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All company car drivers are liable to Benefit-in-Kind (BiK) taxation. The Autumn Budget saw an announcement that the levels of this liability would change for all car types. These changes come into effect on April 6th, 2025 (the new tax year). 

BiK is calculated based on three criteria: 

The income tax band of the person getting the company car 

The P11D value of the car, which includes a car’s quoted list price plus all options/extras and delivery charges. It excludes road tax, first registration fees, and any dealer price discounting. If the car in question is second-hand, the P11D value still relates to its new value 

BiK percentage rate - take into account a car’s CO2 emissions, so the lowest polluting cars attract less tax, relative to more polluting ones of similar P11D value, and these are about to change 

Together, these three figures create the following formula: 

P11D value (£s) x BiK rate (%) x Income tax band (%) = Annual BiK tax payable 

From April 6th 2025, BiK rates will increase. All cars that emit less than 160g/km of CO2, including electric and hybrid cars, will get a 1% BiK rate increase. However, Plug-in hybrids (PHEVs) could see higher increases with a focus on their CO2 emissions rather than including zero-emission mileage, aligning them more closely with rates for internal combustion engine (ICE) vehicles. 

The CO2 emissions testing procedure for PHEVs is set to become much stricter, potentially pushing them into a higher BiK bracket.  All new PHEV models launched from January 1st, 2025, will be subject to the new testing rules, while existing models must be retested by December 31st, 2025, to remain compliant.  

Looking further ahead, the realignment of PHEVS with ICE cars is evident, and this move will significantly impact plug-in hybrid company car drivers. The appropriate percentage rates for vehicles that produce 1g to 50g CO2 per kilometre and can also operate on electric power within a certain range will be amended.  

Vehicles with CO2 emissions of 1g to 50g per kilometre will have appropriate percentages of 18% in 2028/29 and 19% in 2029/30. A PHEV capable of up to 69 miles of zero-emission driving will see a seven-percentage-point year-on-year increase in BIK. 

For the year ahead, click here to see the BiK Rates.

Changes to Benefit-in-Kind From April 6th 2025

From April 1st, Vehicle Excise Duty (VED) rates (sometimes known as the road fund licence) will change, affecting all drivers in the UK. 

Battery Electric Vehicles (BEVs) and first-year VED rates will see prominent changes, but hybrid, petrol and diesel car owners will also be affected.  We hope this summary of the changes is helpful. 

New Cars - First Year VED Rates Increase  

A brand new car’s VED is based on emissions. BEVs registered after April 1st 2025 will now pay first-year VED for the first time, while petrol, hybrid and RDE2-compliant diesels will also see changes depending on their emissions. 

BEVs - Cars registered on or after April 1st 2025, will pay the first year VED for the first time at £10 until 2029-30  

All cars emitting between 1-50 g/km of CO2, which will include most plug-in hybrids (PHEVs), will see their first year VED bill rise to £110. Currently, hybrids in this band pay zero VED in the first year, while petrol and diesel cars pay £10.  

New cars emitting between 51-75g/km of CO2 will increase their VED rates from £30 (or £20 for hybrids) to £135.  

All other VED rates will double next year:

1-50g/km – £110 (previously £10)  

51-75g/km – £130 (previously £30)  

76-90g/km – £270 (previously £135)  

91-100g/km – £350 (previously £175)  

101-110g/km – £390 (previously £195)  

111-130g/km – £440 (previously £220)  

131-150g/km – £540 (previously £270)  

151-170g/km – £1360 (previously £680)  

171-190g/km – £2190 (previously £1095)  

191-225g/km – £3300 (previously £1650)  

226-255g/km – £4680 (previously £2340)  

255+g/km – £5490 (previously £2475) 

The expensive car supplement, currently paid on all petrol and diesel cars costing over £40K when new, rises from £410 to £425 and will be extended to all cars, including EVs registered on or after April 1st 2025. It is paid in addition to standard VED each year from the second to the sixth year a car is registered on the road  

