Stage set for innovators to become market-leaders

The current economic climate means the UK automotive industry is rife for innovation from start-ups, who could then go on to become market leaders.

That’s the message from Martin Hill, MD of automotive tech firm DealTrak. He said, ‘The automotive sector has always been one which enjoys constant evolution. But, with changes in legislation, the Worldwide Harmonised Light Vehicle Test Procedure (WLTP), diesel-gate, and of course, Brexit, it’s high time for the industry to embrace the ever-evolving landscape.

‘As with all periods of great change, they can offer opportunities to those who commit to staying ahead of the curve. Understanding the drivers behind the latest shift in the UK’s F&I marketplace will inevitably pave the way for trend-setters to emerge as market-leaders.’

At a time when consumers are more suspicious of the motor finance industry, there are ways to make the sales process more appealing to buyers. For example, automation can speed up the sales process – and provide a huge competitive advantage as a well-streamlined F&I process enables dealers to process more finance applications each day.

Martin continued, ‘As the hybrid sales process increases, there’s an ever-increasing disconnect between the customer and the salesperson. Buyers can easily become frustrated with the length of time which lapses between making the decision to purchase – and driving away.

‘Digitisation has significantly reduced the level of tolerance for reams of paperwork, as well as the need to repeat basic information – such as name, address, date of birth – multiple times. Although it’s a given that dealerships will work with several lenders and utilise multiple compliance tools, in 2019, a firm shouldn’t need to log onto each point of sale system separately – such practices are outdated and inefficient. The search for integration is therefore crucial.’