Finance technology specialists Codeweavers has appointed Adam Canay as key account director to identify new ways to support vehicle finance online.
Canay brings 15 years of motor finance experience to the role, providing him with a strong understanding of the market, and will help to guide dealers on strategies to optimise their digital approach to finance.
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Canay said: “Challenges and opportunities for motor finance are everywhere right now and we see how a smart collaborative approach to leverage API technologies can help dealers to move swiftly to ensure they have a smart, compliant edge that works for customers and dealers alike.
“In today’s increasingly omnichannel car retailing environment, technologies should not operate in isolation; an integrated strategy is required. Finance must operate across all platforms and with the latest FICO research suggesting 48% of all UK car buyers want to self-serve their next car finance agreement and the widely expected changes to the regulatory framework for dealer finance on the horizon; my job is to help dealers to future-proof their operating model.
“This pace of change is unprecedented and can be confusing. My role is to help clients to cut through the maze of possibilities and stay ahead of the game.”
Earlier this year, Codeweavers identified three key areas in the motor finance industry where change is likely to occur as a result of the FCA’s report into the industry:
- The end of the Difference in Charges (DiC) commission models in all guises
- An increased focus on transparency through the financing journey
- Greater rigour in the affordability checking process
Shaun Harris, sales director at Codeweavers, said: ““While the FCA and industry stakeholders will be consulting in the weeks ahead following the regulator’s publication of its report on motor finance, the clarity within the report suggests some of the key changes that are likely to be required.”
