Carfinance247 funding jumps as online takes off

UK online broker Carfinance247 brokered over £136m in loans in 2015, a year-on-year increase of 149%.

Carfinance247 funding jumps as online takes off

The company said this was the result of a shift in the way UK car buyers fund their vehicles. According to Finance & Leasing Association (FLA) figures, 1,147,387 used cars were bought on finance. Carfinance247 said approximately 100,000 of these were funded by online brokers such as itself.

Further evidence for the growing popularity of online shopping was provided by Experian, which found that visits to automotive industry related sites grew by 26% in 2015, while mobile traffic jumped by 50%.

Reg Rix, managing director of Carfinance247, said: “In just a short few years, online car finance sites have taken the market by storm, changing the way cars are funded forever.””Our own figures clearly show a shift in sourcing car finance online, which reflects the industry as a whole, and this is only set to grow as online operators become slicker and offer exceptional customer service that betters the offline experience. It is also a clear indication that people are now comfortable using digital methods to search for and secure a car so we anticipate that this upward trend is set to be around for some time.”

Looking ahead, the company said it expects business to double again in 2016.