Plenti has signed up with two online automotive retailers, delivering its market-leading financing tech to consumers in the thriving car market. The company has also just announced the former CEO of EFTPOS as its new board member.

Fintech lender Plenti Group (ASX:PLT) has announced key partnerships with two online vehicle retailers, Carma and The Good Car Company, to provide financing to customers buying vehicles through their platforms.

Customers on the platforms will now be able to use Plenti’s market-leading technology that allows loan applications to be approved in just 60 minutes, with same-day settlement.

Plenti says the partnerships reflect the transition underway in consumers’ automotive purchasing patterns, which are increasingly moving online.

Commenting on the agreement with Carma, Plenti’s head of Automotive Lending Joel Pothin said:

“Plenti’s entirely digital process neatly aligns with Carma’s online retail model, and together we will deliver a superior customer experience that meets the expectations of today’s digital-savvy consumers.

“This is a natural partnership between two wholly digital companies who share a vision to make buying a car easier and more accessible from end to end.”

Meanwhile, the partnership with The Good Car Company will enable Aussies to get their hands on EVs faster – a key objective of Plenti, who launched EV-specific lending in 2021.

The Good Car Company is the first online EV retailer in Australia.

Plenti’s flexible finance options will allow customers to purchase new and used EVs, delivered by Australian dealerships as well as those imported from Japan and the United Kingdom.

It will also provide customers the flexibility to get financing options to cover the cost of insurance, EV chargers, home batteries and solar panels.

“We’re delighted The Good Car Company recognised our ability to leverage our technology capabilities to integrate with their own car purchase journey, to help make the purchase and financing of an EV as simple as possible for the customer,” said Plenti CEO, Daniel Foggo.

“We’re also pleased to be helping even more Australians overcome the upfront cost of transitioning to EV ownership by providing cost-effective and simple finance solutions,” Foggo added.

 

New board appointment

Meanwhile, Plenti has also announced the appointment of Stephen Benton to its board of directors as an independent non-executive director, effective 1 July.

Benton has 30 years’ experience driving business strategy in financial services across large organisations, challenger brands and growth companies.

He also holds experience specific to consumer lending, product development, and debt collection.

His most recent executive role was CEO and managing director of EFTPOS, where he spearheaded a strategic reset. Prior to that, Benton was head of Consumer Finance, Payments and Emerging Businesses at Westpac.

Benton’s board experience includes acting as chairman of Infochoice Limited and of Once Private Group, and as a director of EFTPOS and Baycorp Collection Services.

Plenti’s chairman Mary Ploughman said Brenton is “an accomplished director and executive with significant expertise across many important facets of financial services”.

“Stephen’s experience will be valuable as Plenti continues to execute on its strategic priorities.“

 

This article was developed in collaboration with Plenti Group, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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