Mobile devices are now used to access 50% of motor finance online, according to new figures from iVendi.
The statistics have changed rapidly from just two years ago, when the company first started compiling them. At that time, less than 25% of access came through smartphones and tablets.
The figures come from analysis of users of iVendi’s Car Finance Checker, an online tool that allows customers to prequalify themselves for motor finance online.
James Tew, CEO at iVendi, said: “This unequivocally shows the way in which consumer attitudes towards mobile online access of all services have changed in a very short period of time.
“The message for dealers and finance providers is simple – your online motor finance products must work very effectively on smartphones and tablets or you will be effectively excluding yourself from a large part of the market.
“Certainly, we have put huge effort into ensuring that out products such as Car Finance Checker are easy to use on mobile devices, and the increases in usage that we have seen speak for themselves.”
Launched in early 2013 and fully rolled out mid-year, Car Finance Checker is designed by iVendi to integrate seamlessly into almost any dealer online environment and, by taking a few details from potential customers, enables them to check their eligibility for credit with the dealer’s panel of lenders.
It works through a sophisticated decisioning engine that predicts the propensity for approval from a wide range of lenders, making it suitable for all kinds of new and used car retailers ranging from the most exclusive franchise dealers through to mainstream manufacturers, car supermarkets and independent used car specialists.