Used car marketplace heycar has penned a deal with automotive technology supplier SilverBullet to offer customers more options to purchase online.
The partnership allows customers to get all of the paperwork out of the way before visiting a dealership. This includes reserving a vehicle of their choice, applying for finance and getting a part-exchange quote.
Retailers who already use the SilverBullet product on their website can now benefit from heycar’s platform. According to SilverBullet, retailers who adopt their solutions see finance penetration rates as high as 90%.
margins are higher for the retailer. At the same time there is a significant reduction in cost of sale as consumers complete the deal themselves alongside increased CSI scores as they enjoy full transparency and control over their deals.
Brook Bishop, head of strategy at heycar, said: “The coronavirus crisis is accelerating change across the used car market. We’re determined to be at the forefront of this and it’s great to have SilverBullet as our first partner in this.
“Our customers are telling us they want to be able to purchase vehicles online, and our new and improved platform will allow many to do just that, by completing their part-exchange and finance arrangement from the comfort of their own home before setting foot in the dealership. This is the first step in realising our wider e-commerce strategy, which we’re working on with multiple partners, and we’re delighted that SilverBullet are working on this with us.”
Hamish Livingston from SilverBullet comments: “heycar shares our outlook that technology is transforming the used car marketplace. Our powerful software solutions allow the industry to meet changing consumer demands head on. We’re immensely proud to join forces with heycar to help drive this change.”
Earlier this year, heycar reported soaring online traffic during lockdown, with used cars seeing a particular increase in interest.
Chief commercial officer at heycar, Karen Hilton, said: “We might be living through extraordinary times, but the signs are there that the industry will be able to pivot back to better times later in the year. Right now, that means nurturing every possible lead and having the best possible online offering for people to find you when they are stuck at home on their laptops and phones.”