The lease broker market is shifting from a culture based on attracting new sales to one more interested in retaining existing customers, according to a provider of broker finance funding.
Network says the first signs of a retention culture are emerging amongst some brokers.
“The broker model has traditionally been based on bringing in new business, based on highly competitive prices,” said Jo Elms, brand director of Network.
“This meant many of the most successful intermediaries achieved market prominence despite a relatively short-term mindset.
"It also led to an industry which became renowned for low levels of customer service and high levels of customer churn.”
However, Ms Elms said there are now signs that the market is now entering a new phase, with long-term thinking the norm for some brokers.
“We’ve witnessed a change of tone from many of our top brokers.
"There are major players in the industry that are turning their eye away from piling on masses of new business, focussing instead on retaining contracts.”