Fintech Investments

UK Auto Financing Startup Grows 1000%

Car Loans

One of the more onerous tasks in adult life is servicing your car. Motoring costs, such as replacement tires or timing belts can create sudden, unexpected bills.

Coming to the rescue with its secret-sauce algorithm is Auto Service Finance, a FinTech startup company that allows car buyers to divide payments between three interest-free monthly installments.

With this new mathematical certainty in place, the payment options become a lot easier. It’s no wonder Auto Service Finance saw its customer size grow by 100 percent from 300 to 600 dealerships and a revenue growth of 1,000 percent.

Auto Service Finance’s founder and co-CEO, James Jackson, commented on the many benefits resulting from the company’s commitment to agility: “Providing payment alternatives when it comes to funding vehicle repairs and accessories, with no hidden charges, gives customers a transparent and flexible way of managing their motoring expenditure. By doing this, dealerships will see higher levels of customer satisfaction and loyalty.”

After using the company’s algorithm to make the financing selection, motorists then have the ability to choose which repayment dates they’d like to use via a cloud-based platform.

Because of its ease of use for consumers, Auto Service Finance has gained notoriety in the car dealership world as the go-to finance servicing company. Within the past year, James Jackson and his crew can count big-brand car names that include the likes of Jaguar Land Rover, Peugeot Citroën, Ford and Vauxhall.

With a service like this, motoring costs become significantly easier for customers.

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Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. The July 2019 Pay Advances: The Gig Economy’s New Normal, a PYMNTS and Mastercard collaboration, examines pay advances – full or partial payments received before an ad hoc job is completed – including how gig workers currently use them and their potential for future adoption.

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