Acorn Money Move Up A Gear In 2016 By Acquiring ‘Autoebid

Autoebid announces a change of ownership following a successful bid by Acorn Money.

Autoebid, recognised as a leading name in the new car discount marketplace, announced that the company has changed ownership following a bid from established finance broker ‘Acorn Money’.

The transfer of ownership was completed in early January following a decision by Autoebid’s company founder Amin Saleem to sell the successful business in order to fully dedicate his time and efforts on a new business venture Abstract Art London and continue to mentor other aspiring business entrepreneurs.

The acquisition of the Autoebid brand has considerably strengthened Acorn Money’s portfolio in the motoring arena, placing Autoebid alongside the company’s existing MotorPocket subsidiary. MotorPocket is a customer focussed platform that assists customers in securing vehicle finance, whilst Autoebid is a unique cost saving platform, which provides customers with the lowest prices available, for vehicle makes and models.

Having helped customers successfully purchase over £230 million worth of new vehicles, all at discount prices, Autoebid is a revolutionary platform, which encourages suppliers to competing to offer the largest discount off RRP.

CEO of Acorn Money Chris Greener commented: “The Autoebid acquisition has opened up access to a wealth of new relationships and trust, which has been built up over the last 13 years. We’re excited to now be in a position to offer complimentary services from both MotorPoccket and Autoebid.”

Autoebid’s technology platform has provided a solid base to develop further. Traffic to the site has increased in recent weeks as Acorn’s CTO Nik Siafakas has implemented a series of major improvements to the site layout, content and performance.

CTO Nik Siafakas commented: “Autoebid’s technology was a game changer thirteen years ago, a true pioneer of the internet age. Significant improvements to the customer experience are in progress that will benefit our existing and future users, as the improvements are rolled out.”

Notes to editors:

 ‘AutoeBid’ offers new cars from reliable 5 star UK suppliers at the lowest possible prices. Uniquely, Autoebid gets all suppliers to compete, not just suppliers that pay a fee, to ensure the lowest possible price. Autoebid has also featured in The Sunday Times, Which? Magazine and What Car? for their unique new car discount business model.

MotorPocket to exhibit at the London Motor Show

We are delighted to announce that MotorPocket, part of Acorn Money, will be joining the London Motor Show line-up having signed up to exhibit at the Battersea Park Evolution site in May next year.

Alongside other global brands, MotorPocket will proudly be the only finance specialist company exhibiting at the Show, which takes place between 5th -8th May 2016.

The event will truly offer something for everyone, with MotorPocket’s innovative technology and high quality customer service that provides class leading support and advice for customers lining up alongside guest talks from industry key-note speakers and celebrities, entertainment in the form of meeting Formula One drivers, the latest cars and technology being on show to visitors.

Commenting on the latest exhibitor supporting the London Motor Show, show director Stephen Maitland-Oxley said: “We are delighted that MotorPocket has signed up for a stand at the show.

“It reflects the huge interest that the creation of the London Motor Show has generated and the service provided by MotorPocket will be of considerable interest for the many visitors to the Show.”

The show has been billed as an inclusive event for all the family, with fleet buyers, industry experts, learner drivers, and children expected to be in attendance.

Royalty will also be in attendance, with HRH Prince Michael of Kent – the London Motor Show’s patron – is expected to enjoy the car exhibition in the capital.

Tickets are available from £13 and can be found through the London Motor Show website.

Increased Consumer Rights – 1 October

Customers will be able to reject a car within the first 30 days after a purchase from 1 October when the Consumer Rights Act 2015 comes into force. We believe this sets the bar even higher when  choosing stock and is likely to push margins higher as dealers need an extra margin to cover the additional costs.  Dealers with low-cost stock will likely face the most pain as repair bills could exceed car values.

The changes mean that the Sale of Goods Act 1979 will become mainly redundant for all ‘business to consumer’ sales and replaced by the new Act.

The scope of the Act allows for consumers to be entitled a refund if they make a complaint regarding a fault with the vehicle in the first 30 days of owning it, an increase from the original 14 day deadline.

A refund must be provided to the consumer within 14 days of the trader agreeing to the refund, and the trader may not delay the refund unreasonably.

It also allows for repairs to be granted, however the customer is not obliged to accept a repair and can demand a refund which would have to be paid.

The replacement or repair should not be charged to the customer, and must be provided within a reasonable time without causing any significant inconvenience to the consumer.

Consumers must prove that there is a fault and that it was present at the time of delivery in order to claim a refund under the Act.