Battery Electric Vehicles (BEVs) – note, cars and vans are different  

BEVs - Cars registered between April 1st 2017, and 31 March 2025 will pay the standard VED of £195 from April 1st 2025  

BEVs - Cars registered between March 1st 2001 and March 30th 2017 will now pay £20 VED a year  

Electric vans will now be charged £355 VED each year – the same rate as petrol and diesel light goods vehicles 

Standard VED Rates - all cars registered after April 1st 2017 

The standard VED rate of £195 applies to all cars registered after April 1st 2017, from their second year onwards. Previously, it was £190 for petrol/diesel cars, with a £10 discount for hybrids and free for electric cars. 

VED rates for cars registered between March 1st 2001, and March 31st  2017 - VED is based on fuel type and CO2 emissions. 

Cars registered between March 1st 2001, and March 31st 2017, are sorted into thirteen emission-based bands for VED.  

The most prominent change from April 1st is that cars with CO2 emissions of 0-100g/km will now pay £20 per year (previously, it was free). The rest of the bands have increased by between £5 and £25 or stayed the same, with the highest band for cars emitting over 255g/km now rising to £760. 

Cars and light goods vehicles registered before March 1st  2001 – VED is based on engine size 

Vehicle Excise Duty (VED) - Rates From April 1st 2025

Forecasting the future ‘residual value’ of cars has become a challenge for lenders and leasing companies over recent years as the marketplace shifts from internal combustion engine (ICE) cars to electric vehicles (EVs) at pace.

The trend for all fuel types has been one of declining residual values. Lower forecasted residual values, reflecting market trends, have resulted in rising monthly payments for PCP and leasing contracts. While the market dynamics are not yet stable, which requires greater consumer interest in EVs, some encouraging signs are emerging.

The latest trend data published by Autotrader for November revealed that the average price of a used petrol car was down 4.7% to £14,710, diesel cars were down 5.8% to £14,077, and electric vehicles were 11.7% lower at £26,390. The typical plug-in hybrid lost 10.5% year on year to £30,598.

Values are still falling, especially for EVs, but understanding the numbers in more detail is vital to seeing the broader picture.

The car parc for ICE cars is far more extensive than for EVs and has a broader age and price range, and consumer purchasing has trended towards older, cheaper cars in recent years. This is evidenced in the average prices. At least in part, EV and hybrid values are falling more sharply than ICE cars because the EV/hybrid parc is newer and more expensive – they have further to fall.

Falling values typically reflect supply exceeding demand, but this does not appear to be quite accurate on this occasion. In November, used cars sold two days quicker than in 2023, taking 31 days to leave forecourts. EVs sold even more quickly, at 28 days, with three-to-five-year-old EVs selling within 22 days on average.

The November demand numbers may indicate increased consumers’ confidence to switch to an EV. If this trend can be sustained, the imbalance between EVs and ICE cars will improve and used car values will establish greater consistency. Another factor that may benefit EVs is that the available parc of cars will be broader, including an increasing number of older, cheaper options.

The potential for this scenario is emerging. Autotrader’s latest used car forecast suggests the used car market will sustain the strong growth momentum seen over the last two years, rising from an estimated 7.61m sales in 2024 to around 7.70m in 2025.

One final observation: the increase in new EV sales has seen new diesel car sales collapse to under 6% of the market. This means there could be a shortage of new -3 diesel cars for people who want to buy such a car. This ‘final hurrah’ for newer used diesel cars could see their used car values increase.

·       https://www.autotraderinsight-blog.co.uk/auto-trader-insight-blog/used-car-prices-update

Used car values 2025

While consumer demand for used electric vehicles (EVs) has continued to increase, dealers have a crucial role in sustaining this trend, and this will be vital, especially for dealers retailing new – 5 stock, not least of all because newer used internal combustion engine (ICE) vehicles will continue to see supply falling, reflecting the growth in new EV sales.

The used ICE challenge for dealers is neatly summed up in the latest Cox Insight Quarterly Report* “a shortage of young ICE vehicles will likely elevate values and create fierce competition amongst dealers.”

