Tag Archives: iVendi

  Dealers should be ready for 2024’s used car finance market to become increasingly competitive, we’re predicting at iVendi. A range of emerging factors mean that larger volumes of used car sales, an ongoing readjustment of vehicle values, and lenders looking to move into new sectors are all likely to have an impact. Our view is the even if we ...

iVendi has revamped the processes used in its technology platform to take account of the new Consumer Duty rules. Its “Connected Retailing” platform – used by dealers to sell motor finance both online and in the showroom now meets FCA aims of ensuring customers are provided with products that meet their needs and offer fair value. A Consumer Duty process ...

Dealers feel that Consumer Duty measures can create new opportunities. Almost three out of four dealers (73%) believe that implementing measures to meet the FCA’s Consumer Duty responsibilities will create new business opportunities. According to research from iVendi, 91% agree that consumers will get a better buying experience because of the introduction of the regulations. James Tew, CEO at iVendi, ...

Self-serve motor finance is proving the most effective route to Consumer Duty compliance, iVendi has reported. Rob Severs, senior VP ftproducts and insight at iVendi, said: “When the FCA first unveiled Consumer Duty, we looked at ways to achieve compliance using our technology. It quickly became clear that having a self-serve journey for customers would probably be the most suitable ...

Motor finance deposits and monthly payments have stayed “remarkably consistent” over the last 12 months. That’s the view of iVendi which identified the trend despite ongoing Bank of England interest increases prompting higher rates for used car buyers. New figures from iVendi show that a year ago, the average deposit for a used car was £2,859 while the monthly payment ...

Natural language online car search is being used in more than half of instances where it is offered by dealers. According to data from iVendi, the technology – which was introduced by the company in 2021 – allows users to employ everyday phrases in place of traditional drop down menus. Currently, it is used to make more than 800,000 consumer ...

Falling numbers of finance rejections will prove to be the “litmus test” of whether the FCA’s Consumer Duty regulations are being properly applied, according to iVendi. Rob Severs, Senior VP Product and Insight iVendi, said: “Like others across the retail motor industry, we’re working through all of the implications of Consumer Duty and it’s becoming clear to us that while ...

Compiling accurate and timely management information (MI) will be crucial for dealers and lenders in meeting the FCA’s new Consumer Duty responsibilities. That’s the view of iVendi which said that proving customer needs were being put first could only be achieved by having systems and processes in place. Rob Severs, Senior VP Product and Insight at the motor retail technology ...

Car buying journeys are likely to become more complex in 2023 as the cost of living crisis affects consumer behaviour. According to James Tew, iVendi CEO, because their personal finances are under pressure, individuals are likely to take more time and put more effort into the purchasing process. He said: “The economic situation is going to affect a very large ...

Dealers creating multi-lender panels will benefit all motor finance providers, according to iVendi. Rob Severs, Senior VP Product and Insight said that being part of a carefully constructed panel maximises business opportunities, removes the need for rekeying data and delivers useful management information. He said: “Dealer lending panels are nothing new but what has developed in recent years is an ...