Spencer Halil, general manager of group brands at BMW Group Financial Services, said the car finance sector must learn from the recent critical investigation into the practices of some energy market price comparison sites.
Some were found, reports BMW GB’s car finance division, to be hiding the best deals from customers “as part of marketing relationships with the suppliers”. Technically compliant, but far from fair in customers’ eyes.
“Customers expect transparency and fairness. If products are hidden, hard to find our explained poorly, then these expectations will not be met,” said Halil.
“This is especially the case when more expensive alternatives are promoted to deliver higher commission payments.”
Rather than letting such practices slip in, the car industry should get its house in order, said Halil. Do as BMW Group has recently done, he said: simplify pricing structures, cap rates and use the same structure across all dealers.
BMW Group’s working towards price transparency in the car finance sector: time for the broader industry to follow suit, it urges – because it’s in everyone’s interests to ensure car finance deals are known as fair and sound rather than hidden or weighted…