Close Brothers Motor Finance has expanded a finance referral service, which aims to increase dealers’ acceptance rates for finance, after a trial in 2015 proved successful.
According to Close Brothers the new referral service offers one-click access to a panel of lenders and could increase sales for dealers.
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If dealers using the service submit a proposal for finance and Close Brothers Motor Finance chooses not to accept the deal, its broker partners will then look for an alternative lender.
A trial of the service with car dealers in 2015 resulted to 1700 vehicles sold and a 65% acceptance rate. Close Brothers Motor Finance is rolling it out across its key account, car, motorcycle and LCV divisions.
James Broadhead, chief executive officer of Close Brothers Motor Finance, said: "We’re extending our referral service to make it easier for our dealer partners to help customers access suitable finance for their ideal vehicle. Better acceptance rates mean more sales for dealers but also an improved experience for customers. Our dealers are seeing the benefits of the service to their customers and to their business with three quarters of our dealers using the service already."
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