Evolution Funding is delighted to have been awarded ‘Best Broker’ for the sixth consecutive year at the annual Car Finance Awards 2021.
The awards, which are judged by an independent panel of motor finance experts and business leaders, saw Evolution also win the categories of ‘Best Direct Consumer Proposition’ for the second time, and ‘Innovation Award’ for our Credit Score-Based Pricing product.
The evening was hosted by Credit Strategy’s chief executive Luke Broadhurst, who was later joined by critically acclaimed comedian George Lewis to present the awards.
Judges comments: Evolution Funding had an incredibly strong entry. Judges were particularly impressed with its performance, continual innovation and digital solutions. One of the judges said that Evolution Funding’s achievements would ‘simply take your breath away.’
Judges comments: Evolution Funding’s entry wowed the judges by demonstrating how it fills a gap in the market and drives technological developments. Judges were particularly impressed by its digital integration with price comparison sites, labelling the entry as ‘stand out’.
Judges comments: Evolution Funding wins this award due to its Credit Score-Based Pricing. Judges said this was a great solution to FCA rules and is a standout innovation. The judging panel was highly impressed by Evolution Funding’s continual digital innovation.
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.”