1pm plc pleased to announce the successful establishment of its first digital online product offering for arranging consumer vehicle finance.
The Group’s wholly owned subsidiary, Car Finance 2U Limited (“CF2U”), which historically has received vehicle finance business referred from motor dealers, will now also be able to receive business direct from consumers through its new web-site, www.carfinance2u.co.uk.
The simple, online application process plus search engine optimization and pay-per-click advertising is attracting a substantial level of customer interest. CF2U is also generating leads from other 1pm Group companies, demonstrating the very considerable cross-selling potential of the Group’s range of finance products for both SMEs and consumers.
CF2U has recruited two highly experienced relationship managers, one of whom is from the online car finance broker industry and with industry-standard proposal management software being used and new larger premises, the brokerage is planning for growth.
Mark Burgess, managing director of CF2U, commented:
“Consumers are increasingly sourcing their car finance needs on line, gaining an approval for car finance first and then selecting a vehicle. The car finance process lends itself well to transacting business online and the market is growing rapidly.
“Whilst there is strong competition in the direct consumer car finance market, by leveraging the full extent of cross-selling opportunities available to us as part of the 1pm Group and by attracting business from a mix of direct and third party referrals, we plan over time to create a ‘direct-to-consumer’ department similar in size to our existing dealer referred business, effectively doubling the size of CF2U.
“At the same time, we will be able to attract a wider spread of credit customers resulting in a greater utilization of our funding partners, consequently lowering overall business risk.”
Ian Smith, Group CEO, commented:
“This exciting development at CF2U is a significant step towards our strategic objective of enhancing our digital capability, managing risk and profitably expanding our customer base. We are delighted with the commercial progress being made at our most recently-acquired business.”