CAR FINANCE RENEWALS LTD has launched a new system for generating unique car sales and finance leads.
The system, powered by CAP data, promises to deliver customer leads at the optimum moment – allowing dealers to contact clients with offers for renewing their car finance without affecting monthly repayment rates.
Millions of pounds in repeat business have been missed out on by dealers, says Car Finance Renewals’s MD Tim Wellman, thanks to the out-dated and ‘unscientific approach used to retain customer on finance deals.
‘Timing is often too early,’ he said, ‘where the customer is still in negative equity, or too late, where no contact has been made with the customer for a number of years.
‘These scenarios provide little encouragement to dealer sales staff when it comes to contacting their existing customers.’
CAP data has been integrated into the system and provides information on future residual values, current used values, vehicle data as well as images.
‘Using CAP valuation data, we monitor vehicle valuations each month throughout the period of the customer’s loan agreement,’ added Wellman. ‘The CRM software also tracks monthly loan settlement figures using standard settlement algorithms provided by the Consumer Credit Act.
‘These two factors enable us to provide dealers with the means of scientifically identifying precisely the correct time to contact their customers to discuss renewing their existing vehicle.
‘Essentially, customers will be able to renew their existing car without having to increase their monthly repayments or provide a further deposit. These factors will give significant confidence to dealers and enable them to speak with their customers about very real renewal opportunities.