NetSol Technologies, Inc., a worldwide provider of global IT and enterprise application solutions, announced this morning that it was awarded a major software and IT services contract valued more than $1 million with a major U.S. automotive manufacturer’s captive finance arm in China. According to the press release, NetSol will provide its Credit Application Processing solution to fully automate point of sale (POS) functions in the client’s Chinese dealer network as well as install its next-generation platform to capture all credit and client data at the point of sale to streamline and automate the entire credit application capture process.
Naeem Ghauri, President and Head of Global Sales at NetSol, stated, “This is a major win for NetSol’s China operations. Our state-of-the-art auto leasing platform has become the de facto gold standard in the Chinese IT market. This new win clearly establishes NFS as a market leader with over 90% IT market share in China’s captive auto finance sector. We expect to sign a number of new deals in the foreseeable future, as our pipeline remains strong and growing.”
China overtook the U.S. last year to become the world’s largest auto market, with more than 13 million vehicles sold during the year. Research firm J.D. Power and Associates has estimated that sales of passenger vehicles (a category that includes passenger cars, SUVs and minivans) in China will increase from 8.7 million vehicles in 2009 to 13.5 million vehicles by 2015, a 55.2% increase.
Credit Application Processing (CAP), a component of the NetSol Financial Suite (NFSTM) of products, is a web-based credit evaluation system that provides finance and leasing companies with the ability to quickly assess the merit and risk level of an applicant applying for a loan or a lease. Although the system is designed to seamlessly integrate with NetSol’s POS module, it can also be customized to link to any third-party point of sale system.
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