Close Brothers Motor Finance has launched a trailblazing new partnership with Auto Trader. Its dealer partners can now use a clever new tool, powered by Auto Trader data, that gives them a better understanding of regional trends, stock inefficiencies and consumer behaviour.
The motor finance provider believes the powerful insight tool gives dealers the ability to unlock their full potential when it comes to buying and selling stock.
Managing Director Seán Kemple explained in the video above: ‘We fund a large number of dealers’ forecourts, so we can see the stock on dealer forecourts.
‘We take Auto Trader’s market-leading data and speak to the dealer to aid the sale of those vehicles –what demand is in the marketplace and how those vehicles should be priced depending on their strategy to either move the vehicles as quickly as possible to release profit, or maximise profit over a longer period of time.
‘That’s just one part of it – the other is also what consumer demand we’re seeing coming through our partner classified sites like Auto Trader.
‘These tell us what’s about to hit the forecourt.’
Kemple added that it’s never been more important for dealerships to have crucial data at their fingertips.
‘If you cast your mind back to 12 to 18 months ago, we were seeing a lot of dealers saying: “I’m not going to pay those prices because I’m afraid of retailing at the prices I’m going to be purchasing at”, he commented.
‘Having the data to understand what consumers are willing to pay, what price points they’re searching for, allows us to work with a number of those dealers to help them.
‘At one point we were seeing dealers at 50 per cent of their forecourts because they were too concerned to buy the stock at the prices that were selling at wholesale.’
The insight tool is a ‘value-added service’ to Close Brothers Motor Finance’s dealer partners, said Kemple. He added that it was delivered through their account managers who turn the data into actions specific to the dealer’s business goals.
Kemple also explained how unique the new insight tool was in the market.
‘I can be confident to say that nobody else is working at this depth,’ he told Car Dealer in the interview that you can watch by clicking on the link on the right.
‘This is really unique in terms of the joint venture with Auto Trader – to bring that data in and start working with the dealer partner.
‘It’s not just catching up in the market or being competitive, it’s market-defining.
‘We’re seeing some great success stories – dealers increasing prices on vehicles based on demand that goes against everything in a dealer’s DNA.’
There’s more to come, added Kemple.
‘We’re currently working on something for the motorbike sector – that will be an industry-first, as nobody is really providing live data into the motorcycle market.
‘We also want to focus in on the LCV market.’