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Findandfundmycar.com comes of age in helping dealers

PARTNER FEATURE

Findandfundmycar.com has celebrated its third birthday and does so by digging into some data

The idea of a dealer-centric car aggregation service that offered an integrated finance journey to bring dealers and car buyers together was the catalyst for www.findandfundmycar.com. Three years on from its launch, hard data reveals it’s increasing impact for the dealer community:

Findandfundmycar.com:

  • Now influences 15-20% of all monthly volumes written by MotoNovo Finance, the UK’s second largest used car finance provider
  • Increased leads to dealers by 41% in 2020 compared to 2019
  • Accepted finance increased by 33% in 2020 compared to 2019
  • Over 2,500 contracted dealers list more than 144,000 vehicles

An integral part of dealers’ click and collect model

As the first lockdown period came into force last year, our no listing fees approach gained immediate popularity. The platform’s online dealer finance capability became an integral part of many dealers’ click and collect and click and deliver service, closing sales and supporting finance as a profit centre.

Increasing traction through dealers’ finance

With more stock than some of our key competitors, site traffic has risen. Above that, visitors are more engaged than ever in tailoring their vehicle search, accessing dealer review ratings and ‘parking’ potential cars ready to take interest to action. The most telling data is around finance. People are spending longer and going deeper into the online financing capability; with more going all the way to purchase.

The Financial Conduct Authority’s (FCA) new rules

It is in the online finance journey that we believe findandfundmycar can add even more value to dealers. The Financial Conduct Authority’s new rules herald a new era for finance. Dealers can use our highly impressive risk-based pricing MotoRate pricing model on findandfundmycar to drive traffic and sales. Since its launch, MotoRate has increased dealer finance penetrations markedly.

On findandfundmycar, potential car buyers can now flex quotes and use a self-assessment tool to create a personalised finance offer based on their credit profile.

The future is about collaboration

In these times of change and disruption, a dealer-dedicated used car marketplace is an option that every dealer can choose to support. At the heart of findandfundmycar is collaboration; the platform is built to bring dealers and buyers together with dealer finance at its core.

If dealers want to control their destiny, then findandfundmycar offers that opportunity. Used cars, dealer finance and a finance pricing model designed to meet FCA rules and at the same time open the opportunity to increase used car finance penetration all in one place.

In an increasingly omnichannel marketplace let’s invent the next dealer model together.

By Phil Morgan, Head of findandfundmycar.com