On the other hand, the supply of N-5 EVs will only go one way, especially battery electric vehicles, as government benefit-in-kind benefits for hybrid cars start to be withdrawn.

Regardless of dealers’ personal views on EVs, they are moving rapidly to becoming the mainstream new car option for buyers, even if this is driven by government support. Thanks to de-fleeting cycles and salary sacrifice schemes, there will be ever more 2-5 age EVs and perhaps pre-registered EVs entering the used car landscape.

Embracing the transition to used EVs is one of those industry agility opportunity moments for dealers. Much of this will start with internal education so that a dealer’s team is equipped to help potential buyers make the switch.

In today’s social media-led world, where everyone can be an expert, dealers must get to grips with the truth about EVs, battery life, service and maintenance costs, range, recharging, charging, and more. A key message is that owning and driving an EV is different to an ICE car, but that typically, it is cheaper to run and very suitable for the average motorist who does under 7,00 miles a year, mainly on local journeys with occasional long-distance trips, especially if they have a home charger.

At MotoNovo, we will continue to publish validated independent insight about these factors to support the dealer network; we hope it will help dealers make the profitable transition to selling EVs in the months and years ahead.

*    https://www.coxautoinc.eu/news-and-insights/insights-quarterly-2025-predictions/

We explore why dealers need to make sure they are fully up to speed on information about EVs as consumer demand grows.

Dealers have a crucial role in creating EV consumer confidence

Looking to the year ahead is never an exact science, but looking at the data points and sentiment, while it’s not without challenges, 2025 looks like it’s likely to be a year of slow and steady growth for new and used car sales.

According to the Organisation for Economic Co-operation and Development (OECD), UK interest rates will fall more slowly than expected over the next two years due to November's Budget, which is set to create upward pressure on inflation. The UK interest rate, which currently stands at 4.75%, is now expected to fall back to 3.5% by early 2026.

The OECD expects the economy to grow more slowly this year than it forecasted three months ago before accelerating rapidly next year. Its December forecast suggests that GDP will rise 1.7% next year, up from its previous forecast of 1.2%.

Now armed with certainty after the General Election and protracted Budget storylines, UK consumers feel more confident. The GfK Confidence Tracker saw consumer confidence improve by three points in November to reach -18. All five measures used in the report rose, but encouragingly for car sales, these were led by major purchase intentions, which jumped five points.

Having summarised two of the major external factors influencing car sales, it’s time to gaze into the crystal ball for 2025.

The SMMT is the key resource to support my slow/steady outlook. In late November, their latest forecast was that car registrations would rise another 1.8% to 1.977 million units, up from 2.029 million in July.

Inevitably, following the Autumn Budget, BEV’s market share is expected to increase. Volumes are expected to increase by over a quarter, and BEVs will take a little under a quarter (23.7%) of the total new car market. The SMMT also expects hybrid sales to rise.

The used car market will continue to see supply challenges next year, according to Cox Automotive’s Insight Quarterly Report published at the start of December. Based on my conversations with dealers and remarketing firms, I share this sentiment, which is frustrating given that demand is there.

This situation is likely to mean further used car price volatility in the younger new category, where supply is most restrained. The other feature for used car dealers will be the growing BEV parc. Whatever their views, it is clear that BEVs will only increase their used car footprint in the year ahead and beyond.

Given the changes to BIK for company car drivers, I would not be surprised to see the rises forecast here transferred to BEVs as 2025 unfolds. Unsurprisingly, ICE sales will decrease, with diesel falling to a market share of just 5.3%. However, petrol cars are set to hang on, albeit with a smaller 46.6% market share. Again, in the latter, it would not surprise me if this ended up lower.

The key lever driving the power source in 2025 will be the government’s approach to the ZEV Mandate. Of late, they have made sympathetic noises to OEMs about the fines, and we must bear in mind that next year, the target for OEMs rises to 28% of all cars being zero emission.

