Motor Trader The award-winning and longest running UK magazine for car retailing professionals. Your first stop for News, Jobs and Reports for the motor industry.
Suppliers are scrambling to update their systems to allow for the recent motor finance commission judgement made by the Court of Appeal.
Some finance firms paused writing more finance as they took on board the surprise ruling.
One fast mover is Mad Devs, which updated its iStoreDOCS platform within days of the ruling to enable dealers to upload Finance Commission disclosure documents and add them to the deal process.
The cloud-based platform provides a complete audit trail of the customer’s actions.
Dan Rea, sales director at Mad Devs, said: “The ruling from the Court of Appeal created turmoil for dealers and their finance providers.
“We mobilised our configuration team and reacted quickly to enable dealers to enhance their compliance procedures and continue to operate safely and efficiently.”
The iStoreDOCS cloud encryption technology to keep customer data safe and compliant.
The UK-based automotive technology company now operates at 1,800 sites worldwide.
The company’s technology is trusted by dealers in the UK and globally to provide a better experience for over 260,000 customers.