POPIA – the new law that gives force to everyone’s constitutional right to privacy – outlines that everyone has a right to find out which parties have their Personal Information, and various information linked to that. This is Lightstone’s service for facilitating Data Subject requests (Section 23 & 24 of POPIA).
We understand that there are many factors to consider when purchasing, servicing, or repairing a vehicle. It is potentially your second most expensive asset.
Lightstone Auto plays a valuable role in this process by providing automotive market intelligence, market research, vehicle information, finance and insurance services and real time data solutions to dealer groups, insurers, banks, OEMs, MBR’s and businesses and individuals needing automotive data-led solutions.
In practical terms, we support dealerships, financial institutions, insurance companies, OEM’s, MBR’s and component manufacturers by assisting them with smart data and systems to help them make the best decisions and simplify the process when servicing you.
Lightstone Auto takes its responsibility of working with companies and vehicle information for the fulfilment of its critical support functions, very seriously. We supply information to various third parties, and always with the intention of making the purchasing, selling or repairing of a vehicle (and other processes relating to your application) easier, less risky, and smoother for you.
To assist you we have compiled a POPIA series titled, Getting to know POPI and over the coming months we will be sharing monthly insights and information on What POPIA means for your business. Please note: This information has been created to unpack POPIA and its practical implications for the automotive industry. However, Lightstone does not claim to offer legal advice.
In this episode we will look specifically at how POPIA affects direct marketing. And our next episode will be dedicated to addressing your questions and providing examples on this important and very relevant topic of Direct Marketing and the law.Read more
What financial institutions and insurers need: If you apply for vehicle finance, financial institutions need to verify the price you have agreed to vs the predicted / expected value of the vehicle to make sure you’re not over-spending. They also need to do certain credit and security checks in the process of evaluating your application. Also when purchasing a vehicle, you would want to have vehicle insurance in the event that you are either in an accident or require maintenance repairs on your vehicle. Insurers need certain information to offer you an appropriate premium and identify the required coverage.
How Lightstone Auto assists: Lightstone Auto offers meaningful and accurate reports including information on new car sales, demographics of buyers, future values on new and used vehicles and risk statistics. Financial services and insurers may use the information to build models that help them to evaluate clients’ finance and credit profiles and offer them the best interest rate and insurance premiums.
What would happen if Lightstone didn’t enable this process? This system allows financial institutions and insurers to offer more accurate interest rates and premiums for your specific kind of risk instead of using a pricing model that is based on an average for all vehicle purchases.
What do dealerships need: When selling new vehicles or purchasing used vehicles, dealerships are required to conduct their sales in accordance with regulatory requirements, compliance and mitigate risk by verifying client’s identity for financial and security purposes. Without the right automated systems, this process can be tedious and time consuming for clients.
How Lightstone Auto assists: Lightstone Auto helps make the process faster and more efficient with the paperless system Signio. The online platform provides electronic workflow and signature solutions that securely automate the Vehicle and Asset Finance (VAF) and Insurance process. Lightstone Auto also provides a FAIS compliance and FICA compliance service to the motor dealer market. The aim is to give the motor dealer total control of all finance transactions and do identify verifications in a seamless easy way.
What would happen if Lightstone didn’t enable this process? The administration and application process would be far lengthier if the systems and information from Lightstone Auto weren’t in place.
What do OEM’s and component manufacturers need: Motor vehicles are the second most expensive purchase made by most individuals and this level of influence dictates that vehicle manufacturers produce a quality product and create positive customer experiences. Manufacturing companies rely on detailed customer feedback and satisfaction surveys to gauge product efficacy and necessary enhancements needed.
How Lightstone Auto assists: Lightstone Auto’s My Echo Confidence Indicator provides insight into the current market sentiment and helps manufacturers better understand customer satisfaction levels using scientific research and measurement tools on MyEcho. Factors such as the petrol price, the economy, and new technologies have a significant impact on a consumer’s buying habits, and OEM’s must be attentive to these trends and keep pace. Lightstone Auto also conducts a Customer Satisfaction Index (CSI) on behalf of Motor Body Repairers (MBRs) – the results are shared with OEMs and component manufacturers and scores are important, as insurers also base how many vehicles they send to MBRs for repairs based on these scores.
What would happen if Lightstone didn’t enable this process? Manufacturers would miss out on vital customer feedback and possibly lose market share to competitors that have access to market intelligence and make informed decisions using them.
In this episode, we look at how the ECTA and the CPA applies to Direct Marketing methods when selling your services and products, as a dealership or MBR, to new clients.Read more
This episode covers the all-important Eight Conditions for Lawful Processing as well as the respective roles and responsibilities for the Responsible Party and the Operator.Read more
In Part 1 of this monthly series we focus on the client contact book, also known as master customer and client contact lists – what they are, what information they contain and how the POPI Act will change the way we gain and use that information.Read more