ACV’s AI-Powered Monk Technology Tapped by Toyota Financial Services France for Off-Lease Vehicle Inspections
09 March 2023 - 1:37AM
ACV (Nasdaq: ACVA), the leading digital automotive marketplace and
data services partner for dealers and commercial partners, today
announced a new contract with Toyota Financial Services France
(TFS), granting them access to AI-powered technology created by
Monk. Toyota and Lexus dealership customers across France will be
able to leverage the AI-powered consumer inspection technology at
the end of leasing contracts.
Part of the ACV family of brands via an acquisition in February
2022, Monk software can quickly and easily detect vehicle damage
through a series of photos taken by consumers. ACV then uses
computer vision to analyze the images and generate comprehensive
vehicle condition reports, which are then evaluated in TFS pricing
matrices. TFS will directly integrate the Monk consumer inspection
technology into its existing TFS Care application.
After a successful pilot phase, when the AI-based body damage
detection solution was tested and calibrated by the brand's
dealerships, Toyota and Lexus consumers and dealers across France
will now benefit from increased transparency and efficiency when
off-leasing their vehicles.
“We are thrilled to partner with Toyota Financial Services
France to leverage Monk’s advanced AI technology to enhance the
lease-end experience,” said George Chamoun, CEO of ACV. “When ACV
began exploring the impact machine learning and AI could have on
the inspection process to determine a vehicle's true value, it was
clear Monk was a leading innovator in the space who belonged within
the ACV family of solutions. OEMs in Europe are utilizing AI and
automated self-guided photo technology in the commercial and
off-lease spaces in such exciting ways. We believe the future of
our AI technology will be a large contributor to streamlining
consumer offloading processes for OEMs globally, and we look
forward to supporting the momentum around this technology as we
look to integrate it with ACV’s current product solutions in the
future.”
Monk and TFS continue to explore ways to extend their
relationship to other services, including remote vehicle recovery
with customized used vehicle buy-back offers.
The full press release from Toyota Financial France’s media room
is available here.
About ACVACV is on a mission to transform the
automotive industry by building the most trusted and efficient
digital marketplace and data solutions for sourcing, selling and
managing used vehicles with transparency and comprehensive insights
that were once unimaginable.
ACV marketplace products include ACV Auctions, ACV
Transportation and ACV Capital and its leading data products
include True360, MAX Digital, Drivably and Monk. For more
information about ACV, visit www.acvauto.com.
Trademark reference: ACV and the ACV logo, are registered
trademarks or trademarks of ACV Auctions, Inc. or its affiliates in
the United States and/or other countries. All other trademarks
referenced herein are the property of their respective owners.
About TFS / *Toyota Financial ServicesToyota
Financial Services France was created in 1997 to offer TOYOTA and
LEXUS customers a wide range of financing and related services
through its network of dealership partners. Individuals and
companies can take advantage of several all-inclusive solutions,
such as Easy Plus or Long-Term Rental, as well as more traditional
formulas like Credit or Lease with Purchase Option.
Media Contact:Maura
Dugganmaura@acvauctions.com
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