Cazana is preparing to offer financing directly through its vehicle history report platform, following a recent partnership with BMW Financial Services U.K., Auto Finance News has learned.
Formerly known as UKVehicles.com, the web-based service supplies vehicle history reports to individuals on used cars, including data that allows customers to track previous sales history, the value of their car, and a timeline of a vehicle’s lifespan.Last month, the London-based company inked a commercial contract deal with BMW Financial after completing the captive’s 10-week Innovation Lab.“They [BMW] are certainly interested in the insight that we gather from having an awareness of the whole market, and I think their dealerships are interested in how prices are moving across that whole market,” Tom Wood, director of Cazana, told Auto Finance News. “The other thing that they are interested in is working with us to be able to offer finance to our customers. Everyday we have a lot of customers come to our site — tens of thousands everyday — who are about to buy a car and therefore may well be in the market for finance. So we are talking [to BMW] about potentially being able to have that product comparable to what we do as well.”
BMW is just one finance provider Cazana is in talks with, Wood said. A few months ago, Cazana also received appropriate accreditation that is required to offer finance through its platform, he added. “So yes, we are in a position to where we are ready to offer finance to our customers.”
Separately, Cazana will launch an aggregation product in May. The product — still in beta — pulls information from various vendors throughout the U.K. and displays the information in a single forum for potential car buyers to view, Wood said.
“For example, if you are looking for very particular color — say a red car in a certain specification — we can show you all 12 of those cars that are up for sale across the whole of U.K.,” he said. “We liken it to the Zillow of cars, where you go to a single place to find all of the houses on sale across the market. We are trying to produce the same, but with cars.”
Cazana is one of five startups that participated in BMW Financial Services U.K.’s Innovation Lab, which concluded in December 2016. Other startups that secured partnerships with BMW include Divido and Wrisk.
Cazana is preparing to offer financing directly through its vehicle history report platform, following a recent partnership with BMW Financial Services U.K., Auto Finance News has learned.
Formerly known as UKVehicles.com, the web-based service supplies vehicle history reports to individuals on used cars, including data that allows customers to track previous sales history, the value of their car, and a timeline of a vehicle’s lifespan.Last month, the London-based company inked a commercial contract deal with BMW Financial after completing the captive’s 10-week Innovation Lab.“They [BMW] are certainly interested in the insight that we gather from having an awareness of the whole market, and I think their dealerships are interested in how prices are moving across that whole market,” Tom Wood, director of Cazana, told Auto Finance News. “The other thing that they are interested in is working with us to be able to offer finance to our customers. Everyday we have a lot of customers come to our site — tens of thousands everyday — who are about to buy a car and therefore may well be in the market for finance. So we are talking [to BMW] about potentially being able to have that product comparable to what we do as well.”
BMW is just one finance provider Cazana is in talks with, Wood said. A few months ago, Cazana also received appropriate accreditation that is required to offer finance through its platform, he added. “So yes, we are in a position to where we are ready to offer finance to our customers.”
Separately, Cazana will launch an aggregation product in May. The product — still in beta — pulls information from various vendors throughout the U.K. and displays the information in a single forum for potential car buyers to view, Wood said.
“For example, if you are looking for very particular color — say a red car in a certain specification — we can show you all 12 of those cars that are up for sale across the whole of U.K.,” he said. “We liken it to the Zillow of cars, where you go to a single place to find all of the houses on sale across the market. We are trying to produce the same, but with cars.”
Cazana is one of five startups that participated in BMW Financial Services U.K.’s Innovation Lab, which concluded in December 2016. Other startups that secured partnerships with BMW include Divido and Wrisk.
