At Codeweavers we are always looking out for online car finance trends to help you refine your finance offering on your website and capture more finance leads.
Monitoring how car buyers interact with finance on your website provides you with what finance your customers are interested in and how they want it presenting. Ignoring this could mean you are missing out on car buyers that wanted to finance a car that’s displayed on your website.
Here are 7 key car finance trends that I found last month based on car buyers using a Codeweavers calculator on a dealer’s website:
- The most popular deposit entered into a calculator was £1000. If your calculator deposit defaults at something different, check your analytics and change the default to what your customers are entering.
- The most popular time and the day that car buyers personalised a finance quote on a dealer’s website were a Monday at 8pm. We suggest that if possible; have a member of your team available at this time to follow up your finance enquiries. In addition to this, we suggest making time limited special car finance offers so you're engaging your car buyers at the time that suits them with offers they can’t resist.
- 59% of car buyers on a dealer’s website watched a PCP explainer video. This clearly demonstrates that car buyers want more information about PCP. If you lack PCP info on your website we suggest that you add a PCP explainer video on multiple areas of your website. Having this video along with an HP explainer video on your listing page helps educate car buyers earlier on when they are searching your car's on your website.
- 53% of car buyers personalised a finance quote on a dealer’s website on a mobile or tablet device. This clearly demonstrates the importance of your website having a responsive and easy to use on any device finance calculator.
- The top 5 cities car buyers personalised a finance quote were London, Manchester, Birmingham, Glasgow and Liverpool. How are you targeting these customers?
- The most popular make of used car, car buyers created a finance quote upon was a Mercedes. If you sell Mercedes through your website, we suggest you embed dynamic used car offers in your calculator within your Mercedes range, using Codeweavers’ used car offers tool. This will help attract these car buyers interested in a Mercedes on your website to buy their car and finance through you.
- The most popular term entered by car buyers was 60 months. As this is a fairly long duration this suggests that car buyers are taking out a finance agreement for longer to reduce the monthly payments they will pay. Again, it may be worth reviewing your calculator's default parameters.
I hope you find the 7 key car finance trends and tips useful. If you would like more information on car finance trends I’ve found, please email me here.