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Continue readingEvolution Funding bolsters digital proposition with acquisition of Click Dealer.
Evolution Funding Group (“Evolution”), the leading motor finance broker and technology provider to the UK used car market, has completed the acquisition of automotive software and digital services provider Click Dealer Limited (“Click”) for an undisclosed sum. The transaction marks a significant move to broaden Evolution’s digital and SaaS proposition.
Since receiving investment from mid-market private equity firm LDC in 2019, Evolution has achieved significant growth, enhancing its technology platform and developing best-in-class online finance customer journeys. Offering innovative credit pre-screening, automated lender selection, finance self-serve and checkout automation technologies, Evolution is at the forefront of the growth in online motor finance in the UK. This strategic acquisition, which was supported with follow-on funding from LDC, will help bring these capabilities to Click Dealer customers and takes Evolution a step further towards its next milestone of brokering more than £1bn motor finance in a year.
Click was formed in 1999 and has established itself as a leading automotive software business, provider of dealer website hosting, proprietary dealer management systems, and associated digital solutions for independent motor retailers. Click currently services and supports over 1,550 dealers across the UK.
Click is highly complementary to Evolution’s existing services and further backs its growth strategy to enhance its technology, digital capabilities and SaaS proposition. The company employs a team of 63 at their head office in Stoke-on-Trent and will continue to operate under the leadership of Gerry Moxham, Ollie Moxham and Pippa Rawlinson. It will remain as a separate legal entity within the Evolution Funding Group.
Lee Streets, chief executive at Evolution, said: “We are acquiring a highly-regarded data-driven, end-to-end, automotive software provider. They have a fantastic reputation in the market and there are many similarities with our own company culture – it’s a great fit.
“A key part of Evolution’s vision is to lead change and digital innovation in motor finance. The acquisition of Click, with its market-leading platform, will help accelerate our ability to deliver this, whilst also supporting our objective of brokering £1 billion of motor finance in the UK.
“We are keen to maintain Click Dealer’s agnostic position on finance, offering true flexibility and choice for the retailer and the customer. In addition, our aim is to make innovative features and functions available via Click’s platform that deliver best-in-class digital finance journeys and increase point of sale finance sales for dealers.
“We will work quickly to offer Click retailers’ access to Evolution’s technology. The prospect of creating frictionless online finance journeys for consumers on the Click platform is incredibly exciting for both businesses.”
Gerry Moxham, founder of Click Dealer, said: “We are delighted to be embarking on the next stage of Click’s journey as part of the well respected and highly successful Evolution Funding Group.
“This strategic decision to integrate with Evolution puts us in a great position to support dealers now, and in the future, as a true performance partner. We look forward to working with the team at Evolution in delivering new innovations and integrated digital and financial solutions for dealerships across the UK.”
LDC’s Lawrence Dean said: “This is a significant milestone for Evolution as the business looks to enhance its market position and technology capabilities. We will continue to work closely with the management team to identify other complementary businesses that support the management team’s growth strategy.”

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Continue readingFCA commission changes looking positive for dealers and customers
Finance broker Evolution Funding has revealed that the recent FCA changes to commission models for motor finance have landed positively for customers and dealers.
In a webinar hosted by the broker, panel discussion revolved around the impact on the customer experience and the effect on rates, finance penetration and commission earnings.
Fixed APR versus Credit Score-Based Pricing
Of the two prime pricing models discussed – Fixed APR and Credit Score-based Pricing (CSBP) – 60% of dealers have opted for Fixed and 40% for CSBP. Pre and post the changes, Fixed APR has seen insignificant change in average APR and customer credit score, and an increase of £17 per case in average commission.
In comparison CSBP has led to a drop of nearly 0.4% in average APR, a 16-point increase in credit score and an increase of £42 per case in average commission, which was in part helped by an increase in average advance. Lee Streets, Evolution CEO, said:
“Soft search is starting to gain traction in the prime market. It has to because credit score-based pricing models cannot function effectively without it.”
