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The Analysis Comment


A buoyant time for online motor finance


The latest technological advances are helping the online motor finance industry attract new customers


Louis Rix Director, Carfinance247 info@carfinance247.co.uk


Our experience of the online motor finance market at the moment is that it is extremely buoyant. I think the established players are experiencing growth, and smaller online brokers seem to be thriving too. The biggest trend that we have seen is a


definitive shift in consumer behaviour and general increase in people shopping online for motor finance. It also goes hand in hand with gradual awareness building that sourcing finance online, before buying a used car, is a viable alternative to dealership finance. The trend is mirroring consumer spending trends and the state of the economy as a whole. We have seen a transference in our


customer profile, attracting a better quality of customer whereas, in the past, a large percentage was non-status. Our prime business now represents 52% of all enquiries; this time last year it was 37%. I believe the main reason for this is that


there is a greater acceptance of shopping online per se, across all markets, and, in particular, more confidence in shopping for products and services like our own via the internet. We have been able to capitalise on increased consumer confidence


online and ensure the experience our customers receive meets their expectations, which has resulted in high conversion rates across all consumer demographics.


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We know that more and more people are using mobile devices to access online services such as ours – 54% in 2015 compared with 35% in 2013


Technology is also helping this trend.


We know that more and more people are using mobile devices to access online services such as ours – 54% in 2015 compared with 35% in 2013 – and, because we have catered for all devices with mobile- first functionality, they are getting a great experience. This has broadened how customers can access motor finance quickly and easily. I believe that this is a permanent shift and


will gradually continue. We are still seeing monthly increases to a more affluent customer base. Similarly, we are seeing more brand


awareness where consumers have a clear knowledge of our brand, which was not really the case two or three years ago. We have seen a 262% increase in our online brand demand year on year. Technology allows us to work with all of


our lenders efficiently – the choice and speed at which we can operate is changing how people think about obtaining car finance and is causing a shift in the industry as a whole. There are also more lenders in the wider market than ever before, and more people


wanting to lend in the online car-finance sector. This is upping competition within the space and broadening options available to the end customer – all great news for the consumer and businesses like ours! CCR


www.CCRmagazine.co.uk October 2015


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