Startline Motor Finance’s new business portal has slashed car finance payout times by nearly a third.
The new business portal consists of a digital postbox designed for dealers to submit documentation as easily as possible online. Secondly, direct integrations means dealers and introducers can access Startline’s systems directly. Finally, a new internal web-based platform uses a series of algorithms to automatically place motor finance payouts in the most efficient order possible for review.
Paul Burgess, Startline CEO, explained: “We place huge emphasis on being able to make payouts to dealers and other introducers as quickly as possible once a car buyer has been approved for finance. The new technology, which represents a significant investment, is a genuine step forward in this area.
“Our objective is always to work responsibly but quickly. We believe that motor finance should be an enabler to car sales rather than a hurdle and part of that approach is ensuring that, once a positive decision has been made, the payout is processed as quickly as possible.”
He added that while payouts can never be instantaneous, in 2024, they should happen in minutes rather than hours.
Burgess said: “The improvements that the new system has made possible are receiving very positive feedback from our dealers and other introducers, and we’re also confident that we’ll be able to improve further on the 30% figure as the system beds in.”
In this spotlight issue:
Will flexible working ever suit today’s dealerships?
Some cite motor retail’s lack of flexibility as a barrier to recruitment. Can it do more?
Buyers still want help with their car purchase
Consumers continue to value point-of-sale finance and insurance
Is part exchange losing power?
Ways dealers can still compete effectively against car-buying platforms
Overcoming complexity in aftersales
How to optimise the efficiency of a franchised workshop
Papering over the omnichannel cracks
Progress has been made, but the end goal continues to remain out of reach
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AM deputy editor Aimée Turner has been a specialist B2B editor and journalist covering the international transportation sector for more than 20 years.
She has specialised in the significant safety, regulatory, and environmental issues that impact advanced technology businesses in the pursuit of more efficient, safer and sustainable transportation modes.
