Motor finance acceptance rates double with iVendi’s new platform

Motor finance acceptance rates have almost doubled for dealers adopting a new iVendi platform launched just eight weeks ago.

The system, called Finance Navigator, has lifted dealer acceptance levels from around 50% to between 90% and 100%. It is already being used by lenders including Black Horse, Admiral Car Finance, Tandem, Marsh, Oodle, and Zopa.

Finance Navigator allows dealers to search across all participating lenders in real time, returning results in under 10 seconds. These include monthly payment figures, specific finance rates, likelihood of approval, and whether pre-approval is available. Unlike systems reliant on historic data or machine learning, the platform uses live lender information, ensuring the latest policy and credit scorecard changes are always factored in.

“If dealers propose to one lender at a time using their existing technology, the chances of approval are around 50% for a prime,” he explained. “However, searching across their wider panel, the odds rise massively by simultaneously accessing a spectrum of lenders with varying risk appetites and credit policies.”

He added that early adopters were also reporting a 10% average increase in overall finance penetration.

Tew described the system as a “win for everyone,” citing faster and more transparent results for consumers, a simplified process and higher profitability for dealers, and lower costs per sale with digital auditing for lenders.

Following a successful trial phase, Finance Navigator is now being rolled out more widely and is set to be integrated into the existing iVendi Showroom system. For many dealers, the technology will be available free of charge, with lenders covering the cost.

Industry reaction has been “hugely positive,” according to Tew, who revealed that additional lenders were planning to adopt the platform’s soft-search pre-approval feature. This allows customers to gain confidence in their approval prospects without impacting their credit rating.

“Our view is that pre-approval will take off very quickly. Consumers like the certainty of receiving what is effectively a green light without undertaking a full application,” he said. “We are already seeing evidence that penetration rates for lenders offering pre-approval are higher.”

Looking ahead, iVendi plans to expand Finance Navigator with further features in the coming weeks and months.

“We have an exciting product map in place that will build on the core offering very quickly, further increasing its appeal to vehicle buyers, dealers and lenders,” Tew said.