Writer: Eric Bank
Editor: Lillian Guevara-Castro
Reviewer: Adam West
Key Takeaways
FlexPath DXP has launched a new feature in digital automotive retailing: Single Vehicle Payment (SVP) prequalification through its VeriQual platform. The system provides users with personalized payment options for individual vehicles, drawing on actual credit profiles instead of generic estimates.
SVP provides transparency and operational efficiency to car purchases that occur both online and in physical stores for subprime customers and financial institutions.
CEO Tarry Shebesta described SVP as the “logical evolution” of VeriQual. The system integrates verified user identity information with soft-pull credit data and real-time inventory availability.
The new module displays credit-qualified payments that reflect each shopper’s actual credit tier, tax rates, and available terms. Dealers can configure the tool with their own lender lineup, enabling them to present accurate payment figures that help build customer trust.
Performance Results
Testing with Sansone Auto Group showed that VeriQual produced more than double the number of credit-qualified leads than a competing quick prequalification app. Both apps cost the same, according to FlexPath DVP.
The system saves 50% in costs per lead. Dealers often use this kind of information to pick lead-generation tools. Shebesta said the SVP feature shines thanks to real-time personalized loan and lease options. The information covers new, used, and certified vehicles.
The data helps subprime lenders identify potential applicants early on. The app accesses accurate credit data without pulling any hard inquiries. Lenders can measure risk and price loans. This reduces defaults and provides better terms.
The company said that SVP can be embedded into any consumer-facing environment, including dealership websites, QR code promotions, digital retailing tools, or online marketplaces. This flexibility is available anywhere a potential buyer shops.
Market Impacts
The FlexPath DXP platform is expanding just as dealerships and nonprime lenders face increasing regulation and consumer advocacy. These groups want a financing system that will protect them from unexpected costs.
Subprime consumers require payment solutions that provide exact results to avoid surprise fees and automated application rejection. The VeriQual SVP feature does this by helping lenders balance risk through lender data, rebates, and incentives.
FlexPath plans to cover other types of vehicles — RVs and powersports, for example — are progressing. These markets are where instant verified payment options can also expedite faster conversions.
The tool promotes fraud detection as part of its verification system — including phone-number identity verification before a credit pull. This should improve security levels while maintaining fast processing speeds. That’s important to lenders who juggle high-risk loan portfolios.
FlexPath DXP supports faster digital-first loan approvals along with real-time data sharing. Shebesta said SVP creates a clear, fraud-resistant buying process that can help dealers and subprime lenders compete more effectively in the online market.
Shebesta will show VeriQual’s latest features at Used Car Week in Las Vegas in November.
