Search by monthly price set to launch on 20th.
- Over 210,000 adverts on Auto Trader already include finance options, with that figure expected to increase further over the coming weeks.
- Further flexible finance options for consumers
London 30th October 2017–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.
This has been developed in partnership with Codeweavers, who generate over one billion finance calculations each month and Zuto, a car finance credit broker with 10+ years industry experience and trusted by more than 2 million UK car buyers. The 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 much earlier in the buying process when consumers are making their key decisions.”
Before the launch of monthly price search, the finance solutions will be opened up to all vehicle advertisements, regardless of point of sale. Biffin continued: “we want to ensure all of our customers can capitalise on the increasing role of finance in today’s car buying journey. Even if a dealer is not authorised by the FCA, car buyers will have access to up to 70 different finance products from 17 lenders through our trusted finance partner, Zuto.”
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.
About Auto Trader
Auto Trader Group plc is the UK and Ireland’s largest digital automotive marketplace. Auto Trader sits at the heart of the UK’s vehicle buying process and its primary activity is to help vehicle retailers compete effectively on the marketplace in order to sell more vehicles, faster. Auto Trader listed on the London Stock Exchange in March 2015 and is now a member of the FTSE 250 Index.
The marketplace brings together the largest and most engaged consumer audience. Auto Trader has over 90% prompted brand awareness and attracts an average of 60 million monthly cross platform visits a month, with circa 70% of visits coming through mobile devices.
The marketplace also has the largest pool of vehicle sellers (listing more than 470,000 cars each day). Over 80% of UK automotive retailers advertise on autotrader.co.uk.
Zuto is a different kind of car finance company; their goal is to build an experience so compelling that no-one would choose to finance a car any other way. Established in 2006, Zuto, (formerly Car Loan 4U), is a car finance credit broker with 10+ years industry experience and trusted by more than 2 million UK car buyers.
Listed in the Hiscox & Sunday Times Tech Track 100 on three separate occasions, Zuto has one or the largest lending panels in the market and has provided access to more than £1bn in lending. Zuto has gained a 5* Trust Pilot rating and 99 per cent of Zuto customers would use them again.
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