Automobile Consumer Services has launched FlexPath DXP, a fintech (Financial Technology) connected retailing platform company. FlexPath says the new venture again raises the stakes in automotive fintech. FlexPath DXP is a Digital Experience Platform with deep roots in automotive sales and marketing. The company is positioned to support the credit-first generation of digital retailing. FlexPath’s CEO, Tarry Shebesta, expects the startup will grow rapidly in the next few years. Major customers, industry partners, and strategic investors are lined up.
“This has the potential to be a really big company, bigger than my previous fintech venture for sure,” says Shebesta. “Lenders, dealers, OEMs, marketing agencies, vendors, and marketplaces who are racing to incorporate credit-first into their connected retailing solutions. This will benefit from the FlexPath platform.”
Credit-first vs credit-last
Shebesta coined the term “Credit-First vs Credit-Last” years ago. The term illustrates how building marketing and shopping tools using credit early in the process ensures more accurate monthly payments. In addition to realistic vehicle purchase and financing expectations when consumers want to shop based upon a certain monthly payment.
The heart of FlexPath’s proprietary technology is the credit-first lender waterfall decisioning engine Trillium. Unlike other monthly payment quoting services that use only a credit score, Trillium AI engine uses real credit bureau data. This is supplemented by hundreds of rates, rules, and lending guidelines to ensure credit-perfect payments.
FlexPath enables companies to custom build their own tech using Trillium web APIs, or plug-and-play a white-labelled proven model. FlexPath says the solution is flexible to fit into any digital marketing campaign or online/in-store sales process. As a result, enabling fraud prevention technology and speed to market without spending millions on development costs.
“35 years ago, I started a company, unlike any other in the industry. To change the way consumers bought and financed vehicles. I am still energised and working as hard as ever!” Shebesta said. “I made it to the other side of the startup journey. If I can finish what I started with FlexPath, I will feel like I made my impact and contribution to the industry that I have been a part of since 1989.”
FlexPath is available within different channels and industries where consumers shop for finance-based collateral. This includes automotive, power sports, recreational vehicles, and marine.
Enterprise Times: What this means for businesses.
Other than Buy Now Pay Later (BNPL), retail credit is pretty much a mess. The current ecosystem of disconnected credit-last digital retailing platforms, disjointed marketing campaigns, and fragmented systems create consumer mistrust. This leads to false payment expectations for buyers resulting in poor conversions and lost sales. Analysts suggest that Shop-by-Payment technology has consistently been the top conversion tool websites for years. The solution works as a stand-alone marketing tool and complements digital retailing solutions on websites. FlexPath DXP is expected to bridge the gap between modern retailing and eCommerce components of digital marketing and personalised shopping.