Ivendi has launched a new finance product for dealers called Finance Navigator, which enables dealers to undertake searches for potential vehicle buyers across their whole lending panel
It provides results that looks like a finance product comparison site – similar to buying insurance through Go Compare, for example – from across a dealer’s lending panel.
Previously, dealers would’ve had to get individual quotes using individual systems from each of the lenders in their lending panel.
It returns results in under 10 seconds, showing monthly payments, indicative finance rate, and likelihood of approval.
Some lenders will even “pre-approve” applicants for finance through the product, meaning that if the consumer details provided in the search are accurate, they will offer a deal on the terms quoted.
The solution will also show instances where lenders may require further details from consumers, such as proof of income or identification documents and, because the initial search is “soft”, there are no footprints left on credit files.
James Tew, CEO at iVendi, said: “This is a product that we think will be a gamechanger when it comes to how dealers handle finance.
“Either in the showroom or online, the dealer can ask the potential car buyer to enter a few details and then very quickly see a comprehensive set of results from their lending panel.”