Auto Trader, the UK’s largest digital automotive marketplace for new and used cars, is set to launch its new monthly price search experience on 20thDecember, marking the next step in creating a complete finance offering for consumers and dealers alike.
71% of car buyers want to start their finance process online, so allowing buyers to see exactly what a car will cost them whilst they are in the search process will improve the opportunity for dealers to sell their own finance deals earlier on in the car buying journey. Auto Trader currently enables any Financial Conduct Authority (FCA) authorised dealer to show their finance offers within their Auto Trader adverts, with a monthly cost displayed alongside the purchase price. It currently has c.4,500 dealer customers displaying their own finance offers in this way.
The next phase of the finance proposition will be the launch of search-by-monthly-price on 20 December, making it even easier for consumers to find a car for their budget. It will also help dealers to compete better online against other loan providers, giving them the opportunity to increase finance penetration and profits.
Developed in partnership with Codeweavers, who generate over one billion finance calculations each month, this new feature will enable buyers to search for their next car – based on their available monthly budget. Auto Trader’s marketplace already features over 210,000 adverts which include finance options, with that figure expected to further increase over the coming weeks.
Commenting on the enhanced search experience, Auto Trader’s Retailer and Consumer Product Director, Jason Biffin, said: “We know just how influential finance is for today’s car buyers, many of whom view the affordability of a car based on their available monthly budget, and not the total price of the vehicle. However, in many cases, before a dealer has had the opportunity to discuss finance options in person, as part of their online research buyers have already secured their finance from other providers. We wanted to give our customers a competitive advantage with the opportunity to promote their own offers much earlier in the buying process when consumers are making their key decisions.”
Before the launch of monthly price search, all dealers will have the opportunity to benefit regardless of whether they are FCA approved or not. Those that are not FCA authorised are able to offer finance options on their Auto Trader adverts provided by Zuto. Biffin continued: “we want to ensure all of our customers can capitalise on the increasing role of finance in today’s car buying journey. Even if a dealer is not authorised by the FCA, car buyers will still have access to up to 70 different finance products from 17 lenders, including Barclays and Santander, through our trusted credit broker and longstanding partner, Zuto.”
This exciting addition to Auto Trader will form a key part of a new consumer focused marketing campaign, due to launch over the Christmas period. The multi-million pound advertising campaign will include television, radio, digital and outdoor advertising, and will help drive more engaged car buyers to Auto Trader’s marketplace.