Research by MotoNovo Finance has found that 89% of Consumers are positive ‘Promotors’ of the dealer Finance The findings have been generated by an independently managed customer monitoring programme run on behalf of MotoNovo Finance, assessing feedback from consumers financing their vehicle with the business. The latest quarterly update to the end of September shows that customer approval with the dealer finance experience has increased slightly over the last quarter.
Commenting on the findings Karl Werner CEO of MotoNovo Finance’s Motor Division reflects; “Our latest quarterly monitor of our car financing customers continues to indicate a very positive experience. Dealers make an important contribution to the customer in the speed and flexibility customers report and in the way, they support the customer. Technology is certainly playing growing role in dealer finance for customers, but in a classic omnichannel manner, for a significant number of people there is a place for the dealer to facilitate the process.”
The approval rating in the latest monitor report is based upon telephone research undertaken with 1,200 customers, who have financed their used car within the first six weeks of their new agreement. Customer feedback clearly indicated that pricing and the dealer service experience were primary motivators for choosing dealer finance, followed by availability and convenience, particularly the way in which the customer’s finance requirements could be tailored around them and their car by the dealer.
In planning their finance needs, 52% of people considered the dealer as their primary source of finance pre-purchase. Many of these had previously financed a car through a dealer and were happy to return based upon the experience. The balance of customers who converted to showroom finance did so because of the quality of offer made available to them.
Werner concludes; “Dealer finance provides a great bridge for consumers to buy the car they want. They can access distinctive finance products that enhance affordability and personal and online services, that enable them to shape their finance. Typically, customers will benefit from higher acceptance levels when compared to an unsecured loan and certainly higher levels of consumer protection and the whole process is very fast. It is very apparent that when consumers discover dealer finance for themselves, invariably most really like it.”