Vauxhall has begun offering online car finance for its “Network Q” approved used vehicles scheme.
The quote and application process, which uses technology from Manchester-based tech vendor iVendi, has been made available through the main Network Q website. The used cars scheme covers some 300 dealerships in the UK, according to Vauxhall.
Go deeper with GlobalData
Clare White, marketing manager at Network Q, said: “We are committed to delivering the best experience for buyers of used approved Vauxhalls both in the the showroom and online, and providing motor finance on our websites is part of that undertaking.”
“We expect that offering online motor finance will drive higher unit sales for dealers as well as increasing penetration of Vauxhall Finance products.”
“Importantly, the iVendi technology that we are using allows customers to easily use the new online finance facilities on any device, from PC to smartphone, and will automatically transfer from online to dealer – if you walk into a Network Q showroom, they will be able to access details of any applications you have made.”
Richard Tavernor, chief operating officer at iVendi, added: “We have worked with a number of manufacturers on offering online motor finance for their approved used car schemes but this is by far the largest.”
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 GlobalData“Our experience shows that where online motor finance of this kind is adopted, it drives both sales of vehicles and of finance higher, giving the customer a much greater degree of control over the sales process.”
“In the near future, we believe that manufacturer approved used schemes are moving to a position where customers will very much expect an online motor finance facility to be offered – but Vauxhall are among the first.”
Opel/Vauxhall Finance has been on an overhaul drive since its joint acquisition by Banque PSA and BNP Paribas, coinciding with Groupe PSA’s takeover and subsequent turnaround of the German manufacturer last year.
The captive brought in a new roster of executives, with the view to achieve a penetration rate of every third vehicle sold by the manufacturer. Vauxhall Finance launched personal and business contract hire offers for the UK in April.
In January, the manufacturer announced it would renegotiate all dealership contracts across Europe, including with its 326 UK retailers. When the operation was unveiled in February, a spokesman for Opel/Vauxhall said the finance unit would be part of discussions with dealers, but contracts between it and the dealers would not be directly affected.
