LONDON--(BUSINESS WIRE)--Auto Service Finance (ASF), a fin-tech start-up that provides an interest free payment solution aimed at drivers servicing their vehicles, has reported a 1,000% year-on-year growth in revenue.
The rapid rise follows a 100% increase in its customer base over the last six months, with the number of dealerships offering the solution jumping from 300 to 600.
Auto Service Finance enables drivers to split payments across three interest-free monthly instalments, with dealerships paying a small transaction fee on the total purchase amount.
Motorists benefit from ASF’s algorithm that provides a near instant lending decision, after which they then have the flexibility to pick repayment dates using a completely paperless, cloud-based platform.
Over the last year, ASF has been installed in dealerships for leading brands such as Jaguar Land Rover, Peugeot Citroën, Ford and Vauxhall, as they aim to give greater flexibility to consumers while also helping service departments to increase sales.
Recent ASF loan data has also revealed that customer funding for repairs, servicing and accessories has exceeded £3 million, highlighting consumer demands for payment alternatives when servicing vehicles.
James Jackson, founder and co-CEO of Auto Service Finance said: “In a short space of time we’ve more than doubled our customer base, which is testament not only to the dedication of our team, but also to the increasingly popular role of interest-free payment solutions when it comes to vehicle servicing.
“Providing payment alternatives when it comes to funding vehicle repairs and accessories, with no hidden charges, gives customers a transparent and flexible way of managing their motoring expenditure. By doing this dealerships will see higher levels of customer satisfaction and loyalty.”
For more information about ASF visit https://www.autoservicefinance.com
ASF provides a simple payment solution for car repairs and services that is customer centric, responsible and easy to implement. Auto Service Finance has developed an instalment financing product using proprietary algorithms to make real-time lending decisions. This enables dealerships to sell a larger proportion of work, reducing workshop downtime, with no risks or liabilities, while also creating greater customer loyalty.