FinanceExposure

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Full Finance and Insurance module example

Finance Module

So how does it work?

Finance Exposure is an additional module which has been made available to Auto Exposure dealers through a venture with Codeweavers Ltd using the solution known as YourCarLoan and a number of UK motor finance companies. You have full control on how it works and much of it is managed through Autoedit.

Your customers will instantly see finance offerings on all vehicles that qualify for the relevant products. For newer vehicles this can be on a number of different products such as;

Hire Purchase

Motor Loan

Low Payment Plan - Also known as Lease Purchase or Hire Purchase with a balloon payment, aimed at lowering the monthly payments to make your cars more affordable

Personal Contract Purchase - Similar to the above, but with a Guaranteed Future Value

Codeweavers have developed a product called YourCarLoan which is the driver for the calculation and proposal service. They have been working with the finance industry in developing each of the lenders calculations, commission schemes and proposal integration into the lender’s underwriting systems. The number of lenders are increasing all the time and further details of the panel of lenders can be seen here. Please note - The above product availability is dependent on your chosen finance company.

In addition, your customers will be able to vary deposits and terms in the comfort of their own homes, so that they can find the right deal to suit them.

In many cases they will be offered products that will compete favourably with the direct lenders.

Through the use of residual value products your stock will automatically become more affordable to a much larger audience. This will enable you to generate more showroom traffic, sell more vehicles and generate additional finance income.

AutoEdit

Within Autoedit you will be able to set finance parameters so that your customers will be quoted with either a built in commission amount or have their quotes based on a specific Annual Percentage Rate (APR). You have the flexibility to alter any individual vehicle, where you may wish to offer different terms and to help with a sales promotion you can even promote subsidised finance

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All finance updates are done immediately. This flexibility gives you the ability to have weekend promotions on finance then revert back to you standard offering on the Monday or market a specific car should you need a quick sale.

YourCarLoan - Showroom

As part of the Finance Exposure service you will have access to YourCarLoan - Showroom, the Codeweavers Ltd point of sales system. With YourCarLoan - Showroom you will be able to emulate everything that is available on your web site as it will also allow you to quote on multiple finance products, submit your proposal and print your documents (where this facility is made available by your chosen lender).

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YourCarLoan - Showroom will keep you updated through out the process so that you have full knowledge on what is happening. When a customer proposes themselves via your web site the proposal information will automatically be made available to you through YourCarLoan - Showroom with the added benefit of sitting as a priority deal in your chosen lender’s underwriting system. In addition, you will automatically receive an email informing you that a proposal has been submitted.

Motor Insurance Module

So how does it work?

The product and technology is provided by Lloyd Latchford schemes Ltd and Codeweavers Ltd respectively. The solution known as YourCarMotorInsurance captures a small amount of information specific to the customer and then calculates the monthly premium against all vehicles displayed. This greatly assists the customer whilst they are making their decision on their next vehicle and more importantly keeps them on the website.

The exceptionally low cost, fixed term cover combined with quality brands gives greater functionality to the site, added value, customer convenience and revenue opportunities.

For the customer to be able to budget more accurately and know that that their premiums will not be increasing even if they make one fault claim during the first two years removes the uncertainty that typically exists within the motor insurance arena today.

If you are currently not authorised to sell insurance products under the FSA through the design of the product you will still be able to promote the service on your web site, however the actual sale will be concluded via the Lloyd Latchford site. For more information see FAQ’s

Costs

Finance Calculation service
Charges for this service will be discussed with you by your preferred finance company. Only finance companies that are part of the YourCarLoan panel can be utilised.

Motor Insurance Service
We have worked to keep the cost of this service to an absolute minimum. The charge of the service is £20 per month plus VAT.

Finance Income
Finance income will be based on your arrangements with your preferred finance company

Insurance Income
Should you require a level of income from the product then this will be achieved by adding an administration fee on every motor insurance policy written. By not taking the income the motor insurance offered will be at the very lowest price.

Income
Min Premium	Max Premium	Admin Fee
£0	£200	£7.44
£200	£400	£12.48
£400	£550	£15.00
£550	-	£19.92

Agreement In order for the facility to be enabled each dealer will be required to sign an introducer agreement, a copy of this agreement can be requested from either Lloyd Latchford Schemes Ltd or Codeweavers Ltd.

Case Studies

One of our recent partner sites to go live with Finance and Insurance modules is A C Williams Ltd

Their fleet of low mileage, 1 to 3 year old vehicles is ideal for returning a range of finance quotes. They have also coupled this with a low cost, 3 year fixed price insurance quote against every vehicle in their showroom. Customers can then see the total cost of ownership of their car in the results of every search; the monthly finance quotations for Hire Purchase and Personal Contract Purchase indicate the cost of purchasing the vehicle, and the monthly insurance payment shows how much their vehicle is going to cost to insure each month.

By giving their customers this detailed amount of information on their website, they have been able to fast-track orders and maximise enquiries.