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Combining Lender & Broker Capabilities is Right for Today’s Market PDF Print E-mail
Friday, 09 March 2018
In a more challenging and competitive market, dealers are looking increasingly for an extra edge from finance to help them to create and close more sales AND importantly to do so in a manner in which the customer has a good outcome. Providing arguably the widest breadth of products and risk appetite in the market is a clear way of achieving these goals. Good for the customer and dealer. 

As a business founded as a broker operation, Mann Island Finance has a deep knowledge and understanding of the many finance products that are available to private and business customers. The addition of its own lending facilities, alongside a wide range of other products, credit ‘flavours’ and product expertise now ensures that the support from Mann Island is, as their MD John Hughes notes, ‘formidable’:

“In a TCF financing environment, our distinctive and rapidly evolving model as a lender with broker capabilities is a formidable support tool for dealers. When it comes to creating the type of good customer outcomes that the FCA expects, our capacity to go beyond a largely vanilla product range without dealers needing to involve multiple lenders and processes is, I believe, unrivalled right now.

“As a lender, we can meet the needs of the majority of consumers, but for some consumers and many business users, the capacity to offer a very specific product can mean the difference between a sale or no-sale for a dealer.”

Typically, dealers operate with 2/3 lenders to provide a range of lending capabilities. However, this adds time to the process, which can quickly undermine the customer’s purchase journey, especially if the right product and appropriate expertise is not quickly available. Leasing, base rate and vehicle type finance for custom-built LCVs, for example, all often fall outside of this mainstream lending. With a single access point, the Mann Island approach and rich experience are proving to be significant benefits for dealers and their customers.

As Hughes concludes, Mann Island’s approach is offering something entirely different; “Unlike some lenders which have sought to add a referral service for challenging cases, with Mann Island the entire process is joined up. With our product bandwidth, I believe that the opportunity to help dealers to create good customer outcomes for finance and support a great buying experience for the customer with their chosen dealer is significantly enhanced.”

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