Just like last year, I'm picking we might see an announcement re earnings upgrade later this month.
Just like last year, I'm picking we might see an announcement re earnings upgrade later this month.
Happy New Year everyone...Oxford have been very early adopters of comprehensive credit scoring (this information gives us an immense amount of data on a customers payment history with credit cards, loans, utility bills etc.), we have been early adopters of tools that help automate income verification and affordability assessments, and affordability assessments and income verification have been a core part of the Oxford credit process for over 3 years now.
We made a deliberate decision to own the development and IP of our front end loan application system. This "front end" application system integrates into an "off the shelf" loan management system in the back office. This makes us much more agile, gives us control and we can be more responsive and quick in turnaround of improvements. Also the great thing about owning our own Auto Retail business is that we can test the systems internally before we role them out to the broader market.
It still seems like slow season of the holiday, so let me share one of those consumer magazine situations that played out in real life for me yesterday:
Hello <Turners>,
I just wish to express my extreme disappointment with my recent interaction with Turner's Christchurch branch.
We viewed a vehicle yesterday. We were told the price was non-negotiable as it was an "on behalf of sale". I rang this afternoon to agree purchase of the vehicle. The invoice (attached) I received was for $11,730 - a surprise as the price was $10,230. I emailed back with an image (attached) taken at time of viewing showing sale price of $10,230. I then received a 15min phone call justifying why Turner's could change price.
Changing the agreed price is not the behaviour that I would align with Turner's statement:
We’re proud of our company history and our reputation as a brand to be trusted.
Do feel free to contact me for further details.
Thank you.
Hi <Hugo>
I’m sorry to hear that this has occurred. I have investigated with the branch and it appears that this was a genuine mistake, unfortunately due to human error. Given that the vehicle is not owned by Turners, there is nothing that can be done in this instance.
We sell thousands of vehicles every year without a hitch to happy customers and are justifiably proud of our record. Everyone does make mistakes however and I believe that we have been as upfront as we could be about this mistake. We will of course be doing everything we can to prevent this type of mistake from happening again.
Hi <Turners>,
Thank you for looking into this for me and for your response.
I recognise genuine mistakes are made.
However, Turners, in good faith, should honour contracts made with their customers.
Turners avoiding responsibility, by blaming their own poor process, does not amount to good faith.
Thank you.
Hugo .. I can sense your frustration / disappointment
But you know what they say about used car salesmen eh ….can’t trust the rogues
Did you end up buying the car …at the higher price?
I have bought all my cars from Turners chch and I have never had a single problem with the branch. Have not seen many “on behalf of” cars there. Seems like in this case there may have been a mix up between the owner and the intermediary (Turners). It sounds like a genuine mistake, and not some shady practice they use to extract more money from people.
You’re a tough man to please, Hugo. Hope you don’t make mistakes in your line of work.
Actually kinda petty posting here. Clearly you know Todd reads here. Manager not enough, must get your message right to the top eh
Yes, I bought a Swift with the daughter from there with no issue a couple of years back. It worked well then so that’s I went back with the boy for a repeat.