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Hook-up makes regulatory compliance easier, says software provider

  • Enhanced regulatory platform launched by software provider
  • It hails it as ‘significant advancement’ in car finance compliance
  • Buying journey is said to be streamlined

Time 7:21 am, June 8, 2024

Software provider Automotive Compliance has launched its enhanced regulatory platform that uses Evolution Funding’s soft search pre-eligibility checking and ‘quote and propose’ technology.

The next-generation system is a significant advancement in automotive finance compliance, said Automotive Compliance, as it gives dealerships a consolidated platform to streamline customer experiences while fulfilling their Consumer Duty obligations.

By embedding Evolution Funding’s features into Automotive Compliance’s existing system and compliance module, dealerships can avoid rekeying tasks and minimise administrative overheads, as well as making sure compliant customer interactions are in place every step of the way, it said.

The main aim, it said, was to offer more efficient processes, cut time-wasting activities and improve finance penetration by streamlining the buying journey.

The system displays tailored quotes based on the customer’s credit profile before pushing them in the direction of the most appropriate lender for their credit circumstances.

It also aims to enhance collaboration with first-string lenders by improving the quality of submitted applications through integrating lender criteria.

Phil Harding, national sales director of Automotive Compliance, said: ‘We are excited to be working with Evolution Funding to bring this enhanced regulatory platform to market.

‘The integration represents a significant step in enhancing efficiency and compliance within the automotive finance sector.

‘Our goal is to provide dealerships with the tools they need to streamline processes while maintaining regulatory standards and delivering good customer outcomes.’

He added that no other compliance company had it embedded in the regulatory part of their platform.

David Bamforth, Evolution’s head of sales, said: ‘We’re delighted to stand alongside one of the leading principal firms in our shared dedication to regulatory compliance.

‘By aligning our offerings, we’re advancing standards and ensuring seamless experiences for our dealers and their customers.’

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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