Findandfundmycar.com, the online car finance aggregator website created by MotoNovo Finance, has axed dealer fees.
Whereas before dealers were charged for placing cars on site thus funding cross media advertising, now they can list stock for free. MotoNovo said this will help to get more dealers on board and grow the volumes of cars listed on the site.
MotoNovo Finance’s Motor Division CEO Karl Werner: “In January, we set out on a mission to redefine the vehicle aggregation market and create the most dealer-centric platform. We have proved that findandfundmycar.com can deliver results and now, we need to scale up and build upon the impact the platform has already had.The way to do this at pace is to a model that is similar to a free subscription. Advertising on the platform is free, and payment is by results.”
Findandfundmycar claims that dealers using the website see a 15% increase in finance proposals and a 8% increase in volume written.
“You can’t argue with the figures. The platform is helping dealers sell more cars and sell more finance. What we aim to do now is rapidly grow stock levels and enhance the customer experience, giving better choice and attracting an even larger audience.”
MotoNovo cited analysis by Morar HPI which revealed that 83% of customers who have used the platform would recommend it.
“We have proved we can drive finance sales for dealers through the platform. We are backing the impact of findandfundmycar.com as a proposition that can drive finance and car sales with no up-front advertising costs,” said Werner.
“Dealers have an opportunity to become the disrupters by changing their vehicle advertising approach and trying something entirely new – something with a truly dealer-dedicated promise.”
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