According to Southern Finance, dealers could be incurring more losses by only working with automated credit approvals.
The finance company said that using an automated system could see many potential buyers fall through the approval net even through they are financially stable. An example would be individuals returning from overseas and not yet being on the electoral role.
Managing director Miles Roberts said retailers needed to ensure sales did not slip through their fingers. “By only working with finance providers that impose strict credit scoring guidelines, dealers may be losing out on sales opportunities unnecessarily,” he said.
“For a dealer every deal is crucial to their bottom line profitability and will have a knock on effect on customer loyalty,” he added.