Exchange and Mart has launched a ‘click-and-collect’ website to increase the speed at which consumers can buy a new car.
It's a site that the company has previously promised is not a threat to dealers (see related content right).
Paymentswap.co.uk uses developments in online and finance technology and is free to Exchange and Mart dealer customers who choose to opt-in.
More than 60 dealers are taking part in a beta test of the site.
A full launch is planned next month.
Payment Swap is designed to appeal all those in the middle of their existing finance agreement - an estimated 1.6 million drivers each year.
In less than a minute, these buyers get to choose from a large range of newer cars all for the same or less monthly finance plan than they are on now.
They enter a registration number, current monthly payments and their postcode to see available options.
With no deposit to pay and subject to status, the HP/PCP rate is 9.9% APR.
“With Payment Swap, haggling and competing are no longer required,” said Thom Coupar-Evans, of Exchange and Mart.
“This makes the customer’s online journey more enjoyable because they can self-deal at their own convenience.
“Everything is taken care of, from the part exchange to signing the finance documents online. This leaves very little for the customer to do, except arrive at the supplying dealer, take a short test drive, swap cars and drive away, which can all happen in under twenty minutes.”
With no selling time or other financial investments required, dealers featuring their stock will be required to hand cars over at ‘full up’ screen prices to people who weren't due to be in the market for around another two years.
“Other benefits for dealers include seeing actual evidence of where the business came from. Something never previously made available,” said Coupar-Evans.
Dealers will be able to upload their stock to be featured on the Exchange and Mart portal, giving them access to more than 30 million unique users each month.
In addition, Exchange & Mart parent Newsquest Group’s online and offline media platforms comprise over 200 websites and press titles, promoting dealer’s stock.
Sal Ciullo, commercial director of Automotive Media, Payment Swap’s creator said: “The first batch of groups and car supermarkets have all signed up, with more opting in daily.”
Exchange and Mart’s partners include Northridge Finance, DSG Financial Services, Aviva and Automotive Media.