Dealers are to be given what’s being hailed as an invaluable and industry-first insight into consumer demand in the marketplace.
A new data tool has been launched via a partnership between Close Brothers Motor Finance and Auto Trader that will collect and analyse forecourt statistics on a scale never known before.
Close Brothers said it would allow dealers to manage their forecourts more successfully and achieve their own objectives by quickly adapting their stocking and pricing strategies to better reflect market conditions.
The tool – powered by Auto Trader and delivered by Close Brothers – aims to aid better understanding of regional trends, stock inefficiencies and consumer behaviour, unlocking dealers’ full potential for buying and selling vehicles.
The partnership is said to mark an industry first, with Close Brothers becoming the only finance provider to gather this scale of data and intelligence for its customers.
Close Brothers managing director Seán Kemple said: ‘We are delighted to announce this powerful new partnership with Auto Trader.
‘It’s rare to see a genuine industry first, and the power and depth of Auto Trader’s market-leading intelligence will combine perfectly with our market knowledge and strong dealer relationships.
‘We have always seen dealers as true business partners, and this tool enables us to even further align with and support the business objectives of those dealers, whatever those objectives might be.
‘The intelligence provided will bring powerful data to life and help dealers make more informed decisions around managing their forecourts.
‘Working smarter, not harder is arguably the ethos behind this partnership and product.
‘Identifying the right data and distilling it into clear-to-understand actions will help dealers maximise their profitability.’
Nathan Coe, Auto Trader’s chief executive, said: ‘In September, we saw over 65m visits to our marketplace.
‘This coupled with the 13,500 retailer partners that work with us, over 400,000 vehicles listed, and daily analysis of circa 900,000 vehicles across the market, enables us to generate the highest-quality insight to support our customers’ businesses.
‘Surfacing insights alongside Close Brothers’ intricate knowledge of its customers will provide a powerful tool to help retailers capitalise on the opportunities in this incredibly fast-moving market.
‘A retailer’s experience will always be invaluable, but we consistently see that the very best-performing businesses are those that complement their expertise with data.
‘Today we’re recording significant changes to price, supply and demand on an almost daily basis, so it’s never been more important to be up to date with these market dynamics.’