Close Motor Finance has cut payment delivery times to dealers down to the same day following the launch of its faster payments process in April.
The service is available free to dealer partners of the independent funder, which also provides finance for several manufacturer schemes including Perodua, Proton and many leading motorcycle brands.
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The process is part of a larger investment in technology by Close to improve its service to dealers. Similarly, fellow independent finance provider MotoNovo has announced large-scale investment in staff expansion as it aims to break into the top three non-captive lenders.
‘Sought-after service‘
Harvey Stead, sales director at Close, said the company was "delighted" its more immediate supply of cash would increase dealer efficiency.
"This faster payment process will have a huge impact within our supporting dealer-base and ultimately makes selling vehicles on finance a lot more appealing for dealers," added Stead.
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By GlobalDataJames Broadhead, managing director at Close, explained the company had held both a formal study and informal dialogue to assess the needs of dealers, and could now provide "a sought-after service that Close alone can provide within the industry".
richard.brown@vrlfinancialnews.com
