There are three ways in which dealers and lenders can rethink or ‘modernise’ their approach to motor finance, according to a white paper launched by iVendi.
The “Three Routes to Modernising Your Motor Finance Offering” white paper covers driving efficiencies through tech and maximising benefits from compliance.
James Tew, CEO at iVendi, said: “Motor finance is currently facing big challenges in several areas – consumers who are increasingly demanding when it comes to retail technology, an ever-higher level of regulation aimed at protecting vehicle buyers, and unwelcome and perhaps unfair attention over past practices.
“As a direct result of these developments, dealers are working to create new and more effective finance propositions for consumers, while lenders are looking for innovative ways to deliver their products compliantly in an ever more competitive sector.”
Tew suggests the only way to meet demands of motor finance providers, dealers or consumers is to rethink motor finance in this way. He suggests traditional lending models, administrative methods and paper-based processes make it difficult to meet these demands.
Tew said: “By rethinking motor finance, embracing digital tools, and prioritising compliance, dealers and lenders can ensure all stakeholders benefit from improved business outcomes, higher consumer satisfaction, and increased operational efficiency.
“We believe that a multi-lender, technology-driven approach offers a more competitive and transparent way forward.”
