Cycle Trader and RV Trader, online marketplaces for buying and selling powersports vehicles, unveiled a new feature on Tuesday designed to help dealers increase their financing opportunities, parent company Trader Interactive announced.
The new feature, called Finance Fast Track, will help buyers contact dealers about financing options by clicking an interactive logo on the estimated payment form. The resulting email lead includes an “Interested in Financing” subject line and details on the unit the buyer is interested in.
The point of the feature is to “ultimately” help dealers sell more units and give them the opportunity to finance more units, which should help increase their profit margin, Paige Bouma, vice president of recreational brands at Trader Interactive, told PowerSports Finance. “The more you can connect with the consumer through a dialogue, whether it’s through email, text, chatting or phone call, the more you’re going to be able to move them through the sales process faster and offer financing [through the dealer],” she said.
Making the dealership a “one-stop shop” for financing and purchases makes buying a unit easier for buyers and customers, Bouma added. Consumers can buy units directly through the dealer, which also will make the billing process go faster.
Though the site already offered links to dealer finance pages, the company wanted to take it a step further by “igniting the dialogue” between customers and dealers about financing, Bouma explained. The new feature should send dealers quality leads and increase the likelihood that customers will opt for dealer financing by allowing for direct communication between both parties.
The company will be watching the feature closely over the next few months and continuing to optimize it, Bouma said. Though the company is unable to quantify the feature’s success, the initial feedback from dealers is “really favorable,” she added.
Trader Interactive also is adding social re-targeting ads meant to drive more traffic to their listings, the ability for buyers to text dealers directly from the listing they’re interested in and a new 24/7 chat that outsources discussions about listings to a “third-party service used by the automotive industry,” according to the press release.