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 move, which could benefit thousands of motor retailers who use ATG’s NetDirector Auto-e platform, will include iVendi’s Consumer Duty-compliant tools such as full finance quoting, applications and proposals, form validation, lender product content, monthly payment calculations and finance eligibility checks.
The cost-of-living crisis has hit motorists hard, and many finance companies have made it tougher to get loans to protect themselves. For many drivers, popular used cars like the Ford Focus at their average cost can be out of reach without a significant deposit.
New figures released by motor retail technology business iVendi show that since the beginning of 2021, the number of motor finance applications made through its platform that include at least one add-on product have risen by 65%.
Vyne’s no-code payment links enable businesses across a variety of industries to streamline how they’re collecting payments. Merchants that traditionally take payments over the phone such as travel agents or hospitality, can offer customers a more secure, easy way to pay, removing the risk of chargebacks.
CarCloud users will now be able to check eligibility for new car finance deals without it affecting their credit score – giving them the confidence to go ahead with the best, most affordable option.
Report indicates evident changes in buyer behaviour driven by the economic changes of the last year, identifying some of the critical challenges facing dealers in sourcing stock and accommodating customers’ financing wishes.
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The ability to record, review and audit all aspects of the consumer journey in one place will prove an important part of the new responsibility to “put customer needs first”.
Because of staff having to input data manually into the variety of systems in operation, vehicle information such as price and spec is mis-keyed which, if finance quotation software is in use on online marketing channels, can see dealer groups fall foul of Financial Conduct Authority regulations
