Used car buyers’ expectations over online buying have been altered by pandemic, says finance firm

Time 1 year ago

People have come to expect a speedy and more convenient way of buying used cars online during the pandemic.

That’s according to Startline Motor Finance, which says there has been a shift towards assuming dealers will match retail processes commonly available in other sectors.

Chief executive Paul Burgess said: “This is, to some extent, a simplification, but a year ago, most online dealer processes ultimately worked but lacked the speed and overall slickness that you’d see from an Amazon or a John Lewis.

‘There were good reasons for this disparity, but by far the most important was the relative complexity of buying a car online compared to, say, a book or a shirt.

‘What we have seen happen over the last year has been a closing of that gap.

‘Successive lockdowns have forced dealers into a situation where they have needed to maximise online sales and so a lot of attention has been paid to smoothing and speeding up the processes involved.

‘As a result, some points that were seen as too difficult to easily resolve, such as part-exchanges, have been tackled in a concerted manner.

‘We’re now in a situation where even quite small dealers can offer extremely competent online processes that include the sale, a part-ex facility, finance, aftersales products and delivery, and larger dealers can often do even more.

Considerable achievement

‘Many have now accelerated their online presence to a point where they can compete with almost any digital retail process.

‘Considering the sophistication of the average car buying journey, this is a considerable achievement.’

He added: ‘Almost month by month, we’ve seen an increasing impetus to shave more and more time off the online motor finance process. This has produced real and measurable results.

‘The faster and easier the application, the higher the number of deals written.

“The question is whether these improved processes will markedly increase the number of people who are willing to buy a car online or simply improve the conversion rate for those who are already willing to do so.

“Our feelings are that this is not yet clear but that it does mean that nearly all dealers are now in much better shape as agile, adaptable, digitally enabled modern businesses as we emerge from the pandemic.

‘No matter the direction in which the market moves, used car retailers are ready and able.’

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