A vehicle leasing pricing tool that enables Autorama to quickly compare over 70 million leasing deals to find the best deals for their clients.
Autorama is a multi-award-winning vehicle leasing business based in Hertfordshire in the UK. They provide personal and commercial vehicles nationally via several brands including Autorama, Vanarama and Pick-Up Trucks Direct.
Autorama provide leasing deals on over 30,000 variations of vehicles (including commercial vehicles). They provide these on 5 different term lengths, 12 different mileage options, with/without maintenance and with 2 different initial payment options. This resulted in over 7 million variations of possible leasing deals.
They provide leases from over 10 different funders, resulting in the need to assess over 70 million pricing combinations to find the best deals for their clients. However, each of their funders provided their rate books in different formats from one another, making comparisons a long, slow, manual and error-prone process.
I developed a 5-step tool that allowed Autorama to automatically commonise their funders data and to find the best deals for their clients.
Step 1 – This part of the tool allowed Autorama to define and store how each funder laid out their data. This enabled them to add additional funders and to update funders details when they changed.
Step 2 – This part of the tool automatically uploaded and converted each of the funders files and converted them into a common format / layout.
Step 3 – The pricing part of the tool applied mark ups, discounts and generated commercial and non-commercial pricing (commercial pricing does not include VAT).
Step 4 – The best deal identification part of the tool identified the best possible deal for each variation of vehicle, term, mileage, maintenance and initial payment.
Step 5 – The final part of the tool exported the results into a format suitable for uploading in to Autorama’s website.
Most of these steps are carried out with just a few mouse clicks or keyboard strokes.
Autorama experienced many benefits from the tool including;
- The ability to quickly and easily add new funders.
- Processing time was reduced from 1 week to 1 hour saving. This process had to be run several times a month, i.e. whenever funders updated their rate books. This saved Autorama between 4,000 and 5,000 hours a year.
- Different mark ups and discounts could easily be applied globally, by manufacturer, model or variation.
- The ability to easily identify the next 4 best deals for each vehicle, should a client not be accepted by the lowest cost funder.
- The final output could be simply redefined with different data available.