Manufacturers miss out on broker growth through poor communications and account management
Leasing brokers feel that they are not receiving proper account management and communications from motor manufacturers which is hampering potential growth in the sector, according to a new survey from the Leasing Broker Federation, an independent membership organisation that supports and promotes leasing brokers across the UK.
The Leasing Broker Attitude Survey shows that whilst every broker would clearly like manufacturers to offer them better terms, they were particularly keen to have proper communications and account management. Despite this, brokers appear to be bullish about their future prospects, with 87% of brokers reporting a buoyant market with demand for leases or other financial products on the up.
Respondents felt manufacturers could make brokers’ lives easier by offering better special terms and exclusive deals (60%) and improving communications channels (45%).
Colin Tourick, author of the Report, said, “The survey provides interesting insights for car manufacturers. Citroen, Ford, Mercedes-Benz, Nissan and Vauxhall are clearly investing time and effort in these relationships and are no doubt enjoying the results.
“Others are barely engaging at all with brokers. Manufacturers have a patchy record with brokers and need to invest some time in the relationship, with some appearing to ignore this valuable route to market. However, manufacturers could improve how they communicate and manage their relationships with this sector.”
Whilst most brokers are relatively small, placing only some hundreds of vehicles with funders each year, 60% of brokers have placed over £50m of business over the last four years and some of these have placed over £250m of business.