Oodle Finance and Carsnip have teamed up to form a new partnership which guarantees car dealers commission payments from sales made via the online retail platform.
The strategic partnership aims to make dealers’ lives easier and more profitable by paying them commission on all cars financed by Oodle, while “delivering a speedy and reliable finance platform with a more targeted search proposal that will ultimately drive more leads”, a statement said.
Oodle’s car dealers can now add a “finance now” button onto their search results on Carsnip, directing potential buyers to Oodle. Oodle then passes this onto the dealer and pay the dealer commission.
Alastair Campbell, chief executive of Carsnip, said: “For too long car dealers have had their finance commission taken by online finance companies.
“This new partnership promises to deliver a much simpler way to finance a car by linking search with finance, while protecting dealers finance commission.”
Jonathan Clayton, Oodle’s chief executive, said: “Both Oodle and Carsnip believe technology can bring car buyers and car dealers closer together for a more seamless and effective experience. Our research has shown that buyers and sellers share the same frustrations.
“Precious time is being wasted on what is currently a long process. This exciting partnership was the logical next step in our collective desire to optimise this process and make life easier for car dealers and borrowers.”
The strategic investment into Carsnip by Oodle is further evidence of Oodle Finance’s long term vision, a statement issued by the new partnership asserted.
It added: “For the first time in the used-car market the financial arrangement with the dealer will be agreed before the buyer sets foot on the forecourt, meaning time spent on both sides is considerably reduced.”