Motor retail technology company said that, from a sample of more than half a million sessions of consumers using its motor finance tools, 4.3% were potentially classified as vulnerable. Of these, almost one in five (17%) were successfully signposted to third party and lender links such as support lines.
The shift towards leasing is especially evident in the electric vehicle (EV) market. With the looming phase-out of traditional petrol and diesel cars, drivers are eager to explore EVs without committing to long-term ownership. Leasing allows them to enjoy the benefits without worrying about battery issues, as they can easily switch to a new EV at the end of their contract.
The consumer new car finance market reported new business by value in February 4% higher than in the same month in 2023, while new business volumes fell by 5%. In the first two months of 2024, new business volumes in this market were 12% lower than in the same period in 2023.
One thousand recent car buyers were asked a series of questions about the online motor finance process* – with 87% saying it was fair and transparent, 82% that they felt in control and 85% that they were given sufficient information which explained the available finance products.
With the number of PHVs and PCOs projected to rise, Ayan Capital empowers new and existing business drivers to purchase a new vehicle with its Islamic finance offering. Its tech-enabled solution is fast, accessible and easy-to-use, allowing the drivers, who are approved, to obtain a car for up to £50,000 within days from any dealership in the UK.
withholding motor finance from the retailer web site is almost always a negative. If consumers can’t find what they want online, they tend to leave and look elsewhere. Offering online motor finance drives engagement and increases sales.
Last year 93% of buyers said they were satisfied with the explanation given to them by dealership sales staff of the available finance packages, up from 91% in 2020. While satisfaction with the explanation of paperwork and documentation related to finance increased from 93.5% to 95%.
Car finance, the umbrella term which covers various payment options, can be confusing. The term drivers find most baffling is ‘balloon payment’ – which refers to a lump sum owed to a lender at the end of a car finance agreement – leaving 69% of people scratching their heads.
The franchising package, which is expected to attract the top tier of finance and business opportunity professionals, will create partnerships which contain the complete CarMoney sales to payout process, backed by the industry’s finest technology integration tools.
Supplier Direct Funding, which is just one of the stock funding options available from MotoNovo, can be used to stock cars, LCVs and motorcycles, has been a huge hit with dealers who value the convenience of the service and the way in which the digitised process takes time and cost out of the funding process.
