Defining Paragon Motor Finance’s future strategy
Paragon Motor Finance (PMF) is a leading specialist lender in motor finance. To support the revision of their lending proposition and inform the development of their long-term strategy, PMF were looking for partners to provide unbiased insight into the perspective of introducers on the business and their competitors.
The programme of research needed to provide a clear overview of market perception, examine drivers and barriers to take-up, identify areas for improvement and drive business decision making.
To ensure the research was relevant to diverse business functions and accessible at both board and executive level, Opinium ran an Internal Immersion Day with key stakeholders to inform the content of the research.
The team then conducted 120 quantitative telephone interviews with current, lapsed and prospective introducers and in-depth qualitative interviews with major account leads.
“Opinium were engaging and responsive right from the start, creating a comprehensive research approach that was perfectly suited to our business objectives and demonstrated an understanding of our target audience. Opinium made a great impression, maintaining excellent communication throughout and having a proactive approach where the focus was always centred on impact and not just delivering results.”
The research findings were embraced across the business leading to the launch of ‘Rate for Risk’ underwriting option which broadens PMF’s standard acceptance criteria to appeal and the Launch of Lease Purchase (LP) product for LCVs and Lifestyle vehicles with immediate effect to widen the opportunity in the LCV market.