DIGITAL platform CarFinance 247 is updating, allowing consumers to completely self-serve for the first time: completing the loan application, car search, and purchase agreement without needing to speak to an account manager.
While the new process will empower consumers and put them in control of their finance choices, existing safeguards will be strengthened to ensure they also remain protected. These mandatory breaks are designed to give consumers time to stop and think about their decision before finalising their loan agreement, preventing them from taking on an unsustainable financial commitment.
Consumers who are unsure of their finance or vehicle options and are seeking further guidance will still be able to speak to CarFinance 247’s team of account managers, who will remain on hand to support consumers and oversee the process.
This self-serve functionality has been developed alongside the platform’s improved Marketplace, allowing consumers to browse the best available cars for them from CarFinance 247’s network of 4,000 independent dealerships.
The new Marketplace will also give consumers greater confidence in used car quality, thanks to community-generated dealership star ratings. Marketplace sellers have direct access to CarFinance 247’s pool of 50,000 pre-approved consumers each month, reducing their need to advertise elsewhere.
Daniel Graham, Chief Technology Officer at 247 Group, said: “We have always been a consumer-focused business and is leading the way with a true multi-channel offering. We recognise that an increasing number of people are ‘digital first’ and have completely rebuilt our customer experience to serve the needs of the modern consumer while retaining all our existing communication options.
“Our new user interface is designed to be the smoothest and simplest used car financing platform in the UK. Our platform reinforces trust in the market, engages in responsible lending, and tailors everything, from the finance product to the car buying experience, to each individual consumer.”
Chief Executive Reg Rix added: “Our focus has always been on improving the experience of everyone who interacts with our services. We are committed to making it easier for dealerships to sell cars by connecting them to pre-approved buyers while also providing consumers with more choice and peace of mind when looking for their perfect car.
“In addition to our focus on technological innovation, our low CapEx model, enabled by our network of 4,000 independent dealers rather than costly stock holding, puts us in a strong position to scale effectively. Together, these constituents of our model enable us to respond to the boom in demand for used cars better than any other platform in the UK. Platforms such as CarFinance 247 are growing across the world, as seen with Kavak, a pre-owned car marketplace in Latin America, which was recently valued at US$8.7 billion.”
Leave A Comment