Independent motor finance broker Evolution Funding has appointed Daniel Reeve as its chief technology officer.
Reeve joins Evolution with over 20 years’ experience in technology and development, with focus on delivering high-performance technology platforms, software projects and digital solutions.
Paul Saggar, chief innovation officer at Evolution, said: “We are delighted to further strengthen our technology offering with this exciting appointment. We are fully committed to delivering best-in-class digital finance journeys for our partners and their customers, and we continue to invest in order to support our growth plans. Dan’s significant experience will enable us to accelerate our plans, whilst taking us closer to our Vision to lead change and digital innovation in motor finance.”
Prior to joining Evolution, Reeve held a number of senior technology appointments, including chief technology officer at a UK car park management company and at Capita (Travel and Events), and technical director at Fraedom, part of Hogg Robinson Group.
Reeve said: “I am delighted to be joining Evolution Funding and I am looking forward to becoming part of a fantastic team within such a dynamic sector. My focus will be on driving forward the development of our market-leading digital finance solutions, whilst building out the Vision and strategy of the executive team. Evolution has already come such a long way and I’m looking forward to supporting the business to the next level of growth and success.”
Evolution recently hosted a webinar to look at the impact on the customer experience, and the effect on rates, finance penetration and commission earning.
The general consensus from the seminar was that the recent FCA changes to commission models for motor finance have been a welcome change for customers and dealers.
To comply with the ban, finance firms have been negotiating alternative commission structures. Explaining the implications for Evolution Funding, chief executive Lee Streets says: “In response to the discretionary commission ban, we introduced two new prime pricing models. One is a fixed APR for prime customers, with no variable rate at all.
“The other is Credit Score-based Pricing (CSBP), which is a varying APR based on the customer’s credit score, unified across multiple lenders. We work with several different introducers, so in January we had to migrate over 2,500 dealer packages to one of these two options.”