The baton of control and responsibility for finance and self-checking affordability is now being handed over to customers, but only if dealers provide such a tool. If they don't, they are missing out on the opportunities to make their cars more affordable, and arguably they are increasing risks centred upon affordability checking. We should be providing car buyers with a clearer and more intuitive journey on a dealers website.
“Our calculators are doing far more than helping to promote the sale of a new car; they are placing the car buyer in greater control of their car purchasing and financing journey, including enabling them to create a deal that they can afford. In doing this, they are transforming the traditional sales process; increasingly consumers are ‘buying’ the finance offer that they want, rather than being sold to,” notes Codeweavers Sales Director Shaun Harris, adding; “and this is entirely right for today’s market.” The evidence is compelling - an online finance calculator should:
• Support affordability checking – both online, and in the showroom, car buyers can embark on their journey of ‘self-discovery’;
• Helps bring buyers and sellers together because of the deeper level of engagement and time spent on the dealer’s site by the consumer;
• Improves customer buying confidence, both in the dealer and their own budget capabilities;
• It can help to enhance SEO to improve dealer’s online ranking.
To demonstrate the growing importance of finance calculators, last year Codeweavers generated 229,897,440,000 finance calculations and 8,146,800,000 finance quotes. As Harris concludes, having a calculator on every dealer site should be considered the industry standard;
“In a conversation recently, an old friend told me that if a dealer hadn't got a finance calculator on their website by now, they never would. Candidly, I believe every dealer should have such a tool on their website, whether it is one of ours or not. The value in supporting customers and the way it helps place the control in the consumers hands to help them establish affordability makes it a standard that should be seen as undoubted.”