While the administration of online car retailer Autoquake has
set back industry confidence in the potential for web-based car
sales, specialist online finance broker Carloan4u thinks there has
never been a better time to sell car finance online.
The introducer, which gets consumers approved
for finance before giving them the option to browse its dealer
partners’ stocks online, has seen sales volume grow so fast in the
last year that it is having to move into new offices in order to
recruit more staff.
Go deeper with GlobalData
Six new hires in the last quarter have seen
the company’s staff total reach 35, while the new premises will
house up to 70 employees.
Carloan4u was founded in 2006, and is
virtually unique in its model of selling finance direct to members
of the public before setting them up with retailers.
Business development manager Carl Eccles says
that this approach has grown popular with dealers as a way to gain
new customers at a time when most retailers are turning to their
existing contact books for repeat business.
Another factor behind the current programme of
expansion has been the company’s entry into the PCP market this
month, on the back of a growing relationship with PCP specialist
funder ALD.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataUnder the new PCP scheme, Carloan4u will take
information on stock and PCP promotions from dealerships across the
UK, and promote them to consumers online.
Eccles commented: “it will give dealers a
bigger audience for promotions, as well as a chance to move
pre-registered and early new stock”.
In April’s edition of Motor Finance, we
take a wider look at the potential for the sale of finance direct
to the consumer, as well as discussing dealers’ online presence in
our second Round Table report.