Dealer sentiment about the changes
During research into dealer sentiment, retailers cited that removing negotiation on rates has led to an easier and more transparent customer journey when taking out point of sale finance. In addition, earnings are supported through sales staff being unable to discount on rates.
Evolution divulged that despite significant changes to regulatory disclosures in their customer journey, the number of customers making commission disclosure requests was negligible. The panel expressed concerns over the size and variations of commission disclosure wording, questioning whether consumers might be disengaging due to information overload.
Positive message
Overall, the message was positive, with Lee Streets, Evolution CEO, saying:
“Secondary brokers being allowed to keep discretionary commission ‘windows’ was a positive decision by the FCA. This has allowed us to work with retailers and lenders to provide commission models which are flexible but managed, since we have the insight and data to put robust controls, oversight and reporting in place.
“I believe that this this is a ‘once in a generation’ opportunity for point of sale to become a transparent and dynamic offering, ultimately leading to increased finance penetrations. One of the key drivers has to be further innovation in commission models because ‘one rate fits all’ is not a long-term solution.”
Evolution Funding is ‘Best Broker’ at Car Finance Awards 2020
Evolution Funding, the motor finance broker and technology provider, has been awarded ‘Best Broker’ for the fifth consecutive year at the annual Car Finance Awards 2020.
The awards, which were judged by a panel of motor finance experts and business leaders, were delivered as an interactive digital broadcast. Host on the evening was comedian and Mock the Week panelist Ivo Graham.
Citing Evolution’s continued growth, innovation and investment in technology, the judges also highlighted Evolution’s excellent reputation with major clients and its strong market share. In addition, Evolution CEO Lee Streets was presented with ‘Personality of the Year’ for his innovative and market-driving contributions to the motor finance industry.
Streets said:
“We are delighted to win the Best Broker category, and we are well aware that every year we win this title, we set the bar even higher for ourselves and the industry! This award will be a great motivation for our people who have worked particularly hard this year under challenging circumstances.
“I am also humbled to be named Personality of the Year. I have had the privilege of working in motor finance all my life, I’ve worked with some amazing colleagues, great partners and competitors. Winning an award like this means a lot to me”.
The Car Finance Awards are unique in that they celebrate success across every aspect of the motor finance industry, connecting dealers, lenders and brokers under one awards programme.
Click for the full list of Car Finance Awards 2020 winners.
Evolution Funding wins at virtual Motor Finance Awards 2020
Evolution Funding, the motor finance broker and technology provider, has been awarded ‘Intermediary of the Year’ and ‘Digital Innovation of the Year: Consumer Finance’ at the 6th annual Motor Finance European Conference and Awards 2020.
Celebrating excellence and innovation in the European motor finance industry, this year’s event, which included online seminars and panel discussions from industry leaders, was held virtually.
Citing extraordinary growth in addition to driving the car finance space forward with intuitive and easy-to-use systems, Evolution wins ‘Intermediary of the Year’ for the fourth year since the awards launched in 2015.
Evolution was also recognised for its Digital Finance API with a win in the ‘Digital Innovation of the Year: Consumer Finance’ category. Their proprietary technology enables partners to deliver a unique end-to-end customer experience via their own platform and services.
Lee Streets, Evolution Funding CEO, said:
“We are delighted to have been recognised at this year’s awards across two categories. 2020 has been a challenging year but it has also driven significant focus and innovation in our business. We continue to put digital transformation at the forefront of our efforts, especially as we support our dealers and partners to negotiate the changing regulatory landscape. These awards are a great motivation for our people, who work hard to deliver our market-leading technology and service.”
Click to view the full list of Motor Finance Awards 2020 winners.
Evolution Funding receives Northern Tech Awards 2020 accolade
Evolution Funding, the motor finance and technology provider, has been named Fastest Growing Larger Company of the Year at the 2020 Northern Tech Awards. The virtual event was attended by over 500 entrepreneurs, investors and business leaders from the global tech community.
The award marks the second time Evolution has received the accolade and recognises the company’s 125 per cent revenue growth between 2017 and 2019.
