Why technology is essential for managing car finance

Finance is a significant step when purchasing a car, and expectations are continuously rising. Consumers want the freedom to buy what they want, where they want and, most importantly, how they want.

The omnichannel strategy

The 2023/2024 Cox Automotive Insight Report highlighted the ‘ubiquitous buzzword’, ‘omnichannel’, that has been on the tip of everyone’s tongue for the last few years. Its importance in the industry has been highlighted more frequently lately, being more correctly described as an ‘overarching business strategy’, but what does that mean for managing automotive finance?

Philip Nothard, Insight Director at Cox Automotive, stated, “The most significant benefit of omnichannel, for customers, is them being able to interact with a retailer with ease, whatever mix of channels they use along their journey.” adding that “research suggests the majority of consumers, more than 80%, want to combine online steps in the buying journey with those taken at a physical outlet.” This evidence suggests that the future of managing automotive finance lies within the power to personalise

The power of personalisation

Some consumers will prefer to make a purchase directly through your website without ever visiting a showroom, while others may initiate the process from the comfort of their homes and finalise it with assistance in person. There are also those who will bypass the website entirely and head straight to your showroom. Insights from the 2023 Cox Automotive Data Report also indicate that consumers extensively search far and wide for their next vehicle, emphasising the need for a seamless connection between physical and digital showrooms. Every consumer is unique, and so is their purchase journey, which is why it is crucial to recognise the importance of personalisation.

Flexibility in managing car finance plays a vital role in accommodating these diverse needs. By offering an ‘omnichannel’ finance journey, you can target the uniqueness of each of your potential clients.

Driving sales with technological advancements

Investing in the right technology not only allows you to personalise your finance offerings, but ultimately helps to increase vehicle sales. By partnering with a reputable tech company with extensive experience in the automotive industry, like Codeweavers, you can leverage finance solutions that allow you to be proactive and reactive.

Are you offering finance that meets your consumers’ needs? Does your website allow them to:

• Search for vehicles based on their monthly budget.
• Access detailed, compliant information about the finance products you offer.
• Complete a pre-check for credit eligibility.
• Provide accurate quotes in real time.
• Take advantage of dynamic car finance offers.
• Personalise a finance quote, apply for finance, and have their application automatically submitted to a lender.

If you answered ‘no’ to any of these questions, contact us today to explore how our solutions can benefit your business.