From Netflix to Spotify to phone bills and AfterPay, consumers are accustomed to weekly or monthly repayments when purchasing all manner of good and services. And now, in the latest enhancement to carsales.com.au, dealers can display a weekly finance estimate alongside their inventory, thanks to the release of carsales Finance Extension.
Structured to comply with all current regulatory requirements, carsales Finance Extension enables consumers to submit a qualified ‘finance enquiry’ on a dealer’s inventory item.
“The addition of Finance Extension carsales enables an attractive and responsible finance estimate to be a key selling point for an inventory item,” says Darren Kumar, Business Development Manager at carsales.
“It gives the consumer more information to make a better decision about the vehicle, and introduces the dealer’s finance offer at the earliest stage possible.
“The new product can help dealers sell more cars, more profitably,” adds Kumar.
Cars with a Finance Extension estimate attached can be easily located with a dedicated search filter. In addition, these inventory items will display a prominent badge on the listing when viewed in search results.
When a consumer clicks through to a more detailed view of the car for sale they are presented with a weekly repayment and comparison rate through a branded finance provider.
Improving perceived affordability
Almost half of car buyers use finance to fund their automotive purchase. Along the way, more than one third (37%) of them consider it when researching vehicles to purchase.¹
This proportion increases as consumers move through the purchasing journey, but when establishing a shortlist, the number of consumers actively considering finance falls to 16%.¹
“carsales is a key source for consumes to find out about finance offers and the addition of Finance Finance to carsales allows consumers to think about finance earlier in their purchase journey,” Kumar says.
“We believe it will also prompt consumers to consider a wider range of vehicles and perhaps speed up their purchase journey. For example, a weekly repayment estimate delivers consumers a more flexible and convenient way to purchase, improving perceived affordability.”
carsales Finance Extension enquiries are flagged in AutoGate for follow up and nurturing.
Kumar says initial results from carsales Finance Extension pilot programs reported positive consumer and dealer engagement.
“Dealers involved in our pilot programs reported positive results including stronger sales margins, transaction prices and more finance written,” says Kumar.
“It’s a great start and we’re confident of improved results as consumers become more accustomed to seeing finance offers on carsales as they browse vehicles to purchase,” he stated.
Tips to improve speed of sale, reduce sticker price erosion and increase finance penetration:
1. Contact the customer in a timely manner – within 30 minutes
2. Pass the lead to your dealership’s Business Manager for first contact to discuss and qualify the customer for their appropriate finance rate
For more information about Dealer Finance, contact carsales here.
