Motor customers are agreeing finance deals anytime, anywhere. Here's how
22nd October 2020 | 2 min read
- COVID-19 has normalised online buying in the motor trade
- A contactless customer journey is now possible with online finance tools
- Customers have given positive feedback on remote sales
- The handover predicted to become primary reason for customers visiting dealerships
One thing we’ve all got used to during the COVID-19 crisis is buying more over the internet. It’s no surprise that online spending on items like groceries and fashion has increased. But so too have purchases in categories such as cars, caravans, Powered Two Wheelers (PTWs) and even houses, which most people would never usually dream of buying without 'trying for size'.
Giving customers more freedom, giving dealerships more customers
While past surveys have suggested an underlying demand for a fully digital buying journey in the motor trade, COVID-19 has rapidly normalised online sales, which may otherwise have taken years to evolve. According to a recent Auto Trader survey, 15% of consumers are still uncomfortable about visiting a showroom[1]. Realistically, the only way to reach these buyers is with a fully digital, contact-free service.
At the start of the pandemic, when customers needed a way to sign credit agreements remotely, we launched an enhanced version of our popular online finance tool SignIt Anywhere. By eliminating the need for face-to-face meetings to complete a sale, this service has made it possible for dealers to offer a truly contactless customer journey.
Customers agree their financing option via a secure online portal* and receive their vehicle by click and collect or a delivery service. True, it may not have the human touch of face-to-face sales. But what the digital sales journey lacks in personality it certainly makes up for in convenience.
* Upper finance limit, some driving license restrictions apply.
SignIt Anywhere in action
For Motorpoint, the ability to provide a fully remote financing process has been essential to engaging with customers and maintaining revenue through lockdown and beyond. As such, SignIt Anywhere has become very much a part of their new normal.
"We’ve seen continuing strong demand from the retail public, and this technology has afforded us the opportunity to transact via distance sales and our click and collect option," says Jon Baird, Motorpoint’s Commercial Director.
For Motorpoint’s customers, SignIt Anywhere’s flexibility offers a safe, contact-free purchasing environment.
“Feedback from our Sales and Delivery team has been exceptional,” says Jon. “Customers absolutely take comfort in conducting business remotely, confident in the knowledge that the functionality is being provided by Black Horse.”
Embracing the new normal
Driven by lockdown, digital interaction has become integral to the buying journey. Given the ongoing constraints of social distancing, that situation is not likely to change in the future.
We predict that while visiting a dealership will remain an important part of the sales journey for most customers, the timing of that visit will change, with the focus coming later in the process. The excitement and drama of the handover will become heightened, with forward-thinking dealers pulling out the stops to deliver a genuinely engaging experience. At the same time, dealerships will increasingly become a hub for in-life services.
In this new normal, the ability to offer a contactless buying journey is a huge selling point for your dealership. If SignIt Anywhere hasn’t been activated for you yet, please reach out to your Account Manager.
[1] https://plc.autotrader.co.uk/press-centre/news-hub/smmt-new-car-registrations-june-2020/
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