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.
Part exchanges have traditionally been something of a problem area for dealers who want to offer a complete online car journey. While there are a number of methods available of handling them, there is currently no uniformly accepted solution that works well for dealer and for consumer.
Research shows that 74% expect to use some sort of online process to buy their next car – either buying online and collecting the car in person from a dealership (45%) or buying online with home delivery (29%). Only a quarter said they would prefer to buy their next car vehicle in person from the retailer.
The WebShop concept delivers a complete off-the-shelf motor retail e-commerce solution that can be easily integrated into almost any dealer web site, incorporating their processes and featuring their branding.
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.
Jones first joined iVendi in late 2020, having held a number of marketing roles in both the tourism and technology sectors during the previous decade. Earlier this year, she became a Member of the Chartered Institute of Marketing.
Chinese EVs seen in the UK so far had been keenly priced and generally attractive, these qualities would be of limited impact without the right finance offering to support them. Delivering competitive and easily accessible motor finance will be essential to the success of Chinese manufacturers entering the UK market and this will very much depend on finance deals that will be based on predicted RVs.
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%.
If dealers implement Consumer Duty correctly, it will potentially create new avenues for business. That’s because it fundamentally requires detailed information to be recorded about how buyers behave and this provides greater insights, as well as providing a more structured and better-informed customer journey.
Called “Navigating Consumer Duty Regulations in the Automotive Sector” it includes a step-by-step examination of the responsibilities that the new regulations create, explanations of what dealers and lenders need to do to show that they are being met, and an analysis of how the right IT systems can resolve these needs.
