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Evolution Funding enjoys record month for motor finance proposals

Time 10 months ago

Motor finance broker Evolution Funding had a record month for proposals in June.

There were just over 20,000 of them across showrooms and websites, with a 95 per cent year-on-year increase in online proposals.

CEO Lee Streets said it reflected the accelerated digitisation of motor finance across the industry prompted by the Covid-19 crisis.

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Online proposals made up 32 per cent of all the proposals, compared with 21 per cent in 2019. The total number of proposals went up by 29 per cent year on year, with showroom proposals up 11 per cent year on year. Streets said this could be attributed to pent-up demand during lockdown.

Group sales director Chris Coverdale, pictured, said: ‘June has seen an encouraging return to business as usual, with many record-beating days for the company.

‘The demand grew very quickly, and we responded by bringing the majority of our operations staff back into a Covid-secure environment.

‘We are delighted at the positive impact this has had on service levels for dealers and customers.’

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The broker also reported a 27 per cent rise in dealers proposing via its web-based plug-in finance calculator.

Coverdale added: ‘We are cautiously optimistic about the next few months whilst retaining a robust infrastructure for working from home should it be required again.

‘We are expecting proposal numbers to level out, but we are receiving positive feedback from dealers about how they are tackling the crisis.

‘What is certain is that being digitally enabled is the key to maintaining momentum.’

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John Bowman's avatar

John has been with Car Dealer since 2013 after spending 25 years in the newspaper industry as a reporter then a sub-editor/assistant chief sub-editor on regional and national titles. John is chief sub-editor in the editorial department, working on Car Dealer, as well as handling social media.

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