Big Motoring World has adopted iVendi’s Finance Navigator technology to drive better buyer outcomes.
Finance Navigator enables dealers and car buyers to undertake searches across Big Motoring World’s lending panel, returning results in under 10 seconds that show monthly payments, indicative finance rate, likelihood of approval and more.
Steve Archer, director of financial services, said: “We looked across the market and iVendi’s latest solution was heavily focused on putting the consumer first, which is exactly what we aim to achieve as a business. Both in the showroom and online, the technology will help us use lenders’ risk-based pricing products to better align the customer rate with their credit risk.
“It provides fast and easy means for us to either guide the car buyer through the finance process to making an application, greater empowering the customer to make their own decisions. The whole process is intuitive, informative and effective – and early indications are showing an across-the-board increase in finance penetration of more than five percentage points.”
Quotes can be repriced in response to changes and eligibility is assessed using each lender’s own rules, while soft searches ensure existing credit scores are unaffected.
Some lenders will even pre-approve applicants for finance through the product, meaning that if the consumer details provided in the search are accurate, they will offer a deal on the terms quoted.
James Tew, CEO at iVendi, said: “We’re delighted to see Big Motoring World adopt this technology. It’s a product that we think will be a gamechanger when it comes to how dealers handle finance. It requires less details than a full application from the prospective car buyer to rapidly generate a comprehensive set of results from their lending panel.
“We’ve been referring to it internally as ‘Skyscanner for dealers’ but the truth is that it does much more than that, delivering not just details about the finance options available but also providing an accurate indication of the likelihood of approval, dynamically re-quoting from the lender and offering pre-approval where available.”