The new Marketplace will increase transparency, allowing buyers to view cars from verified dealers and dealers to access pre-approved consumers
CarFinance 247, the UK’s leading online car finance platform, has seen a torrent of independent car dealers across the UK sign up to its Marketplace feature.
Just weeks after launch, the Marketplace addition to the CarFinance 247 platform has already seen 500 dealers join, representing around 5% of the total UK independent market. With sign-ups showing no signs of slowing down, the company is on track to welcome 1500 dealers to the marketplace by January 2022.
The Marketplace is designed to address common pain points experienced by both dealers and car buyers, and the new addition to the platform is already facilitating sales with reduced friction. Buyers can purchase a used car safe in the knowledge that their dealer consistently delivers quality vehicles. Dealers can be sure that buyers are pre-approved for finance while gaining extensive insight into the type of car they are looking for.
To ensure quality of service, dealers on the Marketplace will have to adhere to a strict set of standards. Customer reviews and physical checks will be considered when assessing whether a dealer is consistently providing quality cars and good service to buyers. These checks will alleviate consumers’ car buying concerns and enhance the protection provided by the Consumer Rights Act 2015, which can often be a blunt instrument when addressing issues.
The Marketplace is complemented by CarFinance 247’s car search tool, with more than 110k used car listings, allowing buyers to quickly and easily pick their perfect car from the dealer network. 71% of CarFinance 247’s buyers currently buy a car they’ve found on the car search, showcasing the strengths of the company’s platform. This is further reinforced by the latest figures from the platform, showing demand for finance soaring to 95k applications each month as the used car market continues to boom.
Reg Rix, CEO of CarFinance 247, said: “The rapid growth of the CarFinance 247 Marketplace reinforces our reputation as the UK’s leading online car finance platform. As we continue to expand, even more of the UK’s independent dealers will be able to reap the rewards of access to a greater pool of pre-approved in-market buyers. Marketplace sellers will also have their stock sent to consumers who have indicated they’re interested in a particular make or model, expanding their reach even further. Independent dealers are the lifeblood of the UK’s used motor trade and we look forward to working with many more forecourts and connecting them with buyers nationwide.
“The growth of the Marketplace is also good news for car buyers. It may sound obvious but the best way to solve a problem is to prevent it from happening in the first place. Thanks to our rigorous set of standards and reviews, consumers can have confidence that the dealer they’re buying from is verified and any issues that may arise will be swiftly resolved.”