CF247 no longer pay commission

[Daylight 28]

Not sure how many of you guys use them, we have done in the past as the paperwork is often easier than some or if the customer has already propped themselves with them we convert to us for the commission. Just received an email to say they're no longer paying commissions due to FCA compliance apparently.

This is going to massively affect their dealer referral business surely? What's your thoughts?

[Tom 164]

They charge for commission rather than paying the dealer. They have with us in the past and no longer use them. 

[betginge 73]

A dealer near me in subprime is getting a lot of leads from these guys which are turning into deals, this would explain Tom's point. I think they are trying to get customers who have propped themselves with their first choice lender, normally for bad credit Moneybarn, then charge an admin fee to the customer. If that backfires or they can't get the customer through with there 1st choice there sending the leads to dealers and charging their own commision on sign up. Seems a better plan, the alternative would be they use a 2nd choice lender on there panel  and get £80 or something when they can charge us £200+ by referring the customer and convert an otherwise dead lead.

this IMO but could be wrong. 

[grant8064 219]

They charge us £150 per lead that develops into a deal.

It's not ideal but often it gets a car sold at full price. I'd be knocking £150 off for most punters so no real loss imo.

[betginge 73]

1 hour ago, grant8064 said:

They charge us £150 per lead that develops into a deal.

It's not ideal but often it gets a car sold at full price. I'd be knocking £150 off for most punters so no real loss imo.

 

How often do they send you leads, am sure they must prioritise certain dealers over others. The fellow dealer I was talking about appears to be getting leads every day. Maybe he is paying a little more hence the high amount of leads  

[grant8064 219]

12 hours ago, betginge said:

 

How often do they send you leads, am sure they must prioritise certain dealers over others. The fellow dealer I was talking about appears to be getting leads every day. Maybe he is paying a little more hence the high amount of leads  

Haha I wish I was getting one a day!

I have had two leads that converted to sales and one that didn't in the last 30 days.. Presumably bigger dealers holding more stock will get more enquiries. Also depends how 'financable' the cars are. I find a lot of 247 punters want black, flashy, premium looking stuff that'll impress the neighbours and will settle on higher mileage cars for a lower monthly cost. I don't stock high mileage flash stuff so that might affect it also.

Only recently starting working with them again so maybe it'll increase but one or two a month is fine for me. The process seems a lot slicker as an operation than a year or two ago when we last worked with them and I have no complaints so far...their office staff are still pretty useless but a bit of patience goes a long way!

[Wood235 36]

I put a couple of my customers their way , spoke to them after about leads from them to me and they said £150 a go. Told them to stuff it as they gave me nothing for my two customers! 

 Too greedy!