Beating the online brokersOct 06, 2016
Research by iVendi shows that 35% of dealers do not offer an integrated, online motor finance on their web sites.
If you are one of these, then there is a good chance that your customers are looking elsewhere for their finance needs and may end up using an online broker, says our CEO James Tew.
He said: “Ironically, all that these online brokers will tend to do is, through a process of disintermediation, pass your customer back to you without any finance commission and, in some cases, without an additional fee, too.
“Frankly, if the whole market went this way then finance income would be lost in its entirety with no incremental sales and many dealers would go to the wall. Your Google Analytics would simply show a visitor searching and then moving to a full page advert before disappearing.”
Google themselves state that 71% of consumers want to start the finance journey online but, without finance tools on your site, it will be with someone else, James added.
“What should your solution be? There are now many different ways to add motor finance to your web site, from simple plug-ins to sophisticated integrated solutions. They can be adopted at a surprisingly low cost and in a matter of days in some cases.
“If you don’t use one of them, exactly how will you protect your finance revenue from online brokers?”