks can be formatted and uploaded to a broker’s website in minutes.
It then compares rates and discounts flagging up – outlier rates and too generous discounts while also providing a rating facility to allow brokers to see where rates are most competitive and how these can be maximised for greater profitability.
The RMP is also FCA compliant, says Binamic, because whoever uploads the ratebooks is not allowed to sign off the rates.
Our platform is completely FCA compliant thanks to our sign-off system which allows it to comply with the promotions register. It ensures competitiveness by allowing brokers to manage and aggregate ratebooks whilst also manipulating discounts. Finally, it makes processes more time efficient by automating key parts of the rate aggregation, sales and operations management, and lead analysis aspects of the day to day operations of a broker.
A dashboard with a traffic light system alerts brokers to what requires immediate attention – such as ratebooks going out of date, for example.
The system has been in development for two years and is now live with both AFL (Fleet Management) as well as Wessex Fleet.
According to Wessex Fleet’s Spencer Blake:
“The system enables us to offer a competitive lease rental to our customers on every make and model of vehicle. It quickly compares each of the funding systems we are able to access and displays the best price to the customer via our website.
“The key to RMP is its ability to allow us to not only compare standard rate books but also manipulate those rate books to reflect the discounts we are able to negotiate. RMP has saved us considerable time and money.”
Binamic said it is offering RMP to brokers on a subscription basis.
Further tools can be added – such as an OTR Calculator and a self-serve live stocklist called Ringfenced Vehicles (above).
The RMP supports our business across departments and throughout the sales and delivery processes, by making everyone’s life easier. By automating numerous tasks for us, the RMP also saves the company valuable time and money and allows our staff to focus more on growing the business rather than maintaining the status quo.
Binamic Digital Media was a finalist in this year’s Broker News Awards in the Best Innovation Category supported by Loopit.
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Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.
