Alphera Financial Services, BMW Group’s motor finance division, has launched an incentive scheme for its UK dealer and broker partners.
Alphera will reward partners who generate the highest levels of customer satisfaction, rather than the highest finance sales volumes.
Go deeper with GlobalData
The new scheme runs from January to the end of September 2019. For the next nine months, those working for Alphera’s UK partners will ask their customers to complete a survey after taking out a finance agreement with Alphera, gauging their satisfaction in the finance sales process.
By prioritising positive customer outcomes, Alphera intends to encourage sales behaviours that comply fully with Financial Conduct Authority (FCA) regulations. The incentive scheme will also promote the development of skills and knowledge across the motor finance sector, encouraging the uptake of specialist finance qualifications from industry bodies, such as the Institute of the Motor Industry, developed in conjunction with Alphera, and the Finance and Leasing Association (FLA).
Spencer Halil, director of Alphera Financial Services, said: “With greater regulatory scrutiny than ever before, treating customers fairly has never been more important for motor retailers. Instead of asking our partners to prioritise contract volumes, Alphera’s incentive scheme encourages a single-minded focus on raising customer satisfaction through the application of specialist skills and knowledge and FCA-compliant sales practices.
“We expect the FCA will have something to say about the way the car industry incentivises salespeople when its final motor finance report comes out this year, so now is the time for dealers and car finance brokers to ensure they’re engaging with customers in a positive way.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe Alphera customer survey asks a series of questions, including: how easy it was to do business; the ability of sales staff to accurately assess their demands and needs; their satisfaction in the sales process and sales person; and the clarity of information provided. Dealers and brokers will receive points according to the level of customer satisfaction achieved.
Alphera supports over 1,300 broker, franchise and independent partners. Alphera is the captive finance provider for Rolls-Royce Motor Cars Financial Services and Aston Martin Financial Services. Worldwide, Alphera provides vehicle finance solutions in more than 25 countries, including the USA, South Africa, Australia and Germany.
