Leisure vehicle web finance leads are up by 146% and customers self-serving quotes via online calculators is up 48%, data from Evolution Funding (“Evolution”) has revealed.
The motor finance broker and technology provider has published three infographics looking at the Motorhome, Camper and Touring Caravan markets for 2020 and 2021 combined.
Analysing data from Evolution’s extensive customer database, the infographics give leisure dealers insight into their typical customer profile, their behaviours and average financials.
With the pandemic reinforcing the benefits of holidaying in caravans and motorhomes, sales have continued to rise. The National Caravan Council reported a 71% increase in new motorhome and campervan registrations in July 2020 compared to 2019, and they say the trend is yet to continue.
Evolution’s findings highlight the shifting focus of customers onto online channels, with customers appearing comfortable with obtaining quotes and submitting applications for leisure vehicle finance via online calculators.
Evolution Funding (“Evolution”), the leading independent motor finance broker and technology provider, has appointed Daniel Reeve as its Chief Technology Officer (CTO).
Reeve joins Evolution with over 20 years’ experience in technology and development, with focus on delivering high-performance technology platforms, software projects and digital solutions.
Paul Saggar, Chief Innovation Officer at Evolution, said:
“We are delighted to further strengthen our technology offering with this exciting appointment. We are fully committed to delivering best-in-class digital finance journeys for our partners and their customers, and we continue to invest in order to support our growth plans. Dan’s significant experience will enable us to accelerate our plans, whilst taking us closer to our Vision to lead change and digital innovation in motor finance.”
Prior to joining Evolution, Reeve held a number of senior technology appointments, including CTO at one of UK’s leading car park management companies, CTO at Capita (Travel and Events), and Technical Director at Fraedom, part of Hogg Robinson Group plc.
Reeve said:
“I am delighted to be joining Evolution Funding and I am looking forward to becoming part of a fantastic team within such a dynamic sector. My focus will be on driving forward the development of our market-leading digital finance solutions, whilst building out the Vision and strategy of the executive team. Evolution has already come such a long way and I’m looking forward to supporting the business to the next level of growth and success.”
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.”
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.
Lee Streets, CEO, accepting the award via a virtual awards ceremony
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.
Picture shows l to r: Neil Holland, Ingrida Cardoso, Jonathan Turner and Mark O’Reilly
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.
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.
l to r: Adam Small, Head of Operations, and Paul Saggar, CIO
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.
Evolution Funding has achieved unprecedented success at the Car Finance Awards 2019, picking up four of the 20 awards on the night for Best Broker sponsored by Amigo Loans, Best Use of Technology – Risk & Compliance sponsored by Experian, Best Direct Consumer Proposition, and Best Specialist Car Finance Provider.
The awards, held at the Nottingham Belfry Hotel on June 20, mark the fourth year that the event has taken place. Celebrating the achievements of the industry from manufacturers and providers through to dealers and lenders, the night highlights the huge contribution that the motor finance industry makes to the UK economy.
Collecting the Best Broker award, CEO of Evolution, Lee Streets, commented:
“We couldn’t have hoped for a better result on the night, absolutely outstanding. This is our fourth consecutive year of being named Best Broker, and to be recognised for our technology contributions against so many strong entries is testament to the impact we are having on this industry.”
The judging panel, consisting of highly-regarded figures within motor finance and financial services authorities, highlighted how integral Evolution has become to the motor finance industry, citing their “cutting edge” approach, whilst providing “good regulatory oversight”. Of Evolution’s direct to consumer proposition, they commented that My Car Credit is “making a complex space easier for their customers”. The judges also commented that Evolution Extra was “ploughing a clear route in specialist finance to ensure the customer gets the best outcome and the dealer delivers more cars”.
These accolades follow Evolution’s third ‘Intermediary of the Year’ award at the Motor Finance Awards, held in Munich. Earlier this year, Evolution announced a significant private equity investment deal from LDC.
Picture shows l to r: Justin Moorhouse (comedian and host), Lee Streets (Evolution Funding) and Adam Newman (Amigo Loans)
Evolution Funding has been named ‘Intermediary of the Year’ at the 5th annual Motor Finance Conference and Awards 2019. Held at the iconic Sofitel Bayerpost hotel in Munich, the event celebrates excellence and innovation in the European motor finance industry.
Evolution beat a record number of submissions to pick up a coveted trophy, with the independent panel of judges citing Evolution’s scale, reach, and partners, along with their e-signature process, being of merit. Their risk aggregator system and overall customer experience was praised as impressive.
Lee Streets, Evolution Funding CEO, said:
“We are delighted to be awarded ‘Intermediary of the Year’ for a third year since these prestigious awards launched in 2015. We have consistently delivered on our strategy of reinvesting into our business, with a firm focus on developing some of the most ground-breaking motor finance technology in the market. Our commitment to delivering a transparent, fair and compliant customer journey through our technology, products and processes has enabled our business and our partners to stay ahead of the curve. It is fantastic that this has been recognised by the judges.”
Collecting the award on the night, Jeremy Levine, Evolution Group Executive Director, added:
“It is testament to the hard work and commitment of our people that we have been awarded this accolade once again. We have a fantastic team of people who work tirelessly to deliver the best that the market has to offer. Whilst technology continues to drive our business forward, it is our people right across the UK who keep the cogs turning. We are grateful for their continued dedication.”
To give you the best possible experience, this website uses cookies. By continuing to use this website you are giving consent for cookies to be used. For information on cookies and how you can disable them visit our Cookie Policy.
