Motor finance company Startline has released a data insight tool, designed to help dealers gain a greater understanding of the finance deals they are processing and identify ways to create more business.

Paul Burgess, chief executive of Startline, said Insights was designed to build on the closer relationships Startline had developed with dealers over the pandemic.

“Probably the key lesson we have taken away from the coronavirus era is that car retailers want to work with motor finance providers who are enablers,” he said. “They prefer partners who understand the issues that they face and who work to resolve them quickly.

“Dealers want all the boxes ticked that were required from motor finance before the crisis – a high degree of compliance, a strategic product range, strong account management – but are now looking for an increased degree of flexibility and commitment.”

Insights works by making information available online to dealers, including advice on management and decisions. Burgess said that when used correctly, the data could allow dealers to greater understand their customer bases and provide new opportunities for business.

“Currently, like most motor finance companies, we don’t really provide the means for dealers and introducers to dig down into the motor finance business that they write with us but Insights changes that in a very emphatic way,” said Burgess.

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“It provides easy, graphical means of visibility over all key aspects of transactions on a daily, weekly and monthly basis but also offers information about customer credit profiles.

“It’s about putting motor finance data to work for car retailers. If they can identify trends that are developing among their customer base from our information, then there are probably ways in which they can change their proposition to meet those developing needs.

Burgess added that it was especially important for dealers to have this information as the market was difficult to predict post-pandemic.

“There will be a need to adapt to market conditions quickly and without fuss, and we believe that the motor finance providers that are able to meet that need will continue to be the suppliers with which dealers will prefer to work.”

The product will be rolled out towards the end of 2021.