Otoz Announces Expected Launch Date of U.S. Digital Retail Platform in Partnership with Tier One Automotive Brand

• Otoz has developed an automotive retail platform that provides a fully digital shopping experience, supporting leasing and finance transactions
  
• The platform is expected to be released to over 100 dealerships across the U.S. by its initial client, a tier one automotive brand
• The platform is designed to place the consumer at the core of the OEM’s business, integrating the OEM, its captive finance company, and the dealership ecosystem to enable a fully digital sales channel
  

CALABASAS, Calif., April 01, 2021 (GLOBE NEWSWIRE) -- NETSOL Technologies, Inc. (NASDAQ: NTWK), a global business services and enterprise application solutions provider, announced an expansion of its product offering to include digital retailing solutions for car dealerships. Powered by NETSOL’s subsidiary Otoz, the new platform enables automotive companies to provide consumers with a complete, end-to-end digital shopping experience.

When the Otoz platform is launched, both customers and dealers will have access to personalized portals via state-of-the-art apps, enabling a true end-to-end experience. To further facilitate seamless customer and dealer engagement, Otoz is integrating with a host of complementary partners, including: inventory management systems, trade-in valuation companies, CRMs and finance companies.

Otoz will be launching the platform with its first client, a tier one OEM through its finance arm, in the calendar second quarter. Beginning in California, the solution is intended to be rolled out by over 100 dealerships across all 50 states.

“The platform we built is highly configurable, and we work closely with OEMs, finance companies and dealerships to provide customized solutions. That is what we have been doing at NETSOL with OEMs across the world for over 40 years,” said Otoz Co-Founder and Chief Operating Officer Heidi Bauer. “The automotive industry has been experiencing an ongoing transition to digital retailing, which the global pandemic has only accelerated. We are addressing the immediate needs of car dealerships and consumers by creating a fully digital, customer-centric experience.”

Digital retailing platforms of the future need to be built holistically with the dealer, finance company, and OEM ecosystem integrated. Online vehicle sales increased substantially during COVID-19, showing that today’s modern consumer is ready to transact online even for major purchases. New players with digital-first business models are gaining momentum, and established automotive players are transforming their sales models to maintain their position in the market. Online car shopping needs to go beyond digitalizing the traditional sales process, by providing consumers with the optimal offering and transparency to drive sales. Otoz has been working with market leaders to create a unique, customer-centric experience powered by a cutting-edge technology stack.