In the wake of the FCA review of motor finance, UK broker Jigsaw Finance has revealed its strategy for growth taking into account the potential changes to the motor finance industry.
Jigsaw said part of the strategy would be opening the door to recruiting business manager who were looking to move from a dealer to a broker role.
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It would also provide its Finance Assist Service to support dealers, while rolling out a significantly broader product and risk appetite approach to its dealer network.
“Undoubtedly, the motor finance model will change markedly in the weeks and months ahead,” said Mel White, business development director at Jigsaw. “Changes to the commission model look set to reduce the direct financial benefit of finance, while there will be greater levels of transparency, regulatory scrutiny and probably accountability for dealers will also increase.
“At the same time, dealers cannot ignore the increasingly vital marketing role afforded by finance to sell vehicles. In this changing market, the role of the highly focused approach of a dealer finance broker is set to be even more important.”
The Finance Assist platform provides support to dealers for their customers, matching each customer’s needs with the most appropriate product from its finance portfolio. Jigsaw believes that with greater regulatory scrutiny, the service is likely to become more critical.
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By GlobalDataWhite also identified a greater field-based presence as an opportunity for growth. “We anticipate that the regulatory changes ahead may well challenge the role for business managers at some dealerships and we welcome a dialogue with people assessing their options.
“Over the years, we have welcomed business managers to our agency ranks. The role provides experienced people with the capacity to gain a positive work life balance and build their own territory promoting products and services they understand. It is a level of freedom and control that I’m sure will appeal to some people right across the UK,” White concluded.
