Automotive finance tech platform iVendi has launched its new subsidiary, Fullbeam Financial Services.
Fullbeam Financial Services aims to make almost instant links available between retailers and finance providers, with the aim of delivering a faster and more flexible lending market.
James Tew, CEO of iVendi, said: “If dealers want to change the composition of their lending panel or lenders want to reach new dealers, it tends to be a laborious process that takes months – and there is no guarantee the new relationship will work.
“Fullbeam is, as far as we are aware, unique in that it exists purely as an intermediary to enable dealers and lenders to use the existing, highly compliant links we have in place. It’s a ‘try before you buy’ proposition before entering a full relationship.”
Six lenders have agreed to take part in the Fullbeam project, with four ready to go live later this month.
Tew added: “This is not a traditional broker, where you are guided towards what the broker believes is the best solution. Instead, it empowers dealers and their customers to make product choices from across our entire portfolio.
“Dealers who want fully outsourced motor finance should still turn to an existing broker, but where they want to take greater control of their own lending right now, Fullbeam provides an instant solution.”
Given the scale of data held by iVendi, it is in a strong position to advise dealers about which lenders will meet their needs.
Tew said: “Our vision is to have dozens of lenders in place that can be accessed by dealers immediately through our Finance Navigator online price comparison platform, creating a whole new short-term dealer-lender market.
“This is something genuinely new in motor finance – a third channel in addition to direct lender relationships and brokers that brings a wide range of advantages in terms of choice and speed.”
