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The missing piece from Jigsaw Finance

Next month Jigsaw Finance promises to roll out what its group operations director James Tew describes as a “Utopian” concept in motor finance, which combines online direct car and finance sales with multiple choice point of sale retailer methods.

Tew won’t reveal all on the “Eureka moment” project. But with its core competence of developing F&I software, his company will merge facets of its Elements POS technology and the online system (

Jigsaw, founded in Stoke six years ago, reported 67% growth in loan revenue during the first quarter of this year and points to doubling its ‘book’ value over the next year, driven by the nominally pioneering initiative.

Programme features are likely to include internet-based Elements dealer POS technology, which lets car buyers see comparative onscreen quotes for HP or residual value (RV)-based products such as PCPs.

Across 300 out of the 450 dealers consistently selling Jigsaw F&I products, the adoption rate for RV-based funding climbed to 56% of June’s business, mainly due to Elements.

“Elements, which has a five-year RV-based PCP variant, works well because it scrutinizes which format gets you more for your money,” says Tew, who adds that only Marks and Spencer operates a similar system.

It was devised partially to combat incursion from High Street and direct lenders, and Tew points to M&S’s generally lower RVs due to “nothing like our accumulated knowledge of cars”.

Jigsaw’s Codeweavers systems subsidiary established the structure for, which also supplies new cars.

Tew describes this as: “Giving customers tools to manage the finance themselves with a simple progressive route to the best funding and the right car. The missing link is the salesperson.”

Also predominantly RV-based, it will extend to cover used cars, a pivotal factor in Jigsaw’s unnamed “radical” project, which involves working with a “big player from outside this industry”. Tew says: “It pulls everything together and we think we have found Utopia.

“It was a Eureka moment and people will be chomping at the bit for this while others will be unimpressed and threatened.”

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