A third of dealers are missing out on potential business because they do not offer online motor finance, according to iVendi.
The technology provider cited Google statistics to claim that 71% of consumers desire online motor finance, and warned that dealers without this option were ‘potentially handing over their business to others’.
James Tew, chief executive officer of iVendi, argued that by not fulfilling the need for online finance, dealers were unwittingly driving consumers into the arms of online motor finance brokers.
Warning against complacency, Tew cautioned that other now flailing businesses whose ‘markets were disrupted by digital innovation’ also felt they would not lose a significant amount of their custom.
Tew said: “The fact is if you do not offer an integrated, online motor finance on your website, there is a good chance that your customers are looking elsewhere for their finance needs – and may end up using an online broker.
“The question I would ask dealers in this position is simple. If you don’t use one of them, exactly how will you protect your finance revenue from online brokers?”