Pendragon is on a mission to transform automotive retail through digital innovation and operational excellence. Open banking powered account-to-account payments are a key driver of this strategy.
Pendragon and its automotive brands Evans Halshaw, Stratstone and CarStore faced high transaction amounts and as a result were at the mercy of high-cost card fees and impacted by slow settlement.
Bank transfers, a favoured payment method in dealerships, were resulting in manual errors impacting sales figures and customer sentiment.
Enhancing the showroom payment experience
Launched in April 2022, Vyne gave Pendragon’s consumers the ability to make direct account-to-account deposits and full payments instantly. Through Open Banking powered pay-by-links, this could be done from the comfort of their own home or in dealerships, without any manual data entry.
Vyne Pay with bank claims 67% of CarStore share of wallet
“We’ve made Vyne Pay with bank our first and recommended payment option for all of our dealership customers, whether they are making a deposit or paying in full. That’s why Vyne has a 67% share of wallet in our CarStore brand, and it’s growing every month across our entire dealership portfolio.” – Martin Dobson, UK Divisional Finance Director at Pendragon
“This benefits us in multiple ways. We receive lower transaction fee costs compared to card payments, the risk of fraud is highly reduced and our customers receive seamless payment experiences with no chance of misplaced funds.”
Pendragon save 73% on transaction fees verses card
“We’re saving 73% on transaction fees with Vyne. This enables us to retain cost allowing us to continue to invest in innovation through digital, omnichannel experiences.”
“We recently processed two individual payments of £82,975 and £99,335 through Vyne Pay with bank for the outright purchase of two vehicles. We received the funds instantly and the customers were able to leave with the car the same day.”
“Our partnership with Vyne plays a key role in helping us achieve our mission to transform automotive retail through digital innovation and operational excellence.”