Dealers should subscribe to the ethos of the FCA by offering customers a broader choice of finance providers, says iVendi.
Car retailers offering a limited selection of options for their customers could face losing sales and the spirit of offering choice and transparency that the FCA demands from the sector.
James Tew (pictured), chief executive at iVendi, said that there were a proportion of buyers who, if not given the option of a range of motor finance solutions, would always look elsewhere.
He explained: “As online motor finance develops, we are learning more and more about what works best and this is definitely an area where dealers can improve.
“Where we see multi-lender options offered to a buyer, there is a certain propensity to continue with the online process and complete the purchase of the car.
“This perhaps something that comes from an almost unconscious consumer assumption based on similar online solutions such as insurance price comparison sites.”
Tew said that online journeys such as those created by the iVendi Platform tended to offer between three to six finance providers from a dealer panel once a potential car buyer had decided on their finance product, deposit, how much to borrow, and terms.
Tew said that delivering a choice of motor finance options was also very much in line with the ethos of FCA thinking in this area. He said: “Providing the customer with the tools needed to make an informed decision about financing their vehicle in this way is one of the strengths of online motor finance.”