Absa Vehicle and Asset Finance is South Africa?s preferred provider for the finance of assets. As part of its drive to build partnerships within its industry, and to deliver unique financial solutions to its customers, the Vehicle and Asset Finance team have embarked on some innovative e-business projects.
It all starts with Car Online. This is the e-business channel of Absa Vehicle and Asset Finance, and was established in order to offer existing and prospective Absa clients convenient Internet and telephonic access to the products and services offered by the group.
But with growing pressures in the local vehicle finance market, a great part of Car Online?s focus was in setting up innovative means to bring new market opportunities to the bank through alternative business channels.
As part of this electronic delivery strategy, Absa Vehicle and Asset Finance has taken a stake in the Accelerate Dealer Management and Delivery system in order to secure its existing strong market share in the used car market.
Accelerate was developed through the Independent Dealers Association (IDA), and provides the dealer with end-to-end electronic processing of vehicle financing applications and transaction. In addition, the system also offers dealers sales management, stock control and web enabled portal functionality.
For Absa, the system provides a more cost effective manner of delivering its services to the dealer floor, whilst also reducing transaction costs and improving turnaround times and service delivery.
Car Online currently possesses the largest database of vehicles for sale in the country via its alliance with Autolocator. But a database is nothing if not used.
In order to provide Car Online with a more compelling customer acquisition strategy and as part of its marketing and sales function for Accelerate, Absa Vehicle and Asset Finance has partnered with the online motoring portal Wheels24, one of the most active and visited motor vehicle sites in South Africa.
And as part of the Media24 group, Wheels24 attracts an escalating 160 000 unique visitors and 2 million page impressions every month. As such, it makes for an ideal ?shop window? for the Car Online database.
To benefit all value chain partners the Wheels24 initiative is a winning strategy for all concerned. Absa and their partner dealers will increase their exposure of available stock, and be able to utilise more efficient online tools for managing their customer relationships ? such as rapid online financing.
And for the users, the compelling content of Wheels24 is now supplemented with the convenient ability to source, procure and finance a vehicle - making it the "one-stop-vehicle-shop" online.