>Customers expect greater payment flexibility from garages post-lockdown, finds Bumper research
Customers expect greater payment flexibility from garages post-lockdown, finds Bumper research
Car owners will expect dealer workshops and independent garages to offer greater flexibility in how they pay for servicing and repair work post-lockdown, according to research by Bumper.
Bumper polled the views of 2,635 car owners during the latest lockdown and found customers concerned about being presented with expensive bills, especially for work deferred by the pandemic.
When asked for their main concerns about getting cars serviced or repaired, over half (58%) cited cost, with inconvenience an issue for just 3%; while 36% said it was a combination of both.
The research also identified the current preferred method of payment among owners was evenly split between debit cards (40%) and credit cards (38%).
However, when asked what size bill would prompt them to pay by using interest-free credit instead, the majority (38%) said they would use it for any amount. Over a quarter (27%) said they would use it for bills costing over £250, 22% for bills over £500 and 13% for bills over £750.
“Our research shows how consumer attitudes towards servicing and repair work has changed with customers now expecting greater flexibility in how they pay,” said James Jackson, Bumper’s CEO and co-founder.
“Car owners are used to spreading many of their motoring costs, so the ability to buy-now-pay-later would remove some of the pain typically associated with paying for services and repairs,” he said.
Bumper provides an interest-free digital payment platform for vehicle repairs and services, enabling owners to spread their costs.
Formerly Auto Service Finance, the multi award-winning UK fintech company delivers an instalment financing solution using proprietary AI enabled technology to facilitate real-time lending decisions.
Bumper enables dealerships and garages to sell a larger proportion of red and amber work, reducing workshop downtime, with no risks or liabilities, while also creating greater customer loyalty.
Co-founded by CEO James Jackson and CCO Jack Allman, Bumper is rated 89 in the 2021 FT 1000 listing of Europe’s fastest growing companies. Bumper works with 2,500 franchised dealers, over 650 garages and major car brands across the UK and Republic of Ireland, helping over 100,000 drivers to fund their servicing and repair bills.
Bumper is based in Sheffield and London, with a tech development centre in Ankara, Turkey.