Mad Devs updates dealership platform after court ruling
Mad Devs has moved quickly to update its platform to enable dealers to enhance compliance procedures after the Court of Appeal ruling on finance commissions.
The ruling found that ‘a broker could not lawfully receive a commission from a lender without obtaining the customer’s fully informed consent to the payment.’
This means car dealers cannot receive commission payments for arranging finance without customers knowing the full details. Many motor finance companies have since paused writing new business with some analysts suggesting the ruling could result in a compensation bill of £16bn.
In light of the shock ruling, Mad Devs updated its iStoreDOCS platform within days to enable dealers to upload Finance Commission disclosure documents and add them to the deal process. The cloud-based platform provides a complete audit trail of the customer’s actions.
Mad Devs updates
Dan Rea, sales director at Mad Devs, said:
“The ruling from the Court of Appeal created turmoil for dealers and their finance providers. We mobilised our configuration team and reacted quickly to enable dealers to enhance their compliance procedures and continue to operate safely and efficiently.”
The iStoreDOCS cloud is secured with the latest encryption technology to ensure customer data is safe and compliance procedures enforced. With compliance processes in place to reinforce the technology, users of iStoreDOCS can achieve a significantly higher compliance rate.
The UK-based automotive technology company now operates at 1,800 sites worldwide. It helps dealers in several areas, from increasing sales conversion rates to ensuring compliance procedures are followed. Its technology is trusted by dealers in the UK and globally to provide a better experience for over 260,000 customers.
