Oodle exceeds £3bn in car finance applications
Oodle Car Finance processed over £3bn of car finance applications last year, across its 168 car retailer partners and experienced a 600% growth in monthly sales.
In 2017, Oodle processed nearly £1bn in finance applications from UK drivers, jumping to nearly £3bn in 2018 equating to an average of £18m per Oodle retailer.
Oodle is on a mission to match customers with great cars and make car ownership simple. This means working with amazing car retailers to drive consumer choice and continually innovating with technology and process to drive the best consumer outcomes and experience.
Since launching in April 2016, fintech company Oodle has seen fantastic growth for its tech enabled car finance services. The actual number of applications rose from around 100,000 in 2017 to more than 300,000 in 2018.
Unlike traditional auto finance companies Oodle’s strategy is focused on working with a select number of leading UK car retailers to deliver amazing customer outcomes. Building strong partnerships ensures Oodle can help its partners win in this fast moving and changing marketplace.
Jonny Clayton, CEO of Oodle commented on the news: “At £55bn the used car market is the largest retail market in the UK however it has yet to see the same digital transformation witnessed in all other retail sectors. It’s our aim to use technology to revolutionise the way people buy and own cars. We’re excited to have seen such growth. To generate nearly £3bn in car finance applications and 600% growth in sales in one year is an amazing achievement.
“It’s a testament to our vision of what a finance company needs to be in this fast changing landscape, and to our team’s passion to deliver an offering that can really shape customer lives by getting them into great cars as simply as possible. These are exciting times, and we’ve only just started.”