New entrant to the customer retention management (CRM) market Car Finance Renewals has promised ‘timely leads’ to dealerships for renewal of customer car and finance agreements.

Using residual values, current used values, vehicle data and images supplied by CAP, and monthly loan standard settlement algorithms provided by the Consumer Credit Act, Car Finance Renewals has built a web-based tool for dealerships to manage and optimise contact with customers within the cycle of their agreements.

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Tim Wellman, managing director of Car Finance Renewals said "millions of pounds in repeat business" were lost each year due to the "traditionally unscientific approach" of the industry to CRM.

Similar to Paul Bennett of Chrysalis-Solmotive’s advice to delegates at the Finance & Leasing Association’s used car seminar on finding the ‘sweet spot’ in renewals, Wellman identified problems in the mismanagement of customer contact.

Very real renewal

"The timing of leads is often too early, where the customer is still in negative equity or too late where no contact has been made with the customer for a number of years," said Wellman.

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By giving them "first class" data and times to contact a customer about finance arrangements, said Wellman, dealers would be more confident "to speak with their customers about very real renewal opportunities."

Mike Hind, communications manager at CAP, added the firm was always pleased to see "great ideas brought to life with the innovative use of CAP data".

Car Finance Renewals are based in Portishead, Bristol, and were incorporated in January 2012, launching a website to demonstrate its software in May.

richard.brown@vrlfinancialnews.com