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Marble Financial inks partnership agreement with Turnover Technologies to boost underbanked auto sales for 30 dealerships

Published: 10:28 28 Mar 2023 EDT

Marble Financial Inc -- inks partnership agreement with Turnover Technologies to boost underbanked auto sales for 30 dealerships
“Assisting Canadians to qualify for affordable solutions to finance their vehicle or other purchases, is what Marble is all about," said Marble CEO Karim Nanji

Marble Financial Inc, an artificial intelligence powered financial technology company, has announced a business partnership with Turnover Technologies channeling their flagship product TurnoverCRM.

Vancouver-based Marble noted that TurnoverCRM is an “industry leading” technology platform for the underbanked car industry in Canada. It’s designed for auto dealerships wanting to streamline their sales process and sell more cars. TurnoverCRM automates the entire lead qualification process and tracks the direct return on investment (ROI) associated with a dealership’s marketing spend from the time the lead has been sourced to the time a consumer drives away with a car after buying it.

Significantly, TurnoverCRM eliminates the barriers to communication between the prospect and the sales team and streamlines the financing process from application to approval. It currently has 30 auto dealerships using its technology platform, selling an average between1,300-to-1,500 vehicles. Most of these purchases require financing from non-prime, alternative lenders. The monthly marketing spend per dealership varies between $10,000-to-$40,000 per month, with the platform processing up to 6,000 digital leads monthly, according to the company.

Marble said that the relationship between Turnover and Marble's Accumulate.AI is “timely” given existing inflationary, macro-economic conditions and the current high interest rate environment.

In a statement, Marble CEO Karim Nanji said his company is “excited” about the potential of the partnership with Turnover.

“It leverages our recent acquisition of the proprietary Autocarz business by allowing Marble to focus on enabling auto dealerships to sell more cars,” said Nanji.

“Assisting Canadians to qualify for affordable solutions to finance their vehicle or other purchases, is what Marble is all about. For those customers that don’t qualify for affordable financing, Marble and Turnover are implementing a 'Second Look' program for consumers that Marble will nurture to become qualified purchasers in the near future."

Putting consumers in the driving seat

According to Marble, many consumers are experiencing challenges in getting approved for car financing due to poor credit and high consumer debt, with potential car buyers and dealerships unable to complete transactions. Marble says the partnership will enhance the ability for dealerships to monetize their marketing efforts, while enabling consumers to drive away with a car.

Marble has recently introduced Drive Away, which aims to revolutionize the process of securing vehicle financing through its MyMarble financial wellness engagement platform. The service connects individuals who have difficulty obtaining approval for their desired vehicle with trusted partners and financing options, thereby making vehicle ownership more accessible to Canadians.

The combination of Accumulate.AI, Marble's financial wellness engagement platform, and Inverite's open banking income verification service, will enable auto dealerships using TurnoverCRM to tap into quality cost-per-lead programs and manage the full lifecycle of the prospects in TurnoverCRM, noted Marble.

Meanwhile, Turnover CEO Ryan Hartigan said: "I see great opportunity working with Marble Financial. A lot of our dealer partners require support when they have tough approvals or turn-downs.”

“The reason we chose to partner with Marble is because of their customer-centric brand and knowing they will do the right thing for the industry. They have great technology built out to give customers a full 360 view of their credit situation and to help them to address it over time.”

Contact the author Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

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