9:36 am, February 10, 2020
DEALERS and other introducers need to have better data to maximise motor finance opportunities.
That’s according to Startline Motor Finance, which says that few of them record sufficient information about their motor finance customers to gain a usefully detailed appreciation of who is buying which products and why.
Chief executive Paul Burgess, pictured, said: ‘Dealers and introducers have what might be described as a practical working knowledge of their motor finance products, in that they have sufficient understanding to look at a customer’s needs and suggest appropriate products. This is an important and appropriate approach for them but it does have limitations.
‘Where they tend to fall down is in developing a more analytical approach – of gaining insight into why certain customers are opting for certain products and even identifying areas where car buyer needs are not being met by current dealer propositions.
‘This means that they never really have sufficient information to look at patterns within their motor finance sales and identify opportunities for new approaches, new products and new marketing initiatives. It’s something of an industry-wide weak spot.’
He added that Startline was working on new insight tools that were designed to help drive a closer partnership approach to its relationships with its dealers and introducers.
MORE: Near-prime lending ‘could come into its own if recession hits’
MORE: Importance of flexible motor finance ‘set to grow if there’s a hard Brexit’
