The finance provider recognizes that relationships with its retailer partners have become increasingly cumbersome as a result of legislation changes. Speed of payment is crucial, but the volume of documentation required for approvals has seen 10-11 sheets of paper faxed to the company.
LetsUConnect changes all this. The internet-based system, piloted with 400 dealers for the past six months, allows retailers’ customers to sign documents online, speeding up approvals and payments. Managers will have access to real-time F&I statistics, helping them to assess staff performance against set targets. They can also gauge monthly or annual business performance, and compare figures month-on-month or year-on-year.
However, they will not be able to access composite data to compare their performance against other retailers. Black Horse says no-one has requested this service.
“LetsUConnect will significantly change current working practices,” says John Woolley, Black Horse Motor Finance managing director. “It should make dealers more efficient and help them to sell more cars and finance products.”
He says there will be no investment cost to begin with, but a “modest” fee of around £150 will be added at an unspecified time.
A key selling point of LetsUConnect is its role in tackling fraud. Currently, finance agreements require customers to produce their driving licence as proof of identity, which is open to deception.
The new product will validate identity by matching details on the finance agreement with the customer’s details – software will flag up any issues.
LetsUConnect will be rolled out over the next six months. However, dealers who do not wish to join will be able to use the existing process of finance authorization and payment.