Honcho announces partnership with leading digital automotive sales platform SilverBullet

Honcho announces partnership with leading digital automotive sales platform SilverBullet

We’re pleased to announce our latest partnership, and our first major partnership with the automotive trade, as we welcome SilverBullet to Honcho.

SilverBullet are a leading provider of digital vehicle sales solutions for dozens of dealer groups across the UK, with their platform being used by dealers to handle all aspects of the online vehicle sales journey.

End customers using the SilverBullet platform can now benefit from our unique and innovative way of discovering and buying the right insurance product to meet their needs.

Read the full press release announcing our partnership below.

Durham, 2nd June 2021

Honcho, the Durham-based insurtech disruptor, have today announced a major new partnership with SilverBullet, one of the UK’s leading provider of digital solutions for the automotive trade.

SIlverBullet create and manage online storefronts and provide industry leading e-commerce support for many of the UK’s leading motor groups including Peter Vardy, Ancaster, Pulman, Budgen, Stoneacre, Richard Hardie, Stephen James and L&L Mercedes, with their digital car buying journey used by dozens of motor dealerships across the UK.

By using the SilverBullet platform motor dealers can effectively manage their stock and handle the full new and used car sales journey including the management of finance applications and the end-to-end sales, purchase and delivery processes. Not only does this help to enhance margin but it creates a huge cost of sale saving over the traditional dealership environment.

For car buyers, the seamless digital journey includes comprehensive vehicle search, handling trade-ins, finance and value add products and choosing where and when they would like their new car delivered.

As Honcho’s first major partnership within the motor trade, car buyers using the SilverBullet-powered platform are now able to sort out their car insurance needs as part of their online journey thanks to dedicated routes from within each dealer group’s SilverBullet-powered online sales process into Honcho’s innovative motor insurance reverse auction marketplace.

Commenting on the partnership, Honcho co-founder and chief commercial officer Frank Speight said:

Honcho is very excited to be partnering with SilverBullet to launch this pioneering initiative to enhance the consumer experience by reducing friction and adding insurance ‘to their basket’.

Connecting our respective platforms to provide car dealers with full insurance functionality, and the opportunity to broaden their proposition and earn incremental revenues, is a win-win for all parties.

Cameron Wade, managing director of SilverBullet, added:

I am delighted to announce this exciting partnership with Honcho Markets. The businesses align incredibly well due to their forward-thinking perspective on technology and how it can enable the consumer journey. I look forward to developing this partnership with all the team at Honcho.

Since their launch in summer 2019 Honcho’s unique way of helping car and van drivers to choose the insurance that matches their needs has presented a much-needed antidote to the price-obsessed world of outdated price comparison sites. With significant focus from the FCA on the value that aggregators bring to consumers, Honcho’s ability to demonstrate and deliver fair value whilst helping drivers to get the right insurance is gaining significant momentum, with 89% of their customers (January – April 2021) choosing to buy insurance that best meets their stated needs, rather than just the cheapest.

ENDS

About Honcho

Honcho is the first value comparison marketplace for financial services, bringing buyers and sellers of insurance together to help consumers to identify the exact product features they need, and allowing insurance providers to compete against each other through Honcho’s unique real time reverse auction, with visibility of the market’s pricing of the consumer’s insurance needs, to win the business that makes sense to them whilst delivering fair value.

Launched into the UK motor insurance sector in autumn 2019, Honcho are on a mission to bring transparency, fairness and innovation to the outdated insurance distribution market with a better experience for both consumers and insurers. Honcho is a founding member of Insurtech UK, the industry body for disruptive insurance technology businesses, and is a member of BIBA, the British Association of Insurance Brokers. They are also authorised and regulated by the Financial Conduct Authority.

For more information, please visit https://gethoncho.com.

About Silver Bullet

SilverBullet Automotive Solutions was borne out of the desire to provide world class digital solutions for a changing automotive sector. Since its incorporation in 2018 it continues to evolve and demonstrate to the automotive sector the opportunity to reduce cost of sale, enhance margin and increase transparency while following it’s end-to-end digital journey.

SilverBullet allows its automotive partners to provide their customers with a seamless digital journey to make service bookings and buy new and used vehicles fully online. This is done through its highly acclaimed Storefront product suite. With it’s plug and play design it can be incorporated into a Dealers existing web platform and with an extensive integration framework this can be activated promptly and efficiently. Built on a knowledgebase of automotive retailing, SilverBullet works closely with it’s client base to ensure that not only are they given industry leading software but they are also given the support and training to use it.

For more information, please visit: https://www.silverbullet.co.uk or contact cameron@silverbullet.co.uk