Motor finance broker Evolution Funding has reported a record for total finance proposals, online proposals and percentage of proposals submitted online in June.
Evolution saw a 95% year-on-year increase in online proposals – a reflection of the accelerated digitisation of motor finance seen across the industry as a result of the Covid-19 crisis, according to Evolution chief executive Lee Streets.
Online proposals as a percentage of overall proposals was 32%, compared to 21% in 2019. Total proposals rose by 29% year-on-year and showroom proposals by 11% year-on-year. Streets believes this can be attributed to pent-up demand during lockdown.
Chris Coverdale, Evolution group sales director, said: “June has seen an encouraging return to business as usual, with many record-beating days for the company. The demand grew very quickly, and we responded by bringing the majority of our operations staff back into a Covid-secure environment. We are delighted at the positive impact this has had on service levels for dealers and customers.”
The broker, which provides dealer partners with digital solutions which facilitate end-to-end, online, self-serve finance sales, also reported a 27% increase in dealers proposing via Evolution’s web-based, plug-in finance calculator.
Coverdale added: “We are cautiously optimistic about the next few months whilst retaining a robust infrastructure for working from home should it be required again. We are expecting proposal numbers to level out, but we are receiving positive feedback from dealers about how they are tackling the crisis. What is certain is that being digitally-enabled is the key to maintaining momentum moving forward.”