Alphera Financial Services director Spencer Halil has said the company is looking to adapt to challenges in the point-of-sale market by sharing knowledge as part of its new thought leadership strategy.
The finance provider has commissioned a six chapter report called Financing the Car of the Future 2016 as part of its 10 year anniversary in the UK. Chapters will be launched throughout the year, with the first all about alternative fuelled vehicles.
There will also be chapters on reviewing the last 10 years in motor finance in the UK, regulation, customer behaviour, building relationships with customers online and connected services.
The report will draw expert views from Alphera, as well as those from dealers, brokers, academics and other industry experts.
Spencer Halil, Alphera Financial Services director, said: “There’s a lot of discussion at the moment about the pace of change.
“The biggest risk to our business is doing nothing or to be complacent. There are new disruptive players and entrepreneurs like Carwow, Carfinance24/7 and Zuto.
“I think some of the other big players in the finance market might not see what’s happening around them. We are looking at these changes in the market and adapting.
“You can be blinded by the risk of not changing and we need to be bold and have courage.”
Halil said the major three disruptions facing the point-of sale finance market was the potential for banks to bypass dealers and go direct to consumers for vehicle finance, the FCA’s potential to enforce commission disclosure in the future and end-to-end online retailing from manufacturers.
Halil said Alphera will be looking at its partnerships with end-users, brokers and dealers as it looks to meet future challenges in the market.
He said: “We want to be much more proactive in the marketplace and we’re reviewing our teams and resources to make sure Alphera is recognised as being at the forefront of change.”