While we cannot ignore them, it’s all too easy to become obsessed with challenges. Without action, wage costs will rise due to the recently announced NIC increases for employers, utility prices are set to go up, aftersales revenues will come under pressure, and the impact of the ZEV mandate will create flux in the market. All of these are familiar; what we have to concentrate on is how we seek out the opportunities. Here are my top three thoughts:

Optimise the sales process – a top tip in the latest ARN webinar, John O'Hanlon, Chief Executive at Waylands, highlighted the opportunity he had recognised to ensure sales processes were maintained rigorously, especially in following through on sales leads. Identifying bottlenecks and inefficiencies can create better customer experiences, increase sales and cut costs.

Increased digitisation - AI is a hot topic, and there are multiple opportunities to deploy its use. One that interests me is optimising stock control, where a fused stocking approach can help balance stock levels more effectively. This balanced approach ensures that stock is combined to work across multiple locations in group situations, increasing sales opportunities and reducing stocking costs. It is undoubtedly an opportunity we are investigating for our customers.

Greater collaboration, including the idea of ‘co-opetition’, is needed to form strategic alliances designed to help both (or more companies) by creating complementary or related products and cutting costs.

With 2025 just around the corner, Distribution Director, Debbie McKay is exploring what we can expect for the new year. 

The outlook for car retailing in 2025

The  Society of Motor Manufacturers & Traders (SMMT)’s Q3 report on used cars led with the heading, “Pre-loved EVs soar to record levels as the used car market goes green.” This reflected the growth of Battery Electric Vehicle (BEV) sales by 57% in a market up 4.3%. That said, and accepting that it was a record market share for used BEVs, they still only accounted for 2.7% of the total used car market.

Looking at other ‘fuel’ options, plug-in hybrids and hybrids rose 29.0% and 35.8%, respectively, while petrol sales improved by 5.7%; on the other hand, diesel sales fell 3.9%.

While forecasting that BEV sales will increase tenfold in the next three years may seem like a leap, the rationale is very simple. In October, new BEV sales accounted for a market share of just under 21%, and typically, these will join the used car retailing parc in three years.

Add to this number the existing parc of used BEVs and those currently in their first–owner new –three age range, and the trajectory should mean that one in four used cars sold in the UK in Q3 2027 will be a BEV comfortably and will, in all likelihood, gain an even greater market share.

In the immediate future, hybrid cars will increase their market share alongside BEVs, mainly at the expense of diesel cars. However, in light of the Autumn Budget changes to Benefit in Kind (BIK) taxation, which will see hybrid drivers’ BIK rates increase to align with petrol and diesel car rates, we should expect new hybrid sales to be increasingly replaced by new car buyers opting to buy a BEV.

Take a look at the latest report from SMTA and what this means for the industry. 

Used BEV numbers set to grow at least tenfold by 2027

Great customer outcomes, customer retention and the opportunity to acquire used stock in the future are at the heart of MotoNovo’s focus on used car Personal Contract Purchase (PCP).

Great customer outcomes with a PCP for used car buyers rely upon dealers understanding customers’ needs and budgets and outlining how a PCP agreement can help them.

Under a PCP agreement, customers finance a car’s depreciation rather than the total price, which reduces the monthly cost.

The worst of a car’s depreciation occurs when it is purchased new or nearly new; used car depreciation is invariably slower than for a new car.

With its slower depreciation, MotoNovo can forecast a used car’s Guaranteed Future Value (GFV) based on the initial price and agreed annual mileage, which again helps keep monthly finance costs lower than those of a comparable HP or loan agreement.

At the end of the agreement, the customer is in control of their ‘Retain, Return, Replace’ options, as we say at MotoNovo.

As well as helping a customer to buy a car at an affordable price, there are the longer term benefits of a PCP through MotoNovo Finance for dealers;

Under a PCP agreement, customers are less likely to seek an early settlement than HP. This means dealers have a clearer idea of when the customer will next be in the market for a car change.

MotoNovo will keep the customer informed in the run-up to the end of their agreement about their options and direct them to their original supplying dealer for support.

