8:15 am, April 27, 2020
Motor retail digital technology specialist iVendi says it has seen a ‘definite uptick’ in online activity over the past week – indicating that a rebound could be on its way.
Analysing data from dealerships using its systems, the company reports website visits for specific used cars, vans and motorbikes during the past seven days are running at 40 per cent against the January and February average, after dropping to 33 per cent at the end of March.
Online eligibility checks for finance are now 66 per cent of the January-February average, against a low of 34 per cent. Meanwhile, online finance applications for vehicles are now at 54 per cent, compared with a low of 22 per cent.
CEO James Tew, pictured, said: ‘While it is important to be extremely circumspect in the current situation, there has been a definite uptick in activity over the last few days. During the end of March and the beginning of April, we saw extreme lows and there are now signs of some metrics heading back towards normality.
‘Certainly, a relatively large number of people are looking at cars, vans and motorcycles and checking themselves for finance eligibility, and we see those as encouraging signs, even if they are not yet translating into many sales.
‘However, perhaps the key statistic is that payouts by motor finance companies are currently running at less than five per cent of the January-February level, with many of them committed to only approving essential workers at the moment.
‘With the practicalities of used vehicle dealers effectively returning to work through online sales very much a hot industry topic at the moment, this may or may not remain the norm.’
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