Used vehicle management has become an increasingly strategic area for financial institutions that operate in the automotive sector. The growth of car leasing and financing, as well as rising electrification, has expanded the volume and complexity of the vehicles that return to the market once their contracts expire.
Against this backdrop, Santander Consumer and Openbank have launched a new global remarketing model and B2B digital platform known as Santander Used Cars Trade to transform the way we manage and market used vehicles in Europe.
The aim is to build a more connected, efficient and scalable ecosystem that can bring together operations in several countries and boost access to vehicles through complete, common and straightforward information.
A more complex and connected market
Europe’s used vehicle market has undergone vast change in recent years. The emergence of certain models and brands, not to mention the growth of electric vehicles, has made it trickier to access and purchase used vehicles.
Typically, the lion’s share of these transactions were local and fragmented, with little connectivity between markets, thus making it difficult to seize on opportunities.
To meet this need, the Group has come up with a remarketing vision based on digitalization, simplicity, and access to the vehicles available.
A pan-European model to manage the vehicle life cycle
This new global remarketing model sets out a common framework to manage the end-to-end cycle of used vehicle purchases in several markets across Europe.
The model streamlines pick-up, logistics, inspection, preparation, pricing, sales, and post-sale integration by combining more standardized operations supported by digital tools.
What’s more, standardized inspection and preparation ensure consistent and reliable vehicle information, aid business operations, and enhance the experience for both buyers and dealers.
Through this initiative, the Group is reinforcing its commitment to a more digital, connected and adaptable pan-European model that can keep pace with the evolving automotive market, afford new opportunities for international cooperation, and create value across Europe.
