Automotive retail technology company iVendi’s Finance Navigator platform has delivered “substantially more efficient” motor finance processes.
Since its launch in June, the number of applications submitted by dealers and consumers has fallen by around a third, while paid out advances on approved deals is up by a fifth.
Rob Severs, deputy CEO at iVendi, said: “Finance Navigator is designed to provide dealers and consumers with the information needed to make faster, better informed finance decisions with the aim of reducing the time spent making multiple applications, something that happens far too often. At the same time, that better matching of each individual vehicle buyer with the right product for their needs should drive higher levels of business for lenders.
“This data, taken from tens of thousands of applications made through the platform since its launch with payouts totalling almost £1bn, shows we are achieving substantially more efficient motor finance processes. If you’re buying a car, van or motorbike, it’ll help you arrive at the best borrowing outcome in a fraction of the time taken previously. If you’re a lender, you’re dealing with far fewer applications but writing much more business.”
“This means lower costs for dealers and lenders as staff spend less time processing applications while also delivering a much higher level of compliance for the consumer and a massive jump in service standards. Everyone wins.”
Finance Navigator is already in use by lenders including Admiral Car Finance, Mann Island, Marsh, Oodle, Tandem and Zopa.
There has been a rise in motor finance acceptance raters. Lenders offering pre-approval such as Admiral, Zopa and Tandem are achieving close to 100% while others have seen approvals increase from around 50% to more than 90%.
Severs said: “These figures are, we believe, proof of much more productive processes. The reaction from lenders adopting the platform has been excellent, and we’re also seeing a high level of interest from others keen to come on board.”
