Credit Strategy is launching a new, regular survey to gauge signs and activity of the car finance market’s recovery, and the levels of optimism, as the market recovers from a historic low in April.
The Car Finance Confidence Tracker will show what is concerning the industry the most, and what changes are being made in order to drive a recovery. It will be used to track statistics, market sentiment and business levels and the uses of technology.
The survey is being launched just as the latest Finance and Leasing Association (FLA) figures show the consumer used car finance market led the recovery in June, as the market grew nine percent by value when compared to June 2019. In the first half of 2020, this market reported that new business volumes were 32% lower than in the first half of 2019.
By taking part in the survey, members will help to generate a picture of what’s fuelling the recovery and how it’s tracking.
The Car Finance Confidence Tracker will also discover how the industry is looking to improve the digital customer journey, such as the use of open banking, chatbots, eligibility checkers and portals to track credit applications.
The survey will also look into the potential improvements being made around managing fraud risk.
To take part in the survey, click here.