Once in the showroom, dealers can bring the  ‘Retain, Return, Replace’ options to life. If they want to retain the car working with MotoNovo, it can be refinanced; if they want to return it, the dealer is in a pole position to buy valuable stock without it going to a broader market, and if they want to replace it – well it is a new sales opportunity.

In short, MotoNovo’s PCPs are designed to encourage customers to stick with their dealer and return to choose a newer model every three years or so. This retention opportunity all starts in the showroom, taking the time to explain the product, agreeing on an annual mileage that meets their needs, and providing details on the end-of-agreement options and the need to ensure the car is maintained correctly. Get this right, and the seeds will be sown for a long-term relationship.

Explore the long term benefits of PCP for dealerships and customers.

Why PCP finance makes great sense for dealers and their customers

Registered keepers for fully electric vehicles, or battery electric vehicles (BEVs), across the UK will receive a letter from the DVLA letting them know that as of  1st April 2025, they will need to pay Vehicle Excise Duty (VED) for the first time. Owners of hybrid cars, which typically are classed as low-emission cars, already pay the appropriate vehicle tax.

Currently, VED is free for BEVs, so the new 2025 rules will impact hundreds of thousands of BEV owners who have bought their cars in recent years. However, this is not the only change; an expensive car tax supplement will also be introduced for BEVs with a list price that exceeds £40,000.

Electric and low-emission cars registered on or after 1 April 2025: The registered keeper must pay the lowest first-year VED (which applies to vehicles with CO2 emissions of 1 to 50g/km). From the second tax payment onwards, these vehicles will pay the standard rate. This is £190 for 2024 but is subject to change for 2025.

Electric and low-emission cars registered between 1 April 2017 and 31 March 2025: The registered keeper will pay the standard rate. This is £190 for 2024 but is subject to change for 2025.

Electric and low-emission cars registered between 1 March 2001 and 31 March 2017: These vehicles will move to the first band with a VED value. This is £20 for 2024 but is subject to change for 2025.

Hybrid and alternatively fuelled vehicles (AFVs): The £10 annual discount for hybrid and AFVs will be removed, and the rate to be paid will depend on when the vehicle was first registered.

Electric vans: Most electric vans will move to the standard annual rate for light goods vehicles. Check the current rates for this vehicle.

Electric motorcycles: These will move to the annual rate for the smallest engine size. Check the current rates for this vehicle.

The DVLA will send the registered keeper a reminder before the time from which their BEV needs to be taxed. The VED can be paid online, by phone, or at a Post office.

Under the Expensive Car Supplement, cars that cost over £40,000 when new pay an additional £410 annually for five years, starting from the first VED payment made when the car is a year old. For BEVs, it means that in addition to the annual £190 outlined above, the vehicle keeper will pay another £410. (This figure is subject to change for 2025).

The net result is that the total road tax for any BEV costing over £40,000 is £600, paid yearly until the car is six years old. The £40,000 figure includes optional extras and is based on the manufacturer’s official list price of the car, not the purchase price actually paid by the customer. 

Get yourself up to date with the upcoming VED changes and what it means for owners of these vehicles. 

Upcoming changes to Electric Vehicle Excise Duty (VED) from 1 April 2025

The Government has dismissed reports of an imminent announcement on a pay-per-mile road pricing scheme, allaying driver and industry concerns.

A definitive statement issued by the Department for Transport over fears that a pay-per-mile car tax could be introduced makes the government’s position very clear;

“We have no plans to introduce road pricing. We are committed to supporting our automotive sector as we transition to electric vehicles in order to meet our legally binding climate targets.”

While some forms of road pricing schemes do exist in the UK, such as toll roads, charges to enter bridges and tunnels, and zonal charging schemes in low-emission areas, where drivers pay a fee to enter a specific area with a particular vehicle, there have been ongoing discussions about the merit of the broader use of road pricing on public roads. In its short statement, the Department for Transport has quashed such thinking.

