A new referral service is being rolled out by Close Brothers Motor Finance following a successful pilot with dealers in 2015.
The referral service provides dealers with one-click access to an experienced panel of brokers, should a prospective car purchaser not meet the lending criteria of the motor finance supplier.
The trial in 2015 led to 1,700 incremental sales for the participating dealers, said Close Brothers Motor Finance.
Now the finance supplier is rolling out the service across its key account, car, motorcycle and LCV divisions. Some three quarters of its retailer partners are now using the service.
It said the referral system, which has a 65% accept rate, means dealers only need to submit one proposal for finance and if Close Brothers Motor Finance chooses not to accept the deal, its broker partners will look for the best alternative solution.
James Broadhead, chief executive of Close Brothers Motor Finance, said: “We’re extending our referral service to make it easier for our dealer partners to help customers access suitable finance for their ideal vehicle. Better acceptance rates mean more sales for dealers but also an improved experience for customers.”
So far, over 7,000 proposals have been accepted by the service helping more buyers find the finance solution most suitable for their individual needs.
As editor, Tim is responsible for the media content, planning and production of AM's multiple channels (AM print and digital magazines, website, social media and contributing to our events planning). He interviews and writes about as many franchised dealer groups and UK divisions of motor manufacturers as possible, to explore the issues facing UK motor retail and understand what solutions dealers and suppliers are using to overcome these.
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