Car buying still top of mind for customers
There has been a step-change in visitor activity at findandfundmycar.com through the enforced lock-down period:
- 29% increase in sales leads week-on-week
- 15% increase in site traffic
- A surge in finance activity
Central to this accelerating trend has been one of findandfundmycar’s critical USPs; access to online dealer finance. Reflecting on the trends, CEO Mark Standish notes:
“One of the most compelling KPIs is the notable increase in our site visitors engaging with our financing options, which is a sure sign of car buying ‘interest’ moving through to ‘action’. The levels of people seeking a finance decision in principle and those completing a full finance application have both increased significantly.”
Activity trends through the lock-down period have seen an initial fall in visitor traffic as the lock-down and inevitable uncertainty surrounding COVID-19 commenced, followed by a period of sustained growth.
Crucially the amount of time visitors have been spending on the site, looking at vehicles and at the platform’s unique finance capabilities, point to genuine car buying and financing interest. This is reinforced by the number of people re-visiting the platform to seek more information, or to progress their initial car and finance interest. The trends to online car buying and financing are ones that Standish sees being sustained when the current restrictions are lifted, as he concludes:
“It seems likely that for many people, the move forced on them by the lock-down to broaden their online activities will become embedded. Whether they have been browsing for a car or using online shopping for the first time, the genie is not going to go back into the bottle. This will be especially true for non-emotional purchases such as finance. Dealers can be reassured that as more customers adapt to online finance without the need to visit a showroom, that with findandfundmycar the finance customers’ choose is theirs.”
Press release issued by MotoNovo Finance, May 2020