HPI Finance Gateway to boost sales for dealers
HPI has launched a radical new online finance solution designed to boost the sale and profitability of dealers’ point-of-sale finance. The HPI Finance Gateway gives dealers direct access to competitive rates from leading finance providers - at no cost. Partners already include Santander, Fortis, Southern Finance and Moneyway and the list is expected to grow as the appeal of instant credit scoring, a healthy yield and reduced administration is recognised across the industry.
Daniel Burgess, HPI Automotive Director, explains, “HPI Finance Gateway aims to bring a fresh approach to the way car finance is sold in the UK by making it a simple and transparent process that works for the finance company, dealer and consumer. Our intention is to put finance back in the car showroom and our solution delivers quality, volume business for our finance partners, whilst enabling dealers to maximise profits from point-of-sale finance deals. But the bottom line for dealers is that the HPI Finance Gateway will help them secure more cars sales and avoid customer disappointment. Perhaps more significantly in today’s economic climate, it offers the consumer a competitive yet responsible credit proposition. It’s a win-win for all parties.”
Finance Gateway comes with no commission claw-backs for the dealer and delivers an instant online proposal from the finance company best suited to the customer’s personal credit rating and the profile of the car. This is seamlessly achieved using HPI’s immediate and integrated VRM look-up.
Prime and sub-prime finance is being provided with dealers able to ask for a ‘quick quote’ or full proposal. Quick customer screening via credit experts Call Credit, who carry out public searches on a customer before an application is sent to the most suitable finance provider, ensures higher acceptance rates. Unlimited balances are available from £1,000 with the advance paid directly to the dealer.
Car buyers taking out a loan through HPI’s Finance Gateway will get seven days free insurance through HPI’s Driveaway package and may also benefit from 12-month free MoT insurance1, – offering added value as well as the confidence they are getting a financially good agreement. Part of the offer for dealers includes 6 months free HPI Checks for each car proposed, providing dealers and car buyers alike with added peace of mind. Furthermore, HPI’s Finance Watch will track future leads by notifying dealers when finance agreements on vehicles dealers have sold are coming to an end, thereby enabling them to contact customers at the most appropriate time.
Burgess concludes, “Because our model is based on volume, we are only paid a single small flat fee by the finance company for every finance deal written. This therefore allows the dealers to take all the commission out of the deal, effectively supporting them develop a profitable and sustainable business, built on customer satisfaction, which is crucial in the current market. HPI Finance Gateway is free to dealers, but boosts profits, while ensuring the customer gets the finance deal that is right for them. At a time when finance is key, HPI is listening to the needs of its dealers and delivering products that reflect ever-changing market conditions.”