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In the UK and across the EU, consumers are increasingly embracing the convenience of online shopping. Recent data shows a continuous increase in the number of consumers taking advantage of being able to access detailed information at anytime, anywhere. This upward trend is helping create greater expectations for online retail journeys that extend into vehicle buying and financing. Alongside the FCA's 2023 Consumer Duty principles, which set higher, clearer standards for providing fairer digital experiences for consumers, this shift marks a turning point in the automotive industry.

At Codeweavers, we’re proud to be working closely with the UK’s car retailer network to forge lasting connections between manufacturers, lenders, retailers and car buyers which come together in one connected platform to create best-in-class consumer experiences.

Trust is non-negotiable

Recent data from Accenture highlights the growing trends towards distrust online, as 59.9% of consumers found themselves questioning the authenticity of online content more than ever before. For a long time, the convenience of the internet outweighed anything else, however those scales are starting to tip. In the automotive industry, we are also beginning to see more drive for transparency. The recent Court of Appeal judgment regarding Motor Finance Commission cases, highlights the growing regulatory focus on transparency in financial service and reinforces the importance of providing consumers with clear, upfront information about commission structures.

Digital solutions that offer accessible, comparable information are key to building consumer trust and ensuring positive outcomes. Created in response to the regulations, Codeweavers' ‘two step apply’ solution provides a transparent view of finance options. Through a streamlined, two-step application journey, consumers can see their likelihood of approval across multiple lenders without impacting their credit scores. This helps them find the right lender with minimal friction, avoiding the traditional waterfall journey where consumers face multiple declines before acceptance.

Since its release, ‘two step apply’ has improved one lender's finance submissions by over 64%. Raising their acceptance rate to 85.9%, as well as increasing another lender's rate by 33%. As more lenders adopt this approach, we will see an increasingly seamless online experience, where consumers are more likely to secure finance with their chosen lender on their first attempt.

Choice is king

We’re seeing omnichannel shopping growing more than ever in automotive as consumers utilise all available avenues to make sure their next purchase meets all their expectations. The reality is that some consumers may purchase directly through the website, without ever visiting a showroom, or opting to head straight to the showroom to get up close with their vehicle of choice. Every one of these experiences must be smooth, connected and easily navigable. Flexibility in managing car finance plays a vital role in accommodating these diverse needs. By offering an omnichannel finance journey, retailers can target the uniqueness of each of your potential clients.

Connected, seamless finance is at the heart of Codeweaver’s ethos. Its where our journey began. We are passionate about empowering consumers to complete the full finance journey anytime, anywhere. With our flexible finance approach, consumers can use our full range of solutions, including our Eligibility Checker and Finance Checker, to create as many finance quotes on as many vehicles as they like, all within their unique customer portal. They can start this process from anywhere, whether it’s the showroom floor or from the comfort of their sofa. Either way, their choices and details will be stored in their portal and easily accessible whenever they are ready to make their decision.

This is also possible with Codeweaver’s Checkout experience. The Codeweavers point-of-sale solution stands out among the market due to its seamless connection between online and offline consumer journeys. This allows consumers to pick and choose the purchasing route that best suits their needs. They can save their progress at any time and complete their purchase, online or offline, at a later stage, for total peace of mind. On the retailer’s side, they have access to each and every consumer journey, allowing them to keep track of progress made and manage the entire sales workflow in one place, all within our Commerce Hub. We integrate with many key systems, such as DMS, CRM and POS, enabling retailers to easily access customer information and move data around in a fluid way.

We’re constantly innovating to find new ways to connect every aspect of the consumer journey, where every platform, touchpoint and communication exceeds expectations. With trust and choice at the forefront of these expectations as we move in 2025, we’re confident that our solutions can help retailers create truly omnichannel and transparent financial interactions with their customers.

We’d love to hear from you to show you exactly how we can make this a reality for your business. Reach out to speak to one of our team or arrange a demo:

https://www.codeweavers.net/request-a-demo/

Codeweavers Ltd, unit 16 & 17 Waterfront Way, Stafford ST16 2HQ.

Email: cw.Info@coxautoinc.com