An asset finance group that has recorded 96% growth in the past 12 months – and expects to do the same next year – has launched a service to help brokers take advantage of the “massive opportunities” in the market.
Platform Finance, co-owner of car buying service Fleet Avenue, believes that its partnership with brokers will be integral to achieving continued growth.
More cars are financed by brokers and aggregators than through car dealerships, according to a KPMG Motor Industry Services report. Additionally, an overwhelming 93% of buyers need to borrow money to purchase their car.
“Dealerships are struggling to get loans approved through their prime lender because of tighter credit policies, and they are being encouraged to seek alternatives such as brokers and aggregators,” said Platform Finance director of aggregation and strategic partnerships, Damian Mantini.
“We have noticed a rise in the number of people using brokers to source their cars and arrange finance. That’s why we established Fleet Avenue. It’s like a virtual dealership – a ‘one-stop shop’ that makes it easy for brokers to provide value-added services for their clients to further build relationships,” he explained.
The service researches, locates, and secures discounted pricing for new vehicles across the 1,300 participating dealers.
“Fleet Avenue makes it easy for brokers to chat with their clients about the new car and allows the broker to seamlessly arrange finance. It lets brokers market finance in a very different way,” Mantini added.
Additionally, the service offers more flexible terms of financing to the buyers than those provided by the dealers. It also offers tools to manage the sales process, discounted fleet prices, competitive trade-in prices, and concierge service for the client.