Even before the automobile was invented and put into production, Finance and Insurance (F&I) companies were in existence. This industry exploded once automobiles became mainstream. Since 1995 F&I went high tech with the evolution of the internet. Now consumers can shop for financing and insurance while sitting at a computer connected to the internet. F&I companies have taken advantage of this by offering consumers the ability to easily submit their automobile information online. This allows the consumer to find the best product at the best rate.
However, F&I companies quickly learned that the information supplied by the consumer through the electronic form on the F&I companies website was either incomplete, inaccurate or fraudulent. To combat these issues F&I companies turned to VinPOWER to assist them and the consumer to better validate and normalize the data by submitting the Vehicle Identification Number (VIN). By doing so, the lenders and insurers greatly reduced the problems they previously faced prior to using the VinPOWER VIN decoder. They also turned to VinPOWER their existing portfolio of assets that run through VinPOWER to fix, normalize, and validate their existing portfolios.