Heycar is throwing dealers a cash lifeline as they face widespread stock shortages.
The online car marketplace’s Trade Up initiative will give them an extra £250 for a part-exchange relisted on the platform during July, which it says will let them close a deal, protect their margins or lower acquisition costs.
It follows latest research from the company that shows users looking to spend on average £13,000 on top of their part-exchange car.
Its data insight also shows that the most popular part-exchange vehicle year is 2015, with most users looking to upgrade to a 2017 car or newer.
Ford was identified as the most popular part-exchange valued make on the platform, with Vauxhall second and Volkswagen third. The top three models were Ford Fiesta followed by the Ford Focus and Vauxhall Corsa.
Heycar said the initiative was part of its bid to make sure people understood that taking the dealer route gave them the best possible returns as part-exchange values soared amid ongoing supply chain problems in the new and used car sectors.
Karen Hilton, chief commercial officer at Heycar, said: ‘At Heycar we remain steadfast in supporting our network of dealers navigate whatever challenges they may face.
‘At the moment, a lack of stock is proving a pain point for many. That’s why we are determined to drive more part-exchange sales their way.
‘Our Trade Up initiative aims to show car-buyers that they can only get the best returns by part-exchanging through dealers.
‘And for dealers, the £250 we’re offering towards part-exchange for cars relisted on Heycar will provide a welcome boost to their bottom line on every sale as well as helping to increase stock levels.’
In addition, every customer who includes their part-ex details with their interest in a new or used car will be automatically entered into a prize draw for a year’s free fuel.