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 20th December, 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.”
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.