Battery health testing and delivering Consumer Duty
Unlike a traditional vehicle, the simple matter of mileage and age doesn’t convey the vehicle’s battery’s health very well. This is why, when buying or selling a used EV, a battery health test can play a key part in helping any retailer or dealer to deliver their Consumer Duty.
The four key principals of Consumer Duty are outlined below:
– the products you sell are fit for purpose and meet the customers needs.
– customers have all the information they need, in a format they can understand and digest, to make an informed decision when buying a financial product.
– customers believe the product they are buying are good value and at a fair price for them
– customers have free access to good support before, during and after their purchase
Altelium’s independent battery health test, and the corresponding battery health report can give the clarity that Consumer Duty requires. Our battery health tests reports have been developed specifically to provide third party information in a clear and easy to understand format, where information such as the vehicle range in cold and hot weather conditions is easy to see and understand.
This subject was one of the many topics discussed at the first meeting of 2024 of the The Vehicle Remarketing Association (VRA), under the theme of finance and insurance.
A full recording of the meeting including the discussion about Consumer Duty implementation is available to listen here: Listen Back VRA Member Meeting
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