PAYOUT times for motor finance have been reduced by 30% following the introduction of a new business portal at Startline Motor Finance.
Paul Burgess, Chief Executive said: “We place huge emphasis on being able to make payouts to dealers and other introducers as quickly as possible once a car buyer has been approved for finance. The new technology, which represents a significant investment, is a genuine step forward in this area.
“Our objective is always to work responsibly but quickly. We believe that motor finance should be an enabler to car sales rather than a hurdle and part of that approach is ensuring that, once a positive decision has been made, the payout is processed as quickly as possible.
“The new portal puts us very much at the forefront of our sector when it comes to making motor finance a rapid and seamless element of the car buying process. The payout can never be instantaneous but, in 2024, it should happen in minutes rather than hours.”
The new business portal consists of three elements. First, a digital postbox is designed for dealers to submit documentation as easily as possible online. Second, direct integrations means dealers and introducers can access Startline’s systems directly. Finally, a new internal web-based platform uses a series of algorithms to automatically place motor finance payouts in the most efficient order possible for review.
Burgess said: “The improvements that the new system has made possible are receiving very positive feedback from our dealers and other introducers, and we’re also confident that we’ll be able to improve further on the 30% figure as the system beds in.”