The tech-focused motor finance broker, which has its own in-house development team, is investing significant resource into motor finance automation and self-serve customer journeys.
Lee Streets, Evolution Funding CEO, said:
“We are delighted to have won our category at this prestigious technology awards. For many years we have championed the need for a tech-driven approach to motor finance and we have invested heavily in taking the industry forward in this way. With COVID-19 accelerating the demand to digitize the motor finance journey, Evolution Funding is strongly placed to support our dealer partners to recover from the impact of the pandemic.”
Organised by GP Bullhound, The Northern Tech Awards recognise and celebrate the region’s biggest tech stories by compiling the Northern Tech Awards 100 League Table. Evolution Funding is currently ranked third on the 2020 table of the fastest growing technology companies in the North of England and Scotland.

Evolution Funding bolsters team with Barclays Partner Finance acquisitions
Evolution Funding has expanded its field sales team with the appointment of four key personnel from former Barclays Partner Finance (BPF).
The new arrivals follow hot on the heels of BPF’s national accounts director Keith Bell taking the role of sales director, with previous sales director, Chris Coverdale, becoming group sales director.
Neil Holland takes over the position of North East regional sales director. Holland brings with him 25 years of financial sector experience. During his seven years at BPF, he delivered double-digit year-on-year growth in his role as regional sales director (Motor & Leisure). Holland’s appointment marks the retirement of Huw Thomas after fourteen years of outstanding service.
Ingrida Cardosa joins as account manager for the North East region, focusing on larger used car operations. Cardosa was with BPF for a year, following a fourteen-year-long finance role at Car Giant.
Jonathan Turner joins as account manager for the North East region. Turner spent ten years at Barclays before joining Hitachi Capital and going on to head up a new automotive finance business venture on behalf of Creditas.
Mark O’Reilly joins as part of a newly formed Technical New Business Team. O’Reilly was with BPF team for over a decade, dealing with the Top 100 groups and specialising in emerging markets, online and other digital marketplace providers. His new role will focus on Evolution’s technical proposition to dealers and potential partners looking to digitise the motor finance customer journey.

Keith Bell, Sales Director, said:
“I am delighted to welcome my former colleagues to the Evolution team. I have had the privilege of working with all of them at some point and know the value that they will bring to the business.
Evolution is enjoying unrivalled growth and transformation, including a dedicated strategic focus on our unique technology offering. Acquiring experienced and time-served talent will allow us to leverage the significant opportunities available to us”.
The appointments follow a year of restructuring since a private equity investment deal with LDC in February 2019 saw the firm valued at £110 million.
Evolution Funding expands team with new CIO and Head of Operations
Motor finance broker Evolution Funding has appointed Paul Saggar as its Chief Innovation Officer and Adam Small as its Head of Operations.
Saggar joins the business from Capita Travel and Events, part of Capita plc., where he was Chief Innovation Officer. He brings to the role over 20 years’ experience in software development, IT infrastructure, data science, and digital customer experience development.
Saggar will have board level oversight of Evolution’s development and IT teams, and will be responsible for developing the firm’s digital customer journeys, along with increasing insight into customer behaviour and building technology solutions that continue to lead the digitization of the motor finance market.
Small brings over 17 years’ experience to the role, joining the business from Capital One. He will oversee Dealer Services, Underwriting, Dealer Oversight, and the Complaints team, leading a program of process development, improvement and automation across Evolution’s B2B support functions.

Lee Streets, CEO of Evolution Funding, commented:
“We are delighted to welcome Paul and Adam to the company. Both bring significant and relevant experience and insight to the team, along with track records of business transformation.
“The creation of these roles reflects the importance of digital innovation and continuous improvement in shaping the future success of Evolution, and these appointments will enable us to accelerate this further as we deliver on our ambitious growth plans.”
The appointments follow a number of additions to Evolution’s Board and Senior Management team in the wake of a private equity investment deal with LDC which saw the firm valued at £110M.