Safety News South Africa

Subscribe

Elections 2024

Lauren Bernardo tell us why the party systems should be dissolved in South Africa...

Lauren Bernardo tell us why the party systems should be dissolved in South Africa...

sona.co.za

Advertise your job ad
    Search jobs

    New strategies boost growth opportunities in vehicle finance

    Technology and process innovations are impacting the entire car finance industry. Companies and original equipment manufacturers (OEMs) are adopting new business and funding models to reduce operational costs, improve customer experience and drive digitalisation.
    New strategies boost growth opportunities in vehicle finance
    ©alexskopje via 123RF

    “OEMs are approaching digitalisation through different strategies that combine revamped showrooms, online retail portals, and pop-up stores, thus moving towards directly reaching out to customers,” said Frost & Sullivan intelligent mobility senior research analyst Neha Makdey.

    “New funding models like crowdfunding and peer-to-peer lending are making it easier for people with lower credit ratings to qualify for a car loan, thereby increasing car sales.”

    Car Finance Industry, Forecast to 2020 is part of Frost & Sullivan’s Mobility: Automotive & Transportation Growth Partnership Service programme. According to the research, technological advancements, economic necessity, and entrepreneurial creativity are fuelling rapid growth in online car finance lending.

    “Digitalisation of the car finance process is resulting in fewer errors, easily accessible information, and faster document verification and loan/lease approval,” noted Makdey.

    “Finance companies are pursuing digitalisation to provide faster real-time credit risks assessment and explore various payment ecosystems to gain first-mover advantage in a rapidly changing environment.”

    Let's do Biz