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Nedbank boon for online car marketplace Rola

Read time 2min 10sec

There are over 500 cars available at www.rola.co.za, and thanks to a partnership between Rola and MFC, a division of Nedbank, prospective buyers can get the finance they need to buy the car they want.

The new Rola digital finance offering is built on the Nedbank vehicle asset finance application programming interface (API) for clients in Nedbank's API Marketplace.

In a statement, Nedbank says by linking into the API, Rola has made it possible for visitors to rola.co.za to get an accurate idea of the vehicle finance amount they may qualify for.

Clients can then shop for the car they want before applying for the finance they need – all enabled online.

Nedbank launched its API Marketplace in 2018 with several products available, including vehicle and asset finance, personal loans, Nedbank Wallet, Nedbank Open Data, Nedbank Payments, Nedbank Rewards, Nedbank Accounts, and Nedbank Clients.

Julie Vetter, head of business development and channel innovation at MFC, says the Nedbank API Marketplace partnership with Rola forms part of MFC’s digital strategy for approved dealer partners.

“MFC developed this strategy to enable more accurate affordability screening of prospective buyers as a way of ensuring a better experience for all parties. This strategy now also focuses on contributing towards reigniting activity in the new vehicle sales sector,” she says.

Vetter points out that, while the introduction of level two lockdown in South Africa had a marginally positive impact on new-vehicle sales, the underlying market trend remains lacklustre, exacerbated by the rental sector's current low contribution to sales and slow export recoveries.

“It’s likely that any rebound in vehicle sales will be constrained by a weak economy, and low consumer and corporate income figures. We hope that innovative partnerships like the one between Rola and MFC will contribute towards catalysing a much-needed upturn in vehicle sales in the coming months,” says Vetter.

Marius Claassen, chief executive officer of Rola, agrees and says that leveraging the MFC API to offer pre-approved amounts makes good business sense for Rola.

“With the MFC API capability, Rola can focus its resources on proposing vehicle solutions tailored to clients’ needs and affordability. This will enhance the client online experience.”

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