Aftermarket November 2022

NOVEMBER 2022 AFTERMARKET 15 services, such as buy now pay later (BNPL), will help alleviate the financial strain of such purchases for consumers. This is because BNPL splits large payments into smaller manageable instalments, so customers do not feel the full financial impact in one go.However, traditional BNPL products often present a one size fits all approach that fails to comprehensively meet the needs of aftermarket businesses. Future Lender aggregation is the future of BNPL. Checkout finance solutions that are supported by multiple lenders are the next step in the evolution of BNPL. This is because a combination of lenders provides a broader range of risk appetite, which means that the right lender will be matched with the right consumer. For retailers, this innovative matching of lenders to customers will boost acceptance and conversion rates, and consequently, sales. Whilst customers will benefit from having greater access to finance and more freedom to pay the way they want. The UK’s primary multi-lender checkout finance option is Deko’s Pay Monthly product. Deko’s lender aggregation means it can cover basket sizes ranging from £25 to £25,000, with interest-free options available and instalment periods up to 60 months. This flexibility that comes with multi-lender finance products will empower your customers to service and upgrade the cars they love, g – rubreim Pors f rsoenS IRVA ORSNES THE WORLD OF SENSORS – IN CONTROL WITH PIERBURG YTE www.ms-motorservice.com/en/sensors Y PASSION FOR TECHNOLOG . building better customer relationships and lasting consumer demand. Economic contribution BNPL can also support the sector’s economic contribution. As the Society of Motor Manufacturers and Traders (SMMT) put it in a recent report: “The automotive aftermarket is a vital part of the UK economy … By keeping the country moving, the aftermarket delivers significant direct and indirect financial benefits to the country.” Retailers should adopt BNPL, not only because they want to boost their revenues, but also to help and support their customers. Seeing BNPL being used more broadly across the sector would help it mitigate the impact of the emerging slowdown and allow the auto aftermarket industry to continue to make a significant contribution to the UK’s economic recovery. Seeing BNPL being used more broadly across the sector would help it mitigate the impact of the emerging slowdown ”