While the specifics of a road pricing scheme have never been clarified, it had been suggested that such a scheme could have seen the current Vehicle Excise Duty (road fund licence) and fuel duty revenues rolled into one pay-as-you-drive fee. In essence, the people who used the road the most would pay the most, while a government paper from 2022 suggested that, in principle, road pricing would have two purposes:

Managing the costs of motoring, such as pollution, emissions and congestion.

The increasing number of EVs on UK roads will continue to see the value of tax revenues raised through the sale of petrol and diesel decline. The Office for Budget Responsibility (OBR) previously reported that the complete transition of all UK vehicles to battery power would “result in a revenue loss of 1.5 per cent of GDP (equivalent to £31 billion [€35.8] in today’s terms)”.

While battery electric vehicles will start to pay Vehicle Excise Duty starting in April of next year, this will not bridge the tax gap filled historically by petrol and diesel sales. Therefore, while not road pricing, other motorist tax-raising approaches may still need to emerge.

Take a look as we explore the latest developments of pay-per-mile road pricing.

The Government rules out pay-per-mile road pricing

The price of filling a car’s tank with fuel has started to fall from what have been eye-watering highs, while electricity prices are set to rise in October. A cost comparison between a battery electric vehicle (BEV) and a petrol equivalent seems useful for potential car buyers.

The prices of unleaded petrol and diesel at UK forecourts have been falling more quickly than at any other point in 2024, as RAC Fuel Watch analysis revealed on 23rd September.

As of 19th September, a litre of unleaded was being sold for 136.15p on average – down 5p since the start of September (141.26p) and almost 7p lower than a month previously (142.86p).

A recent What Car? Real-world assessment of BEV ranges provides a helpful guide to assessing BEV efficiencies and costs.

A home charger will see a BEV charged at 22.4p per kWh (the current electricity price cap) for anyone on a standard tariff. However, special overnight tariffs can be far cheaper; Octopus offers a rate of only 7p/kWh, although slightly higher than standard daytime charging can offset some of this gain.

According to What Car, drivers charging a Tesla Model 3 RWD exclusively at home, paying 22.4p per kWh, would spend roughly £508 on electricity every 10,000 miles. If all the charging was at a public supercharger, which can rise to 79p per kWh, the cost rockets to £1795. However, for anyone accessing the overnight 7p per charging rate, the cost would plummet to £167.

Based on a petrol-powered BMW 320i, which is a close premium equivalent to a Tesla Model 3. The BMW has a claimed 42.80 MPG, using Fleet News’ Car Cost Calculator, 10,000 miles at the prevailing average of £136.15 per litre petrol costs would see 10,000 miles cost £1439.43. Use motorway service stations, and this jumps to £1701.52

The average annual mileage in the UK is 7,567 miles, according to the Department for Transport website.

Based on an analysis of MOT test data, over half of the vehicles in Great Britain travel less than 100 miles per week, with under 5% of cars driven over 15,000 miles per year by car, or 41 miles per day.

Based upon this car usage insight, the average UK motorist will have minimal reason to use a motorway service station for petrol or diesel. A BEV driver, provided they have a home charger, and since most of today’s BEVs have a range exceeding 200 miles, should be able to complete most of their charging requirements at home. Whether opting for a dedicated overnight tariff is worth the higher daily tariff would be an individual decision. For this reason, we have not included it in the final result, but it will be very viable for some.

A Tesla Model 3 RWD exclusively at home paying 22.4p per kWh would spend roughly £508 on electricity every 10,000 miles. (This will rise a little in October when the cost cap increases)

The BMW 320i, travelling 10,000 miles at the prevailing average of £136.15 per litre petrol costs, would see 10,000 miles cost £1439.43.

Indeed, there are plenty of caveats to this, and individual drivers must assess their driving usage and access to a home charger, but having used recognised third-party data sources, the potential difference, based just on ‘fuel’, is significant.

With running costs being a key factor for many consumers, take a look as we dive into BEV v petrol. 

