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Definite uptick in used online vehicle activity over last seven days reported by iVendi

A “definite uptick” in online activity over the last seven days is being reported by motor retail digital technology provider iVendi.
 
Using data from the across the dealers who use its systems, the company reports that a variety of key metrics indicate the first signs of a potential rebound.  For example, web site visits to view specific used cars, vans and motor cycles during the last seven days are running at 77% compared to the average during January and February, having fallen as low as 31% at the end of March.  Online eligibility checks – which allow a customer to see their chances of being accepted for motor finance – over the last seven days are now 62% of the January-February average, compared to a low of 32%.
 
Also, online motor finance applications over the last seven days are now running at 17%, compared to a low of 6%.
 
James Tew, CEO at iVendi, 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 motor cycles and checking themselves for finance eligibility, and we see those as encouraging signs, even if they are not yet translating into many sales.
 
“Where the data is still disappointing is around actual motor finance activity. While the fact that 17% of people compared to the January-February average are now making applications is a vast improvement over the low of 6% that we recorded at the end of March, it shows there is still some distance to travel.  “However, perhaps the key statistic is that payouts by motor finance companies are currently running at less than 5% 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.”
 
Tew added that interesting additional statistics came from use of its new TRANSACT online vehicle sales product, which was made available free of charge to its direct dealer customer base earlier this week.  “One of the advanced new features in TRANSACT is that it allows dealers to construct comprehensive digital deals that can be sent to prospective customers and used as a tool to negotiate a final agreement including factors such as value added produces, trade-ins and finance. This was trialled during January and February.  “What is noteworthy is that, although the average number of digital deals sent out by used car retailers is now less than half of the level recorded at the start of the year, the actual number of deals agreed online and finance applications submitted through this method hasn’t changed. 
 
“When we decided to make TRANSACT available to dealers during the crisis, it was because we believed it was a product that could make a real impact on their business at this time, and these figures bear out that thinking.”

For further information https://ivendi.com/

 

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