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PCPs dominate car finance sector with 21% increase in April

David Boyce, enquiryMAX

PCP car finance offers continued to dominate the sector in April with a 21% increase in volumes over the same period in 2017, enquiryMAX has revealed.

Analysis from the lead management provider found that the market also saw a 50% increase in contract hire during the month, albeit against a small base, as hire purchase grew by 16.6%.

The data also showed an increase in new car sales of 8% and a small decline in used sales of 4% in among enquiryMAX’s clients during April against the same month in 2017.

David Boyce managing director of enquiryMAX, said: “An attractive finance offer is still important to closing a sale.

“The data shows buyers are becoming increasingly comfortable using various forms of leasing and hire products.

“It is vital that dealers continue to mine their customer data to target customers with great offers.”

The data gathered by enquiryMAX is drawn from over 700 dealers.

It also showed that the average part exchange value has increased from £9,035 to £9,136.

The lead management platform recently announced it is launching a series of updates that guide sales teams through GDPR compliance procedures and has secured ISO 27001 certification to give its users peace of mind that it operates to the highest standards of data security.

The company has teamed up with GForces to put an Information Security Management System (ISMS) in place ahead of the GDPR deadline on May 25. 

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