- Sector: Financial Services
- Region: East Midlands
Driving car purchases online
Chesterfield-based Evolution Funding is a fast-moving, award-winning automotive retailer and finance provider. Since setting up in 2002, it has steadily expanded its operations. In 2009, it began to provide vehicle rentals through a division now called EVOGO, and in 2012, it opened its first car dealership under the Mike Brewer Motors brand. In the years since, it has also opened an accident repair centre and added a second dealership in Luton. It has also launched a number of online offerings, including car buying and car finance services.
"We’ve made big steps towards migrating the motor finance journey online and we’ve developed our technology to support a streamlined customer journey," says Chief Operating Officer Lee Streets. "Our challenge, as with most markets, is how to create a fully digital experience for consumers."
As Lee suggests, the company is now increasingly focused on developing its web-based services, with the aim of helping dealers to shift the financing part of a car purchase onto the internet to improve convenience and efficiency. As well as having its own dealerships, the group also provides motor finance to consumers via 4,000-plus dealer partners and groups.
"We’ve embraced the digital revolution," adds Jeremy Levine, Chief Executive Officer. "Technological innovation is a key driver in our business and we’ve invested heavily in developing ways to leverage consumer appetite for convenience. Our finance pre-screening, quotation and lead generation technology turns the traditional showroom finance process into a digital customer journey."
The success of the company’s efforts is clear from the speed at which it is growing. In April 2016, the company joined London Stock Exchange Group’s ELITE programme as part of the fifth cohort. Since then, growth for the company has continued apace. In 2017, it increased turnover by 40% to £100m, and the number of vehicles it financed more than doubled to 33,924, with some £346m paid out in advances.