A set of industry-recognised metrics are needed in order to help dealers measure the impact of motor finance, according to technology provider iVendi.
James Tew, chief executive officer of iVendi, said that there was currently a range of different methods used by dealers, which made it harder to measure the impact of motor finance overall. He called for a uniform system of measurement.
Tew said: “The question is how, for a relatively new area of retailing for motor industry, we settle on measure on measuring whether that is happening. It would be useful to be able to discuss what is happening using a widely-accepted set of metrics.”
He argued that measuring impact through levels of user engagement was “paradoxical,” stating that good experiences should require less effort from the user.
Rob Severs, vice president data and insight at iVendi, said that their newly-developed dashboard showing motor finance-driven traffic was being trialled with different dealers.
Severs said: “Ideally, we’d like to create an industry standard but, at the least, we think we can establish a way of looking at online motor finance that places all the key metrics in context, providing a very useful tool for dealers.”