Zuto, a car finance marketplace, has announced impressive financial results for the beginning of 2024, showcasing 35% year-on-year revenue growth in February. The company’s performance is attributed to its relentless investment in platform enhancement and product diversification.
The rise in revenue at Zuto corresponds with the flourishing used car market. Dealers industry-wide are noting strong demand, and drivers are enjoying ample options at competitive prices.
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To capitalise on this market environment, Zuto said it has prioritised technological innovation, leveraging artificial intelligence (AI) to augment its customer service operations. By integrating AI as a co-pilot to its service agents, Zuto has streamlined processes, facilitated information retrieval, and ensured comprehensive customer support. This strategic investment has significantly enhanced operational efficiency and customer satisfaction.
Furthermore, Zuto has expanded its tech department, with a particular focus on bolstering expertise in data engineering, machine learning, and analytics.
Jim Wilkinson, CEO, Zuto, said: “It’s great to see a return of consumer confidence across the industry, after lack of supply and the cost of living crisis impacted the used car market in 2023. To continue in this vein, customers need the right information, choice and transparency when financing a second-hand vehicle.
“Our continual investment in automation and data analytics is all about providing customers with quick decisions and clarity around finance approval, available APRs and the selection of lenders available. But technology cannot entirely replace human interaction, which is why we attribute our growth equally to our car-buying experts who provide that all-important communication and personal touch.”
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