Auto Trader launches dealer finance tool
Online car marketplace Auto Trader has launched a financial calculator for dealers, following a pilot programme in the latter part of 2016.
In December at a Christmas briefing, Auto Trader revealed it had been trialling a dealer finance tool for a limited number of listings. Auto Trader said during its testing period, 850 customers had trialled the service, and created 50,000 adverts with finance.
The finance tool was developed in partnership with technology provider Codeweavers, and will allow dealers to show a monthly price and finance offer in their adverts, with their own choice of lenders, and displaying interest rates.
Potential buyers can vary their deposit, term, and mileage to create a preferred finance package which is then forwarded to the dealer.
Auto Trader said the service will help dealers to better compete with specialist finance providers, banks, and price comparison websites. It is free for existing customers until early 2018.
Paul Harrison, head of motor finance at Auto Trader, said: “Finance has become one of our industry’s biggest performance drivers, however all too many dealers are missing out on the opportunity to promote their available offers early in the buying process when consumers are making their key decisions.”
Harrison also revealed that Auto Trader plans to introduce the option for consumers to search by monthly price in the coming months.