FINTECH firm Oodle Car Finance says if online marketplace Amazon entered the UK car market it would pose a massive threat to dealers because of its retail experience – but they should imitate it, not fear it.
It says it has been inspired by Amazon’s 1-Click model to develop the technology to integrate search and finance into a seamless digital experience.
‘In a fragmented industry where car buyers are often looking for finance and then going off to source their car online, or vice versa, the current system is not always conducive to efficient sales,’ said Oodle chief executive Jonny Clayton.
‘In the same way that Amazon has created a seamless, fully integrated retail experience online, finance needs to be innovatively integrated into dealership sales operations for the used car industry to follow suit.
‘In our day-to-day dealings with some of the UK’s best car dealers, the quality of the customer experience is completely different from a few years ago and you can sense there is a genuine appetite to improve the industry.
‘There is still work to be done, but if they can find innovative partners to improve their services and get closer to customers, there is no reason why they can’t retain their autonomy, provide a slick online buying experience, keep their commission and thrive during this digital shift.’
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