Colorado Springs-based company Botdoc has struck a partnership with Atlanta-based artificial intelligence developer Trust Stamp in an attempt to stop auto theft from dealerships.
The companies plan to deploy driver's license and other ID verification for auto sellers.
Botdoc serves auto dealership groups such as Porsche, Audi, Mercedes-Benz, GMC, Infiniti, BMW and Lincoln with digital security solutions.
Auto dealerships, a regulated industry, receive sensitive identity and financial information. Botdoc helps these dealerships comply with regulations and securely reduce friction when closing sales through their technology, according to a news release.
Within the dealership industry, however, about 80,000 cars a year are stolen by people with fake driver's licenses, permits and IDs, Trust Stamp President Andrew Gowasack said in a prepared statement.
Through this partnership, Botdoc's customers will be able to use Trust Stamp's Orchestration Layer platform to verify licenses and IDs in real time, per the release.
Documents will be validated by using the Driver License Data Verification System from the Association of Motor Vehicle Administrators, for which Trust Stamp has a license.
"With increasing cyber attacks in automotive, it is imperative to incorporate the best practices from other industries into this [auto] environment," said Karl Falk, founder and CEO of Botdoc, in a prepared statement. "This initiative brings a different perspective with new and innovative insights to the automotive industry.”
Both Trust Stamp and Botdoc participated in the Atlanta-based Independent Community Bankers of America ThinkTECH accelerator and worked in parallel industries.
"By combining their cutting-edge solutions, Trust Stamp and Botdoc are enhancing security and efficiency in identity verification and cyber security, ultimately protecting both businesses and consumers while benefiting the industry as a whole," said Charles Potts, ICBA executive vice president and chief innovation officer, in a prepared statement.
Earlier this month, Trust Stamp signed a letter of intent with Houston-based fintech company Qenta Inc. to create a strategic partnership that will serve crypto, banks and financial service companies with security solutions.
