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NTWK - NetSol Technologies Inc News Story

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Market Cap £35.2m
Enterprise Value £27.8m
Revenue £42.0m
Position in Universe 6089th / 7335

Otoz Provides Update on Recently Launched Digital Retail Platform and Pilot for MINI USA Dealers

Mon 9th August, 2021 1:00pm
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* MINI USA and MINI Financial Services have selected Otoz as their preferred
vendor to enable digital retail for MINI dealerships and consumers.
* Otoz’s recently launched automotive retail platform, MINI Anywhere,
provides MINI USA customers with a fully digital shopping experience,
empowering the OEM’s marketing strategies and creating a new, automated
sales channel for dealerships and lenders.
* MINI Anywhere is now live and on track to onboard more California dealers,
with five MINI dealerships online since launching its California pilot in late
May and a planned expansion to Florida in the coming weeks.
CALABASAS, Calif., Aug. 09, 2021 (GLOBE NEWSWIRE) -- Otoz
a subsidiary of NETSOL Technologies, Inc.
(Nasdaq: NTWK
a global business services and enterprise application solutions provider,
today provided an update on its recently launched and expanding pilot program
for MINI USA dealers.

The U.S. digital retail platform is designed to enable an end-to-end, online,
car shopping experience for end consumers and create a new, automated sales
channel for dealerships and lenders. Since its launch in late May of this
year, the new platform has quickly gained traction. MINI’s digital retail
program, called MINI Anywhere and powered by Otoz’s platform, is now live
with five MINI dealerships; Otoz is also scheduled to onboard additional
California-based dealers before an expansion into Florida in the coming weeks.
Long term, the solution has the potential to be rolled out to the over 100
MINI dealerships across all 50 states.

In recent months, the automotive industry has witnessed a significant push
towards digital transformation in the retail space. Marked by various
announcements of newly formed partnerships, major acquisitions, and e-commerce
pilots, stakeholders are racing to meet the consumer’s evolving expectation
for online shopping options, including for traditionally in-person big-ticket
items. While many digital retail tools in the market are still considered lead
generators, facilitating only some of the purchase process online, Otoz has
digitized the purchasing journey from vehicle search to payments, including
the entire credit and contracting process.

Informed by NETSOL’s global expertise in automotive marketplaces, Otoz
provides solutions rooted in financial technology and innovation. This
expertise allowed Otoz to quickly build and offer integrations with financial
systems, inventory feeds, fraud & identity tools, CRM’s, trade-in valuation
companies, payment platforms, and several other partners to provide a truly,
end-to-end car shopping experience.

Otoz tools are easy for sales teams to incorporate into their existing
processes. For MINI dealers, the tool can be set up in as little as 60 minutes
and is supported by Otoz’s dedicated success team that provides online and
onsite onboarding and training services.

“We appreciate MINI’s belief in our product and team and are looking
forward to the expansion of our original partnership,” said Naeem Ghauri,
Otoz CEO and President of NETSOL Technologies. “The entry of our platform
into the U.S. market has been promising. By putting the consumer at the core
and creating new sales channels for dealers, we are providing a solution that
benefits all parts of the asset finance ecosystem. We have already begun to
see encouraging pickup of vehicle sales conducted through the platform, which
is further validation that automotive brands need digital strategies and
capable tech partners to execute. While we are focused on enrolling more
dealers and scaling to more states, we are also continuing to add new features
that are critical to increasing dealer and consumer adoption.”

Built on cloud-native architecture and with a cutting-edge technology stack,
Otoz uses agile development methodology to quickly design, build, and deploy
new features to cater to the evolving needs of end users. The platform has
been developed to ensure scalability and configurability to support various
OEM, finance company, and dealership environments. With readily available
APIs, flexibility on workflows and white-label configurations, implementation
cycles are more efficient and reduce the need for customization effort.
Enabling end-to-end, digital retail experiences for automotive brands requires
a high degree of orchestration to handle complex business processes and
integrate with dense system landscapes that are tied together by multiple
entities. Otoz’s workforce provides consulting and development services
backed by deep leasing & finance experience to help companies execute smoothly
and quickly.

About NETSOL Technologies
NETSOL Technologies, Inc. (Nasdaq: NTWK) is a worldwide provider of IT and
enterprise software solutions primarily serving the global leasing and finance
industry. The Company’s suite of applications is backed by 40 years of
domain expertise and supported by a committed team of more than 1300
professionals placed in eight strategically located support and delivery
centers throughout the world. NFS, LeasePak, LeaseSoft or NFS Ascent® –
help companies transform their Finance and Leasing operations, providing a
fully automated asset-based finance solution covering the complete finance and
leasing lifecycle.

About Otoz
Otoz, a division of NETSOL Technologies Inc. (Nasdaq: NTWK
provides business-to-business, white-label technology solutions for new
mobility. The Otoz suite of agile and customizable mobility solutions ranges
from car sharing and subscription products to AI-enabled chatbots, allowing
businesses to engage consumers and facilitate the complete transaction
lifecycle intelligently and digitally. Otoz technologies empower automotive
companies and start-ups to launch digital retailing and new mobility models
quickly and efficiently. The technology Otoz has developed is cloud-native and
supported by artificial intelligence (AI), machine learning (ML), internet of
things (IoT) and blockchain. Otoz technology drives utilization, while
supporting robust and efficient operations.

Otoz Contacts:

Murad Baig
Co-Founder and Chief Product Officer

Faraaz Ghauri
Chief Operating Officer

NETSOL Investor Relations Contact:

Matt Glover and Tom Colton
Gateway Investor Relations


GlobeNewswire, Inc. 2021
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