Moving forward despite COVID-19 - A message from Codeweavers' CEO

15 Minute Finance Drives Customer Satisfaction

The importance of speed in the finance process has been highlighted by new research published in the USA. The most highly satisfied finance customers reported they spent 15 minutes or less.

discussing and signing the final paperwork

After 30 minutes,satisfaction levels fell rapidly. The study also highlighted the need to reduce any waiting times to speak to a Business Manager.

Codeweavers Shaun Harris reflects that this ‘customer impatience’ highlights two areas that dealers need to focus upon.

1. The reality that the sheer convenience of the dealer finance process needs to be highlighted online, where the customer will generally have found their vehicles

2. That by starting the finance process online, capturing as much customer information as possible, the final showroom experience will be far swifter. In itself, informing the customer of this outcome online will enhance the likelihood of a successful sale

Harris notes;

The ‘need for speed' is crucial in the dealer finance/car sale process. By informing the customer that by engaging with online finance tools they are facilitating their purchase experience is a wonderful way of supporting the FCA call to create a better customer outcome.

It can also be a win win situation for dealer and customer.

When a customer starts to complete a Codeweavers finance application,or a Motor Credit Check on a dealer's website,the dealer is advised instantly. This notification is forwarded when the customer has completed, or importantly part completed an application.

Dealers are alerted in real time once the customer starts to complete an application enabling them to follow up the customer’s finance application process and car purchase enquiry. Codeweavers analytics suggests that dealers should follow up the customer's interest within 10 - 15 minutes.

Even if the customer doesn't complete their application in full, Codeweavers provides line-by-line data capture, meaning the dealer gets the lead and is aware that a prospective customer is perhaps ‘warm' rather than hot. Early action may be even more important in this situation. To further support dealers and fulfil the* ‘need for speed' *Codeweavers has created lead generation mobile application, enabling dealers to follow up and interact with their customers on the go.


Archive

By: Charlotte Turner - 23/01/15

More stories by Charlotte Turner