11:13 am, September 14, 2015
THE online car-buying expert Zuto has been recognised in The Sunday Times Hiscox Tech Track 100 for the second year running.
Zuto ranks 28th in this year’s list, being the only car finance company and one of only four companies in the north-west to feature.
Following a staggering 93 per cent growth and turnover exceeding £20.5m, it has jumped two spots since 2014, when it was known as Car Loan 4U.
The list recognises the tech companies in the UK with the largest growth, and includes a range of businesses from sectors including e-commerce, software development and advertising services.
Zuto’s 2015 ranking has been secured thanks to continued investment in intuitive technology. The business now boasts a technical and product team of more than 70, who are focused on building seamless customer journeys.
The news comes after a successful second trading quartile for the company, which continued to match the figures set in Q2 2014 and which saw a 66 per cent increase in finance deals from the previous year.
Figures in June 2015 have also remained strong, with Zuto accounting for just under five per cent of the total 97,616 used vehicles sold through finance in the UK for the period. These figures prove remarkable after the extensive rebrand the company undertook in May this year.
Zuto CEO James Wilkinson said: ‘It’s incredible to be included in the Sunday Times Hiscox Tech Track 100. Our growth is directly related to a desire to build a platform that brings the car-buying journey under one roof.
‘The purchase should be an enjoyable experience rather than a daunting one, and here at Zuto we believe this is achieved with excellent customer service and developing journeys, which require as little effort as possible for the customer.’
Despite the recent industry trend for personal contract purchase, Zuto’s Q2 performance was driven by hire purchase.
Average finance figures reached £6,801 per customer, while the average age for financed vehicles demonstrated an increasing trend for customers seeking value through nearly-new vehicles, with a 17% growth in vehicles aged two years old.
Wilkinson added: ‘Customers are making decisions on the overall running costs of a car rather than the payment of the vehicle alone.
‘They also clearly understand the savings of purchasing a used vehicle and the benefits of securing their finance upfront and heading to the dealer as a cash buyer.
‘Despite rebranding our complete business overnight, we have maintained an excellent Q2 performance. Increased customer awareness of our brand through our new TV campaign is paying dividends.’
Trading within the market overall has seen the number of used cars on finance grow by seven per cent year-on-year, according to the Finance and Leasing Association, with the value of finance over the same period up 14 per cent to £1,040m.
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