Oodle car finance saw an increase of 87% in used car finance applications, in the second half of 2017.
The finance company is looking to increase its network of dealer partners this year as it plans to launch a fully-automated loan application service.
Jonny Clayton, CEO of Oodle Car Finance, said: “We are focused on using technology to improve the used car finance market for both customers and dealers and by building and continually developing our own technology platform, we are able to really deliver on our ambitions. We are now working tirelessly towards our goal of a fully automated loan application process and supporting our dealers with tools to provide the slickest customer experiences.”
Since launching in April 2016, Oodle Car Finance has received more than £1.2 billion in applications.
“Last year, we closed a £100 million warehouse facility with Citigroup which, in the short term, gives us additional funding, but more importantly lays the foundation for building a competitive and stable funding model that we can scale efficiently,” added Clayton.
The company is focused on offering customer retail experiences to match the likes of Amazon and Apple.
Clayton said: “We believe a finance company needs to be at the heart of driving improvements, always striving to bring customers and dealers closer together for a more seamless and effective experience - working towards a trusted ‘1-click’ purchase.”
Through its partnership with Carsnip, Oodle is integrating car search and finance to provide a seamless online finance and car purchasing journey.
Combined, the companies can capture customers in the research phase of their car-buying journey then pass on those customers to its dealers.
“Despite being in pilot, we’re already receiving 750,000 visitors a month searching for cars and we are able to funnel these potential car buyers direct to our dealer partners, supporting their sales growth, while we also work with existing borrowers to bring them back to our dealer partners; boosting retention and reducing dealers cost of sale.”
Graham Westwood, business manager at Trade Price Cars added: “As one of Oodle’s very first dealers, we have totally bought into what they are doing. Oodle is a very technology driven company that allows us to engage with customers in a very different way, compared to other lenders.”