UK-based used auto finance platform Evolution Funding has integrated its soft search pre-eligibility checking and ‘quote and propose’ solution with Automotive Compliance’s enhanced regulatory platform.
This integration marks a significant advancement in automotive finance compliance.
The aim is to provide dealerships with a streamlined system that enhances customer experiences while ensuring compliance with consumer duty obligations.
Automotive Compliance, a UK Financial Conduct Authority (FCA) regulated and authorized company, will incorporate Evolution Funding’s latest solutions into its existing system and compliance module.
This integration will help dealerships eliminate repetitive data entry tasks, reduce administrative burdens, and ensure compliant customer interactions throughout the finance process.
The enhanced platform focuses on improving efficiency, reducing time-consuming activities, and increasing finance penetration by simplifying the customer’s purchase journey.
It also offers personalized finance quotes based on individual credit profiles and directs customers to the most suitable lender for their financial situation, promoting positive consumer outcomes.
Additionally, the system aims to enhance relationships with lenders by enhancing the quality of finance applications through the incorporation of lender-specific criteria, ensuring that each application meets the lender’s requirements.
Automotive Compliance’s National Sales Director, Phil Harding, stated: “The integration is a significant step towards enhancing efficiency and compliance in the automotive finance sector. Our objective is to provide dealerships with the necessary tools to streamline processes while upholding regulatory standards and delivering positive customer outcomes.”
David Bamforth, Head of Sales (New Business) at Evolution Funding, added: “At Evolution, we prioritize industry advancement, making this integration a seamless fit. By aligning our services, we are raising industry standards and ensuring smooth experiences for our dealers and their customers.”
Last month, Evolution Funding announced the acquisition of motor finance broker Creditas Financial Solutions to expand dealer access to its finance platform and lender panel.
