Auto Trader has announced the launch of ‘New Car Offers’, a new functionality that enables retailers to display FCA-compliant finance offers on new car listings, aimed at boosting lead conversion and increasing pricing transparency.
The feature allows retailers to attach a single representative finance example to their new car stock. According to Auto Trader, 9 in 10 new car buyers use finance, and 84% of consumers cite the ability to compare cars and finance offers easily as a key factor in their decision-making process.
Bex Kennett, performance director at Auto Trader, said: “By displaying monthly costs upfront, retailers will be able to provide greater pricing clarity, helping consumers understand affordability at a glance, whilst ensuring that better quality leads are coming through to them, maximising their sales potential. We’re committed to enhancing the new car experience for both retailers and buyers and look forward to working with our partners over the coming weeks to make the new functionality a real success for all.”
Retailers adopting the functionality have welcomed the development as a way to increase efficiency and build trust with customers.
Mark Busby, director of commercial operations at Hendy Group, said: “We’re excited to start displaying new car finance offers on our new vehicle adverts on Auto Trader. We want to convert browsers to buyers and showing them upfront exactly what deposit contributions they’ll receive from the OEM means they’ll know the monthly costs of how much deposit is required – providing greater price transparency from the start of their journey and helping us to stand out in a competitive marketplace.”
Craig Carter, brand director at D.M. Keith, added: “Having the ability to now add clear finance offers to our new car adverts will ensure that prospective buyers feel more informed and confident when making a purchase with us. Not only this but the solution will be a real game changer for us as it will allow us to transact with consumers quicker than before, thus enabling us to save much needed time so we can focus our attention on other key tasks.”
While the functionality for retailers to upload their finance offers is now live, Auto Trader confirmed that consumers will be able to see and interact with these offers later this month.
Auto Trader reports that visits to its new car platform increased 11% year-on-year last month, while the new car market is currently up 6% year-to-date.
