iVendi to introduce finance product for non-FCA dealers
Technology provider iVendi is to release a product designed to allow non-FCA dealers to provide their used car customers with motor finance
Using the technology, the customer would be offered a fully FCA compliant online process, usually presented by a motor finance provider, that will enable them to choose a finance option that suits their needs.
According to iVendi, the dealer will be effectively acting as an introduced appointed representative, and will receive a marketing commission from the finance provider.
James Tew, chief executive officer at iVendi, said: “This product is designed to fill a gap for customers that want to sort out their motor finance needs at the same time as buying a car and for dealers to meet that requirement.
“The process is very hands-off for the dealer. The customer is walked through an online motor finance process that shows them the pros and cons of different product types and allows them to try varying deposits and payment terms. They can then make an application online that will normally be processed in minutes.
“The whole process is designed to be as transparent as possible and to place the customer in total control. It creates an infrastructure for dealers who are choosing not to go down the FCA route to still offer a customer a finance option, even if they are effectively several steps removed from the process itself.”
“There has naturally been a huge amount of interest in the product and we expect the first dealers to go live with it in a matter of weeks”