Network Q has claimed the title of the market’s largest approved used car scheme to offer online motor finance following the adoption of technology from iVendi.
Vauxhall’s approved used car scheme, which covers over 300 franchised car retail sites across the UK, will now allow online customers to look at a range of Vauxhall Finance products before completing an online application.
Clare White, marketing Manager at Network Q, said that the PSA Group-owned manufacturer expected that offering online motor finance would drive higher unit sales for dealers as well as increasing penetration of Vauxhall Finance products.
She added: “Importantly, the iVendi technology that we are using allows customers to easily use the new online finance facilities on any device, from PC to smartphone, and will automatically transfer from online to dealer – if you walk into a Network Q showroom, they will be able to access details of any applications you have made.”
Richard Tavernor, chief operating officer at iVendi, described the business’ tie-up with Vauxhall’s Network Q scheme as “by far the largest” of its manufacturer partnerships to date.
Tavernor added: “Our experience shows that where online motor finance of this kind is adopted, it drives both sales of vehicles and of finance higher, giving the customer a much greater degree of control over the sales process.
“In the near future, we believe that manufacturer approved used schemes are moving to a position where customers will very much expect an online motor finance facility to be offered – but Vauxhall are among the first.”
Earlier this year iVendi’s first Report on Online Motor Retailing found that 79% of 304 interviews interviewed consumers, all of whom stated an intention to buy a new car in the next 12 months, said that they would be “confident” or “completely confident” about buying a car online.
However, 87% indicated that visiting a car showroom is an important part of the buying process.
In its interviews with 11 car manufacturers APD Global Research, which carried out the research on iVendi’s behalf, found that 33% of OEMs intend to plan to offer the option to buy and finance a car online within the next 18 months, with 73% stating that they will be increasing their investment in this area.
The majority of OEMs (81%) believe that their existing dealer networks should be involved in online retail, meanwhile.