Paul Bennett, recently appointed to the newly-created role of Senior Vice President of International Business and Banking Alliances at iVendi, said that retailers and lenders need to ensure that their offering match the best that new entrants could provide.
Consumers are taking greater control of their finances empowered by digital tools and an increasingly active lending sector. It is a challenge the dealer finance community should recognise.
New HP product will provide financing between £3,000 - £55,000 to buy a used vehicle, which will be no older than 12 years old at the end of the agreement. V12VF offers a fully integrated and digital-first service with a full suite of software that facilitates quick decision making and fast payouts for both dealers and customers.
The impact of MotoRate on dealers' used vehicle finance performance has been exceptional. Finance sales from dealers switching to MotoRate have increased by over 70% YoY consistently over recent months.
Two speed used car market is likely to persist for at least the remainder of 2020 as the economic effects of the coronavirus crisis continue to take effect, Startline Motor Finance predicted.
Lead management expert Dealerweb said that finance penetration jumped by 2.1% to 46% in April against the same month in 2018. It marked a 6.4% increase in used car finance sales as dealers continued to focus on used revenues.
The shift to online finance does not meet the needs of every car buyer; especially those who may need an extra level of assistance and not every dealer is comfortable talking about finance.
Finance penetration rose 10% against December 2017 and GAP sales rose 1.5% on used vehicles while paint sales rose 0.5% over the same period.
