New Record as 80% of Cars Are Now Bought on Finance: How a Finance Calculator Could Drastically Improve Your Dealership’s Profitability
Long gone are the days where £310 of your hard earned cash could buy you your very first car. Maybe a Ford Anglia or an Austin? This was generally the average price for cars like these during the 1960s. The motor industry has evolved greatly since then. Not only has the average price of cars vastly increased, but last January saw a record-breaking year for cars being purchased on finance. According to the Society of Motor Manufacturers and Traders, 80% of car buyers now buy cars using finance. With over a million drivers buying cars on credit deals in the last 12 months, there growing fears that falling diesel prices and carefree bank lending could potentially leave some people in economic difficulty.
Ensuring car dealers adjust to this change will be essential for success
This change has not only affected the buyers. Car dealers are having to adapt to this growing trend by integrating finance partnerships within their business. What can you do as a car dealer to accommodate this way of purchasing vehicles? The 3 most important things are:
- Build strong partnerships with reputable finance lenders
- Ensure you advertise your finance facility well as this is a big selling point
- Ensure you have a website which integrates a finance calculator
How would having a Finance Calculator on your website benefit your business?
Just think about when you’re shopping online, do you want to know the price instantly? Yes, most people are searching for things in a rush, and want to see a quote as fast as they can. If they are unable to see a price right away they’re likely to look elsewhere. Having a finance calculator embedded into your website allows customers to get a quote instantly without the effort of having to speak to a team member or discussing personal income details.
Don’t lose potential business to competitors that offer instant finance quotes
“Certainly, for all but the smallest dealers, we believe that a finance calculator is a minimum requirement and that, soon, customers will also expect to see a choice of finance products and an option to make online applications”
James Tew, CEO at iVendi
Integrate a finance calculator with Spidersnet Spidersnet websites offer a FREE finance tool to Advanced and Elite customers, whilst Express customers can also easily have the tool at a small cost of £50.
How does it work?
- Allow customers to search via monthly payment
- Allow customers to configure preferred finance before beginning sales process with you
Spidersnet makes it extremely easy to integrate the finance tool. Our partnerships with finance providers iVendi and Codeweaver mean you can have a quote module validated. This does require a small monthly payment to either company. Once a Finance Calculator is integrated into your website customers will be able to search through your stock by monthly payment and are able to change the deposit, term and annual mileage to compose their preferred finance deal before beginning the sales process with you.