ACV’s AI-Powered Monk Technology Tapped by Toyota Financial Services France for Off-Lease Vehicle Inspections

Guided photo capture tool will enhance and simplify consumer trade-in and off-lease for dealerships and commercial partners

ACV, the leading digital automotive marketplace and data services partner for dealers and commercial partners, announced a new contract with Toyota Financial Services France (TFS), granting them access to AI-powered technology created by Monk. Toyota and Lexus dealership customers across France will be able to leverage the AI-powered consumer inspection technology at the end of leasing contracts.

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Part of the ACV family of brands via an acquisition in February 2022, Monk software can quickly and easily detect vehicle damage through a series of photos taken by consumers. ACV then uses computer vision to analyze the images and generate comprehensive vehicle condition reports, which are then evaluated in TFS pricing matrices. TFS will directly integrate the Monk consumer inspection technology into its existing TFS Care application.

After a successful pilot phase, when the AI-based body damage detection solution was tested and calibrated by the brand’s dealerships, Toyota and Lexus consumers and dealers across France will now benefit from increased transparency and efficiency when off-leasing their vehicles.

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“We are thrilled to partner with Toyota Financial Services France to leverage Monk’s advanced AI technology to enhance the lease-end experience,” said George Chamoun, CEO of ACV. “When ACV began exploring the impact machine learning and AI could have on the inspection process to determine a vehicle’s true value, it was clear Monk was a leading innovator in the space who belonged within the ACV family of solutions. OEMs in Europe are utilizing AI and automated self-guided photo technology in the commercial and off-lease spaces in such exciting ways. We believe the future of our AI technology will be a large contributor to streamlining consumer offloading processes for OEMs globally, and we look forward to supporting the momentum around this technology as we look to integrate it with ACV’s current product solutions in the future.”

Monk and TFS continue to explore ways to extend their relationship to other services, including remote vehicle recovery with customized used vehicle buy-back offers

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