Car Dealer Power

Evolution Funding – Highly commended Finance (Sub-Prime) 2024

  • Evolution Funding’s constant excellent standards saw it highly commended in the Finance (Sub-Prime) category this year

Time 6:43 pm, July 3, 2024

Evolution Funding was established in 2002 beginning with three directors in a rented office.

Since then, it’s grown to become the UK’s largest used auto finance platform, acquiring Click Dealer and Motion Finance on the way.

Last year, it secured a majority investment from leading private equity firm Carlyle to support further growth.

Marketing director Sarah Simpkins said: ‘This is our fourth year of recognition in this category, and we’re delighted that we have maintained excellent standards year after year and continue to be recognised by the dealers we support.’

She told how the sub-prime market was a complex segment with a heavily involved customer journey, adding: ‘This commendation confirms that our dealers recognise our Evolution Extra team as absolute specialists in obtaining the best outcome for their sub-prime customers.

‘The team consistently receives feedback from customers about the ease and speed of service, and it’s amazing to hear the impact that securing motor finance can have on customers’ lives.

‘We’re confident we’re looking after the consumer to the highest standard, and knowing our dealers are happy, too, is the icing on the cake!’

Simpkins highlighted how important the Car Dealer Power awards were to the industry, saying: ‘The fact that these awards are based on dealer and customer votes makes them a very powerful accolade.

‘This is a competitive category, so knowing our dealers are proactively nominating us tells us we’re doing things right for them and their customers.’

Evolution Funding sign

Evolution Funding consistently receives feedback from its customers about the ease and speed of its service

Looking back on the past 12 months, she said: ‘Every year is a whirlwind of innovation as we look for ways to transform the auto finance experience.

‘We have launched an exclusive enhanced PCP GMFV [guaranteed minimum future value] product in collaboration with three leading lenders, helping dealers to be even more competitive.

‘Our Click Dealer partnership recently won an award for ClickFinance – a seamless car and finance sales “one-stop shop”, based on its ability to improve finance penetration.

‘We were delighted that our Signature team, which specialises in high-value and leisure assets, was also recognised for its service to dealers.’

She added: ‘As always, supporting dealers with regulation and compliance has been high on our agenda.

‘We’ve recently completed soft search and “quote and propose” integrations with leading principal firm Automotive Compliance and regulatory specialists The Compliance Guys.

‘These will help dealers deliver a streamlined customer experience while supporting their consumer duty obligations.’

And what does the future hold for Evolution Funding as well as its dealer customers?

‘This year we launched a new vision, “To be the technology platform of choice, connecting the auto finance ecosystem”, said Simpkins.

‘We’re investing heavily in our platform and technology to support that vision, so dealers can expect lots of new innovations, all aimed at digitising, automating and enhancing the customer experience of buying vehicles on finance, which ultimately makes the dealer’s life easier!’

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Car Dealer has been covering the motor trade since 2008 as both a print and digital publication. In 2020 the title went fully digital and now provides daily motoring updates on this website for the car industry. A digital magazine is published once a month.

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