An asset finance sub-aggregator has taken diversification to a whole new level
An asset finance sub-aggregator has taken diversification to a whole new level
Angelo Pillai knows very well how profitable diversification can be. His company, Asset Finance Systems (AFS), is one a new breed of sub-aggregators offering back-office support for broker dealing in unfamiliar territory, in AFS’s case, motor vehicle finance. But he’s not content with just doing the paperwork; he believes AFS and brokers can be involved in the entire buying process.
“A lot of people go to the car dealer uneducated and walk out with a finance deal they don’t want”, Pillai explains. In response “we’re going to offer a car-buying service to the customers. If you’re a broker, and your customer wants to buy a car, we go shop around, get the best deal for the car for the client, give them a saving, and in that way we nab the finance as well.”
Essentially by providing the car AFS hopes to remove the opportunity of the dealerships to provide finance, putting more power in brokers’ hands. Brokers get another opportunity to touch base with clients, AFS get more processing work and most of all “customers love it when they get a deal – they tell all their friends, all their family about it.”
Pillai hopes to have his car-buying service up and running in 3 months; he’s already hiring for it. It won't be available to everyone; AFS only deal with commercial clients: “tradespeople, people on car allowances, sales reps and real estate agents”. Contact is always through brokers, however gaining brokers’ trust remains a challenge “We’re not competing with lenders, we’re not competing with aggregators. It’s relationship driven, by our relationship with the broker.”
With brokers increasingly come under pressire to be a ‘one-stop shop’, it’s no surprise that Pillai is feeling confident: “every month we’re gaining traction, every month we’re speaking to new brokers, and every month brokers are writing business that they previously didn’t write.”
Has AFS just discovered the (metaphorical) wheel, or embarked on a road to ruin? Give us your predictions and opinions below
Angelo Pillai knows very well how profitable diversification can be. His company, Asset Finance Systems (AFS), is one a new breed of sub-aggregators offering back-office support for broker dealing in unfamiliar territory, in AFS’s case, motor vehicle finance. But he’s not content with just doing the paperwork; he believes AFS and brokers can be involved in the entire buying process.
“A lot of people go to the car dealer uneducated and walk out with a finance deal they don’t want”, Pillai explains. In response “we’re going to offer a car-buying service to the customers. If you’re a broker, and your customer wants to buy a car, we go shop around, get the best deal for the car for the client, give them a saving, and in that way we nab the finance as well.”
Essentially by providing the car AFS hopes to remove the opportunity of the dealerships to provide finance, putting more power in brokers’ hands. Brokers get another opportunity to touch base with clients, AFS get more processing work and most of all “customers love it when they get a deal – they tell all their friends, all their family about it.”
Pillai hopes to have his car-buying service up and running in 3 months; he’s already hiring for it. It won't be available to everyone; AFS only deal with commercial clients: “tradespeople, people on car allowances, sales reps and real estate agents”. Contact is always through brokers, however gaining brokers’ trust remains a challenge “We’re not competing with lenders, we’re not competing with aggregators. It’s relationship driven, by our relationship with the broker.”
With brokers increasingly come under pressire to be a ‘one-stop shop’, it’s no surprise that Pillai is feeling confident: “every month we’re gaining traction, every month we’re speaking to new brokers, and every month brokers are writing business that they previously didn’t write.”
Has AFS just discovered the (metaphorical) wheel, or embarked on a road to ruin? Give us your predictions and opinions below
