New data released by the enquiryMAX dealer platform has shown finance as the driving factor in new and used car sales, with a 30% increase in PCP and 24% in contract hire against this time last year.The enquiryMAX study looked at sales records from dealers across the UK in October and November against the same months in 2016.
Jon Sheard, operations director at enquiryMAX commented, “The appeal of a low deposit and monthly payments hasn’t lost its appeal to Britain’s motorists. Along with contract hire, people are increasingly comfortable with a pay to drive model. It is vital that dealers have a comprehensive suite of finance products on offer if they are to maximise on every sales opportunity.”
Buyers appear to be more decisive/impulsive, with a 14% rise in the number of people buying on their first visit to a dealership. The implication is that the window to close a sale is also getting smaller.
Sheard continued, “Overall the number of leads dealers receive has risen by 6% in the year to date against the same period last year. Internet leads continue to grow rapidly with a 56% year on year rise. The message is clear; you need a finance-led marketing message delivered over the web to drive sales.”
EnquiryMAX has added over 100 new dealer sites to its platform in recent months. New clients have included VW dealers Motorline Volkswagen, Croyde Motors and W Livingstone Motor Services.