Consumer Car Finance Market Reports 327% Growth
5th July 2021
As the country prepares to ease restrictions which dealerships have been navigating over the last seventeen challenging months, the consumer car finance market has shown strong signs of recovery with new business volumes growing 327% in May, compared to the same time in 2020.
Figures released by the Finance & Leasing Association (FLA) show that the customer finance market for used cars has seen new business volumes rise 270% when comparing May 2021 with May 2020, while the same market for new cars has risen by 514%.
As the finance market continues to recover from the effects of Covid-19, car dealers can take advantage of this surge by offering finance on their dealership’s website, allowing the process to take place whenever it’s most convenient for the customer. Car buyers are likely to move on from your website if they can’t immediately discover the affordability of your stock, so it’s worth displaying the monthly cost alongside the outright vehicle price to attract as many enquiries as possible.
Finance calculators can also be displayed alongside sales presentation videos sent via the Dragon2000 APPraise mobile app. After enquiring about a vehicle, dealers can record and send customers a personalised video highlighting the key features, with a finance calculator featured on the same link. Offering finance at this point in the sales process is ideal as the video will have already peaked the customer’s interest. Completed finance applications will then appear within the DragonDMS, ready to be followed up by sales staff.
The DragonDMS features its own industry-first integration with Codeweavers, allowing car dealers to retrieve finance quotes instantly and submit applications while either on the phone to customers or sat with them in the dealership. The integration means that dealers no longer need to jump into different systems and re-enter the same details over and over again, saving more time for staff to progress the sale and speak to customers.
Dragon2000 have been helping dealers and garages drive their businesses forward since 1995. Talk to our team today on 01327 222 333 or email email@example.com to find out how our dealer management system, car dealer websites and mobile apps can help your business increase profits and reduce costs.