MOTOR finance broker Evolution Funding has reported a 290% rise in customers completing end-to-end, online self-serve finance sales – transactions where consumers propose themselves online and complete a distance e-Sign journey from home.
Self-service is made possible via Evolution’s quote and propose software hosted on dealer websites. Its digital signing solution, Sign Anywhere, lets the customer complete the transaction without ever visiting the dealership.
Prior to the COVID-19 crisis, 10.75% of all deals were completed in this way. During April, that percentage has risen to 31.2%.
Chris Coverdale, Evolution group sales director, said: “This rise in self-serve finance proves the importance of enabling customers to transact online. Many of the car sales platforms are reporting a surge in online activity.
“Our data shows us that buyers are willing to take the leap towards self-service. Indeed, we expect this to become the norm as social distancing measures continue and consumer behaviour adapts.”
Evolution has also increased anti-fraud procedures and enhanced due diligence calls to assist dealers in transacting and delivering at a social distance.
Coverdale added: “Those dealers that are already digitally-enabled are continuing to transact, albeit at much lower volumes.
“The tools that dealers can add to their websites are quick and simple to implement – from eligibility checkers through to finance calculators that invite online applications and deliver instant decisions.
“We believe that now is the time for dealers to get digital-ready for when the upturn happens.”
