LexisNexis Risk Solutions Helps Automakers Bridge Secondary Owner Knowledge Gap
ATLANTA, June 28, 2021 /PRNewswire/ -- LexisNexis® Risk Solutions has announced the availability of LexisNexis® Owner Check, a groundbreaking ownership management solution that provides automakers a more timely and complete method of identifying vehicle ownership changes and providing updated contact owner information, helping to unlock new customer engagement and retention opportunities.
More than 40 million previously owned vehicles are sold every year in the United States. Of the millions of vehicles that change ownership every year, only about a third are sold through a franchise dealer network, and the other two-thirds, 25 million, are transferred through private sales and independent auto dealers, which can make it difficult for automakers to quickly, accurately and securely identify the current vehicle owner. This knowledge gap or "blind spot" in detecting the current owner of a vehicle only increases over time. The gap is compounded further by traditional sources of owner change information that can often be latent, restrictive, and can ultimately hinder owner conversion rates for connected services, until now.
Owner Check Benefits
LexisNexis Owner Check enables automakers to facilitate the delivery of connected services and other vehicle benefits to prior and subsequent owners, which may include:
- Reactivation and transfer of connected services
- Transfer of aftersales benefits, including prepaid maintenance, roadside assistance, vehicle diagnostics and warranty
- Effective management and migration of connected services from prior owners, helping protect privacy and 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 2-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 of the benefits of connected features, such as knowing about the ability for a car to be located, unlocked and even started through a connected service with a smartphone or taking advantage of telematics, continues to increase along with usage of these services. With more vehicles equipped with connected services, awareness and activation of these services can add urgency to ensuring the right owner is tied to the vehicle. At the same time, knowing the owner means OEMs can build relationships and educate these new owners on the advantages of transferable benefits such as prepaid maintenance, roadside assistance and service diagnostics.
LexisNexis Risk Solutions is working with multiple automakers to further expand their line of sight into vehicle ownership and provide an array of benefits to current owners while helping protect the safety and privacy of those prior.
How Owner Check Works
LexisNexis Owner Check combines proprietary linking technology with a unique LexID® identifier to leverage more reliable vehicle owner information from billions of public records. Being able to trace owner changes means automakers can more easily connect with new owners. Vehicle owners mutually benefit by gaining access and full control of connected services to realize their car's features and benefits.
Owner Check allows automakers to identify owners throughout the ownership lifecycle after initial purchase through subsequent transfers, enabling automakers to better support their existing customers and build new customer relationships. It can provide actionable, more accurate intelligence in as little as a few weeks, compared to months without this fully customizable and scalable solution.
LexisNexis Owner Check gives automakers a clearer view into vehicle ownership changes on a scale never seen before. By incorporating the latest data analytics and innovation from a global leader in advanced data and analytics, Owner Check can lead to better overall customer relationship strategies and help improve business workflows through timelier, more complete, change of vehicle ownership information.
For more information on LexisNexis® Owner Check and our other Automotive industry offerings, visit Solutions for Automakers.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.
Media Contacts:
Regina Haas
LexisNexis Risk Solutions
Phone: +1.678.694.3569
regina.haas@lexisnexisrisk.com
Dean Carney
Brodeur Partners for LexisNexis Risk Solutions
Phone: +1.646.746.5607
Dcarney@brodeur.com
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SOURCE LexisNexis Risk Solutions