Car running costs: battery electric v petrol

Recognising excellence and championing the incredible work of women across the credit and financial services industry, we’re extremely proud to celebrate our 2024 Women in Credit Awards finalists. We’re committed to driving positive change across the industry and these awards provide a platform to encourage diversity, equity and inclusion even further.

Sharing the importance of empowering and supporting the inspirational work of women and allies, meet some of our very worthy finalists with a few words of inspiration for future women leaders… 



Joanne Elliot, Personal Assistant: Colleague of the Year

“Recognition plays a fundamental role in cultivating an inclusive, empowered environment where employees of all backgrounds can unleash their potential and thrive. My advice to other women would be don’t limit yourself. Many women limit themselves to what they think they can do. You can go as far as your mind lets you. What you believe, you can achieve.”

Emily Birkinshaw, Sales Development Partner: Advocate of the Year

“Initiatives such as this provide an opportunity to not only showcase female talent but to recognise those who continue to drive forward this agenda and lead the way in creating a more diverse and inclusive space for us all to thrive in. They’re a necessary catalyst to keeping this conversation alive and enabling others to be a part of positive change.”

Caroline Hudgell, Senior Business Development Consultant: Team Player of the Year

“I think it’s really important that everyone is on an even playing field. Diversity and Inclusion initiatives are key for creating more focus here. If the opportunities for all are equal, the right people will naturally progress. Don’t be intimated or feel you have anything to prove as a woman. Just to be yourself, and believe in your own abilities.”


Keep an eye on our social channels to see how they get on!

Catch up with our 2024 Women in Credit Awards finalists who have a few words of inspiration for future women leaders.

Meet our 2024 Women in Credit Award finalists

Change is inevitable and brings with it progress and advancement. There can be no doubt that the pace of change in motor retailing, as in many business areas, is continuing to move forward. In this post, we showcase five digital innovations that we’re likely to see more of in the months and years ahead.

Self-service is on the increase, providing motor dealerships and their customers with more efficient ways of transacting car purchases. We've long used self-service technology in the showroom to finalise documentation and in our sign-up and post-sale journeys, to enable customers to self-manage their accounts online securely 24x7.

Other digital options are also emerging with customers able to manage their car servicing needs online and even, in the case of EVs, download software updates to ensure their car’s technology is up to date..

Biometric authentication, commonly using facial or fingerprint recognition, is gaining momentum in car financing. It enhances the customer journey and tackles identity fraud.

As part of the e-sign process for their car finance, customers may be asked to complete a biometric identity and verification check; our MotoClick service has adopted this approach. Customers are asked to take a ‘selfie’ on their mobile device to initiate a secure facial recognition process. With identity theft leading to increasing car fraud, biometrics is a powerful tool that protects buyers and lenders.

In another imaginative use of biometrics, last year, Mercedes-Benz joined up with Mastercard to introduce embedded in-car payments at the point of sale. Customers in Germany can use a fingerprint sensor in their cars to make convenient and secure digital payments at more than 3,600 service stations in the country.

The use of artificial intelligence, or AI, is set to accelerate in showrooms. One area of interest right now is Conversational AI, which can enable dealerships to engage with potential customers 24x7 in highly personalised conversations across various channels, including web chat, SMS, email, WhatsApp, and even voice interactions.

Machine Learning, which is part of the AI revolution, is starting to predict vehicle prices accurately. By analysing vast amounts of data, algorithms can forecast car prices based on factors like model, year, mileage, and more. This technology helps car buyers and sellers make informed decisions, saving time and money. In a similar fashion, machine learning is being used to identify when customers may be back in the market for their next car.

Virtual showrooms and augmented reality (AR) experiences have the potential to reimagine the way some buyers discover their next car by enabling them to interact with vehicles. Using virtual reality tools, dealerships can showcase their stock dynamically and engagingly, attracting tech-savvy consumers who value innovation. Looking ahead, such technology could be adapted to promote car finance, enabling customers to discover finance highly transparently.

Take a look as we dive into the latest technology advancements across the industry. 

News