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New initiative ‘to make motor finance data work for dealers’ is announced

Time 3 months ago

New plans that will ‘put motor finance data to work for dealers’ as well as other introducers have been unveiled.

Startline Motor Finance said it would be launching a range of online tools under the name Insights to let them get deeper into the finance deals they sell and gain a greater understanding of them.

Chief executive Paul Burgess said: “We’ve been examining the issue of how to build closer and more productive relationships with dealers and other introducers.

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‘This thinking predates the pandemic but has become even more important since.

‘Without wishing to lapse into cliché, we recognise that done properly the right initiatives can be used to build genuine partnerships by adding value.

‘In this way, we believe that Insights can genuinely help our customers to enable increased levels of business.’

He added: ‘Currently, like most motor finance companies, we don’t really provide the means for dealers and introducers to dig down into the motor finance business that they write with us, but the new tools we are implementing will change that.

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‘What we are trying to do is deliver a range of information that can be accessed online to help with everything from day-to-day management to major strategic decisions.

‘That means providing easy means of visibility over all key aspects of transactions on a daily, weekly and monthly basis but also offering information about customer scorecards, credit bandings and credit quality.’

He said that if used correctly, that data could help users gain a greater understanding of their car buyers, potentially letting them  identify new approaches to sales and marketing – something that was crucial during lockdown.

‘It’s about putting motor finance data to work for dealers and introducers.

‘If you can identify trends that are developing among your customer base from our information, then there may be ways in which you can change your proposition to meet their needs.

“We believe that motor finance data is much underused in this manner and that correctly employed it can deliver genuine innovation and incremental sales.’

Insights is being tested at the moment ahead of an official launch around the start of the second quarter of 2021.

Burgess said it marked the first step in a planned investment programme in technology at Startline this year.

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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