By Tony Willard
Promotion of finance for used cars is especially important online, which is where most consumers establish their buying criteria, said Karl Werner, MotoNovo head of sales and marketing.
|Karl Werner, MotoNovo head of sales and marketing|
“Would-be customers want and need a rich, quality online experience, and this will turn interest into sales,” he said. “Dealers should ensure everyone is actively looking to grow the value of finance online and in the showroom. Research by Cisco shows 78% of people who research online trust the findings. All sales staff should be trained and targeted to offer finance in a high integrity manner to every customer, measuring performance at individual level.”
Werner said used car finance shared the availability and convenience of loans for new cars but dealers must make customers aware of the options. “Used car finance represents tremendous value for most – it is competitive, convenient and easy to access,” he said.
Kirk Franks, Alphera Financial Services UK sales manager, said savvy motor retailers with the right mix of new and used stock could capitalise on forecourt footfall with innovative HP and PCP packages to suit every budget.
“Our experience with franchised and independent dealers shows targeted campaigns, with attractive F&I rates as a marketing hook, can really work,” he said. “One for an independent dealer to support used car sales over specific weekends encouraged footfall. Used car penetration was increased by well over 10%, giving the dealer their best performance on used and pre-registered vehicles.”
Franks said robust deals offered by manufacturers meant the used sector would be busy through October, with good volumes of retail-ready part exchanges entering the market.