Car dealer groups now offer interest-free loans for servicing through Bumper, a leading payment specialist expanding rapidly across Europe.
In a move set to benefit countless car owners, several dealer groups, including Glyn Hopkin, Yeomans, Sinclair, and Ancaster, are now providing interest-free loans for car servicing through Bumper.
This initiative aims to make car maintenance more affordable for customers.
As of April, Bumper, a leading payment specialist, recently celebrated a significant milestone, reaching £500 million in transactions.
The company has ambitious plans to nearly double this figure, aiming for an additional £460 million by the end of the year.
This growth reflects Bumper’s rapid expansion, particularly in Europe, where they predict a substantial increase in repair volumes across Germany, Ireland, Spain, and the Netherlands.
Initially launched as a Buy Now, Pay Later platform, Bumper has evolved into a comprehensive payment solutions provider.
The company now offers PayNow (including online card payments, Google Pay, and Apple Pay) and PayPad options for both online and in-store transactions.
This diversification has enhanced Bumper’s appeal, contributing to its impressive growth.
The average age of cars serviced through Bumper has also increased, indicating a shift in the market.
In 2022, the average age of customer cars was 6.8 years, with invoice values averaging £598.
By 2023, these figures rose to 7.6 years and £765; in the first quarter of 2024, they further increased to 7.8 years and £768.
This trend underscores the rising cost of car repairs and the growing demand for flexible payment solutions.
Jack Allman, co-founder and Chief Commercial Officer of Bumper emphasized the company’s role in providing affordable repair options.
“Hitting £0.5bn worth of car repair invoice value is a significant milestone for Bumper. We anticipate accelerated growth as more franchised dealer groups join our network in the UK and across Europe,” he stated.
Allman highlighted the factors driving Bumper’s growth, noting that consumers seek ways to manage repair costs without relying on credit cards and incurring high-interest charges.
“The aging car parc and the rising cost of car parts are pushing repair bills. We are empowering franchised dealers to help their customers spread the costs with our payment solutions,” Allman explained.
He also stressed the importance of seamless integration: “We are working closely with our dealer partners to integrate Bumper into their dealer management systems to make repair payments as seamless and painless as possible.”
This development marks a significant step forward for Bumper and the car servicing industry, promising greater financial flexibility for car owners and a brighter future for European dealer groups.
Post's Author
