2021 proved to be a year of records for Evolution. After a challenging 2020 thanks to Covid-19, our people came back fighting, resulting in an incredible performance across the business. We thank all of our teams for the hard work, focus, and commitment that makes these figures possible.
‘Tis the season for giving and so Evolution Funding was delighted to arrange a donation of thirty PCs to Mossbrook School in Sheffield.
Mossbrook School is a maintained primary school that supports pupils aged four to eleven years old who have a range of special educational needs and disabilities. Evolution’s IT department reached out to headteacher Jo Harrison regarding the decommissioned PCs and a date was arranged for dropping them off.
“Thank you to Evolution for their kind and generous donation. We would have had to save for years to replace all our computers – this will make an incredible difference to what we are able to offer our children.”
Jo Harrison, Headteacher, Mossbrook School
We were keen to meet some of the children that the PCs would be benefitting and so Jo kindly arranged a handover with the Badger Class and their teacher, Katie Meeney. And what a fabulous time we had!
We were greeted by fourteen of the most welcoming boys, who immediately introduced themselves and joined in on our impromptu photo session with enthusiasm. We spent the next half hour hanging out with the class, taking pictures, chatting and getting a little insight into a lesson, which included learning sign language. To top things off, each boy had created a greetings card thanking us for the computers!
It was a real pleasure to meet the Badger Class and we hope they enjoy putting their new computers to good use. When we asked them how they’d use the computers, we were told for writing, typing, spelling, stories, and possibly the best answer – booking a holiday!
“As a business, we are heavily focused on technology, and we understand the costs involved in keeping IT equipment up-to-date and working. We are delighted to be able to donate these PCs and pleased that they will make such a difference for the children of Mossbrook School.”
Sarah Simpkins, Marketing Director, Evolution Funding
Evolution Funding (“Evolution”), the motor finance broker and technology provider, has appointed Katie Hayes to the board as its Chief Operating Officer (“COO”).
Bringing over 22 years’ experience in the sector, Hayes joins Evolution from Lloyds Banking Group, where she was a member of the senior leadership team within the motor finance division. Positions held include Head of Jaguar Land Rover Financial Services for Black Horse and Head of Partnership and Market Development.
Prior to this, Hayes was Director of Customer Experience for Lex Autolease where she was responsible for product development and compliance, customer journey optimisation, and customer engagement.
Hayes will assume responsibility for all partner and end consumer journeys in Evolution’s point of sale and direct to consumer channels. She will also lead on product and process improvement, compliance, and governance.
Commenting on Hayes appointment, Evolution CEO Lee Streets said:
“The creation of the COO role is a crucial step towards achieving our strategic goals, especially when it comes to delivering excellence in motor finance. Katie brings extensive experience of working both commercially and operationally with a number of key partners.
“In addition, the expertise and insight that Katie has gained working in a number of senior motor finance roles will be invaluable for Evolution’s progression and growth. We are delighted to welcome her to the business”.
Hayes said:
“I am thrilled to be joining the Evolution team at such an exciting time for the business and the sector overall. I’ve worked alongside Evolution on a number of occasions and always been hugely impressed by the people and the commitment to deliver. I’m really looking forward to being part of such a dynamic team and sharing my passion and experience of customers and partners.
“Bringing together vital elements of the business such as customer journey management and product and process improvement, along with non-dealer commercial activity, will be key to achieving Evolution’s growth objectives”.
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.”
Image shows (l to r): Kevin Kaye, Evolution Funding Finance Director; Lee Streets, Evolution Funding CEO; Paul Saggar, Evolution Funding CIO; Ollie Moxham, Click Dealer CEO; Gerry Moxham, Click Founder and Chief Visionary Officer.
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, 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.
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.”
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