Wednesday, Feb. 13, 2008, 07:00 PM UPDATED 11:59 AMBy Nick Zulovich
SAN BRUNO, Calif. — Nomis Solutions, a leader in profit-based pricing for banking and finance, recently announced that it is now providing Nomis Price Optimizer for Ford Credit.
According to officials, Ford Credit is using the Nomis Price Optimizer in its U.S. and Canadian markets to tailor standard and subvented loans and lease prices to meet volume and return on equity goals.
Currently deployed via more than 10 banks and finance companies worldwide, the Nomis Price Optimizer can serve as a comprehensive pricing and revenue management solution, the company pointed out. In fact, officials said this offering impacts more than $4 billion in consumer lending each month.
It is used by pricing and product management executives to strategically use pricing to achieve profit and volume targets and increase shareholder value, gain insight into customer and dealer preferences and support compliance, executives explained.
The Nomis Price Optimizer facilitates collaboration between corporate and regional managers. With an understanding of market response, users can optimize prices to achieve specific goals, and run "what if" simulations to evaluate the impact of price changes on loan volumes and profitability across a mix of loan amounts and geographical regions, according to Nomis Solutions.
Ford Credit said it conducted a thorough evaluation of the Nomis Price Optimizer for auto finance and is currently in the process of deploying the solution in its U.S. and Canadian operations.
Nomis Solutions also allows Ford Credit to store pricing inputs and link to a series of databases to incorporate deeper data analysis, modeling and simulations, executives noted.
"Ford Motor Credit is a major automotive finance company with a very strong internal forecasting and optimization analytics modeling team," explained Frank Rohde, CMO and vice president of product management at Nomis Solutions.
"We are delighted to be working with Ford Motor Credit to help them serve their customers and dealers and continue providing value," he concluded.
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