BMW Group Financial Services is urging the motor finance sector to check that its own house is in order, following a recent investigation into the practices of some price comparison sites.
Earlier this year, a number of energy sector price comparison platforms were criticised for seemingly hiding the best deals from consumers as part of marketing relationships with the suppliers and although the approach was deemed technically compliant, consumers are unlikely to be tolerant of practices which are not transparent.
General manager for group brands at BMW Group Financial Services, Spencer Halil, said: “It doesn’t matter what sector you are in, customers expect transparency and fairness. If products are hidden, hard to find or explained poorly, then these expectations will not be met. This is especially the case when more expensive alternatives are promoted to deliver higher commission payments.
“At BMW Group Financial Services, we believe strongly in the need to provide our customers with both transparency and fairness. The recent changes to our business model, affecting the way in which our products are provided through our retail networks, will deliver this.
“We have simplified our pricing structure, capped our rates at a fair and reasonable level and implemented the same structure across all of our BMW and MINI centres so that customers will get a consistently high level of service wherever they are in the country.”