Dealers are recommended to take the time before 1 October 2015 to review their Pre Delivery processes to ensure they are taking all precautions necessary to put themselves in a position to dispute that any fault was not present at the time of delivery. It is also good practice to place a new independent MOT on a car.

More information on the Consumer Rights Act 2015 can be found here.

Acorn Money Expands to Darlington

Acorn Money’s featured in the news as MotorPocket expanded into space at the new Business Central in Darlington.

North East-born Chris Greener, chief executive officer, who founded the company with his sister Ros, said: “Car finance has often been an area where customers were not fully informed or the focus was more on commission and less on customers.

“We noticed an opportunity to bring a professional and genuinely customer centred approach to car finance.“

Ros added: “We are originally from Darlington, so it was a great opportunity to be able to expand to the region.

“The next few years will be a particularly exciting time in the North East with the creation of the Northern Powerhouse and focus on promoting the excellent Northern tech enterprises and knowledge.“

https://bdaily.co.uk/technology/01-09-2015/london-car-finance-company-expands-to-darlington/

FCA amends rules on GAP Insurance

The Financial Conduct Authority are introducing new regulations from September 1 that will require any car dealership or finance broker that also sells GAP insurance to provide their customers with “prescribed information” at least two clear days before they can finalise the insurance contract.

However, customers will be allowed to request to waive the two clear days requirement and purchase their GAP the day after the prescribed information is given.

What does it mean for me?

In reality the change in regulations may have a small impact on the car buying process, but it should make clear the cost of GAP insurance.

The prescribed information will clearly state the amount paid for GAP and whether purchase of the product is a required part of the finance deal.

This means the customer will have the information needed to shop around for a better quote. Online GAP insurance providers are often significantly cheaper.

You can get your free quotes on GAP insurance from MotorPocket.com.

What is GAP insurance?

GAP insurance provides cover against the risk that if a car is stolen and unrecoverable, or written off, that your motor insurer’s settlement is less than either:
– The finance outstanding or lease termination charge
– The original purchase price
– The cost of an equivalent brand new vehicle
depending on policy type chosen.

For more information on GAP insurance read our FAQs here.

Study reveals highest ranked vehicle brands for customer satisfaction

Car users say Volvo is the highest ranking premium brand when it comes to customer satisfaction with vehicle service, according to a J.D Power report.

A survey measured on customer satisfaction with their service experience at a franchised dealer facility for maintenance and repair work reveals that the Swedish brand earned a score of 779, with satisfaction calculated on a 1,000-point scale.

The J.D. Power 2015 UK Customer Service Index (CSI) study examines five measures: service quality (26%); service initiation (23%); service advisor (19%); vehicle pick-up (17%); and service facility (16%).

Volvo is followed by Land Rover (767) and Audi (762) in the premium brand rankings, while Honda ranks highest among volume brands in satisfaction with a score of 768. Ranked joint second are Suzuki and Toyota with 759, and Kia and Skoda rank fourth in a tie with 758.

The survey results have come as a surprise, as Dr. Axel Sprenger, senior director of European automotive operations at J.D. Power, suggests they go against the grain.

“The common perception is that the luxury brands are able to deliver a more satisfying customer experience, but the study shows this is not the case,” said Dr. Axel Sprenger.

“Any brand and any dealership can provide a consistently positive customer experience if they make it a priority and have the people and processes in place.

“When they do, they likely will see an increase in revenue and will be able to build customer loyalty.”

Customers who are satisfied with their dealer service are also more likely to keep loyalty with it according to the CSI Study, with 78% of the 20% of customers who are highly satisfied with their dealer service (overall satisfaction scores of 900 and above) say they “definitely will” return to that dealer to purchase their next vehicle.

Results also show that 85% “definitely will” recommend the dealer to friends and family, much higher than the 36% of customers who are less satisfied (scores of 700-899) that say they would still purchase their next vehicle from that dealer. Only 42% of the less satisfied customers say they “definitely will” recommend the dealer to others.

Other key findings from J.D. Power’s research reveal that the main reason for choosing a dealer for service is prior experience with the service department (35%), followed by location (34%) and prior experience with the sales department (32%). Fewer than 3% of customers indicate selecting their service facility due to advertising or promotions/coupons.

Despite only 31% of dealers recommending additional service work for their customers to carry out,  62% of customers take that advice and have the work done. Satisfaction is considerably higher among the customers who are recommended service and have it done, compared with those who do not have the recommended work done (760 vs. 636, respectively).

Customers average around £347 when it comes to spending on the additional work for their vehicle on their service visit, compared with £189 among those who decide not to receive additional work recommendations.