Solera, DigniFi Team to Offer Customers Vehicle Repair Financing

Vehicle lifecycle management company Solera has launched a partnership with DigniFi, a FinTech platform for the auto industry.

The tie-up will see Solera offer access to DigniFi financing options for customers seeking car repairs, according to a Tuesday (Sept. 6) press release.

“Adding this offering is a win for Solera’s customers and car owners because DigniFi provides access to a much-needed financing choice for the millions of people not able to pay for an unexpected repair, insurance deductible or bodywork without assistance,” said Alberto Cairo, Solera’s managing director of vehicle and fleet solutions, in the release.

DigniFi offers drivers access to financing ranging from $350 to $7,500 for almost any car-related expense, such as repairs, maintenance, bodywork, accessories and tires.

“It’s a real thrill to collaborate with like-minded, industry-leading partners, like Solera, who share our commitment to supporting Main Street and hardworking people across the country,” said DigniFi CEO Neeraj Mehta in the release. “I’m convinced that together, we can build a world where inclusive, accessible funding for the needs and aspirations of daily life is the norm.”

Last month, PYMNTS talked to DigniFi Chief Financial Officer Mariana Coontz, who said the auto repair industry’s reluctance to digitize has given her company a greenfield opportunity to serve as a resource for customers who may be unfamiliar with financing and systems integration.

Read more: Embedded Payments and Instant Financing

“The challenge is to create an experience for both the merchant and then the consumer that’s frictionless and seamless in a way that makes sense in a time where inflation is higher than we’ve seen in a very long time and the consumer is being squeezed,” she said.

In her side of the business, that means employing each tool at payables and receivables teams’ disposal to keep on top of credit innovation — offering accurate forecasts that provide decision-makers with the information they need to make strategic moves. Often, that means finding a balance between innovation and meeting strict standards.