03 Feb 2021
New plans to “put motor finance data to work for dealers” and other introducers have been announced by Startline Motor Finance.
The company is launching a range of online tools under the banner of Insights that will allow them to dig deeper into the finance deals they sell and gain greater understanding.
CEO Paul Burgess explained: “We’ve been examining the issue of how to build closer and more productive relationships with dealers and other introducers. 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.
“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 currently implementing will change that.
“Overall, 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.”
Paul said that this data, used correctly, could help users to gain a greater understanding of their car buyers, potentially allowing them to 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 was currently in its trial phase ahead of an official launch around the start of Q2 2021, Paul added, and marked the first step in a planned investment programme in technology at Startline this year.
“We’re looking in detail at how we use technology both inside and outside the business, examining new approaches that speed processes and increase sales. More information will be available soon.”