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Dealers urged to display cost per month finance onlineBack

AutoTraderMost car dealers are failing to promote monthly finance costs on their websites even though this is increasingly the preferred buying criteria for buyers, according to Auto Trader. New research conducted by Auto Trader found that only 15% of dealer websites currently present finance options, although 45% of dealers said they intend to do so.

“The upsurge in PCP agreements in both the new and used car finance markets is making the list price of cars increasingly irrelevant. With 77% of consumer new cars and around 25% of consumer used cars currently sold on dealer finance, monthly payments have become the benchmark information for consumers on affordability,” said Paul Harrison, Auto Trader’s head of motor finance. Auto Trader also found that 92% of consumers have already decided their payment method before visiting a dealer’s showroom.

“Given how consumer behaviour is changing – and the tendency of buyers to make all their big decisions while researching online – open and transparent information on car finance will offer dealers a real competitive advantage and ensure consumers properly consider dealer finance versus alternative sources.”

Auto Trader’s research also found that 86% of consumers carry out their research online after 6pm, when showrooms are closed, with over half arriving on a forecourt without making any prior contact with a dealer.

Source: Motor Trader

Posted by Sue Robinson on 03/07/2015