iVendi launches Fullbeam to create third channel for dealer motor finance

Automotive finance technology provider iVendi has launched a new subsidiary, Fullbeam Financial Services, designed to create a third route for lenders and vehicle retailers to establish motor finance relationships.

The new proposition aims to provide almost instant connections between dealers and finance providers, offering an alternative to traditional direct lender relationships and broker arrangements.

Fullbeam will use iVendi’s existing technology infrastructure and established lender connections to enable dealers to access additional finance providers without the lengthy onboarding processes typically associated with establishing new lending relationships.

The service is intended to give dealers greater flexibility to adjust their lending panels and allow finance providers to reach new retailers more quickly.

“Fullbeam is, as far as we are aware, unique in that it exists purely as an intermediary to enable dealers and lenders to use the existing, highly compliant links we have in place. It’s a ‘try before you buy’ proposition before entering a full relationship.”

Unlike conventional motor finance brokers, Fullbeam is designed to enable dealers to retain control over their finance offerings and make product choices from a wider range of lenders.

Tew explained: “This is not a traditional broker, where you are guided towards what the broker believes is the best solution. Instead, it empowers dealers and their customers to make product choices from across our entire portfolio.

“Dealers who want fully outsourced motor finance should still turn to an existing broker, but where they want to take greater control of their own lending right now, Fullbeam provides an instant solution.”

Six lenders have already agreed to participate in the Fullbeam initiative, with four expected to go live later this month.

The longer-term ambition is to establish a network of dozens of lenders that dealers can access through iVendi’s Finance Navigator online price comparison platform.

“Our vision is to have dozens of lenders in place that can be accessed by dealers immediately through our Finance Navigator online price comparison platform, creating a whole new short-term dealer-lender market,” Tew said.

“This is something genuinely new in motor finance – a third channel in addition to direct lender relationships and brokers that brings a wide range of advantages in terms of choice and speed.”

Alongside providing access to additional finance providers, iVendi plans to use its motor finance transaction data to help dealers identify gaps in their existing lending panels.

The company says its experience as an automotive financial services technology provider enables it to assess where retailers may benefit from additional lender relationships and identify providers whose products and lending criteria could meet their requirements.

“We have a huge amount of data about real world motor finance transactions and can advise vehicle retailers on both where gaps exist in their current lending panel and which providers could best satisfy their requirements,” Tew added.

“The arrival of Fullbeam promises a more dynamic motor finance sector and initial reaction to our conversations with dealers and lenders has been highly encouraging.”

The launch reflects iVendi’s ambition to make dealer motor finance distribution more flexible, enabling retailers and lenders to establish new connections more quickly while retaining the option to develop longer-term relationships.