iVendi is aiming to help coronavirus crisis-hit car retailers by supplying them with its latest and most advanced product free of charge.
Called TRANSACT, the brand new online vehicle sales software will automatically be made available to our direct dealer customer base this week and can be used to progress sales digitally as far as possible in current conditions.
The product is designed to develop online consumer interest in a specific vehicle through to a final transaction while managing the complexities of the sales process. Crucially, at this time, there is the option to do this entirely online.
James Tew, CEO, said that development work on the product, which was originally due for launch later this year, had been accelerated because it was believed to be highly appropriate for dealers working in the current circumstances.
He said: “In opting to make TRANSACT available to all our direct dealers free of charge, we are presenting them with something that incorporates our very latest technology and thinking, and which we believe is the ideal solution to enable sales to be maximised and progressed as far as possible under current restrictions.
“We will continue to waive any charges until we feel the car retail sector is out of the woods, however long that turns out to be.”
TRANSACT is the first product of its kind to really enable deals to be created online in the same way as a face-to-face conversation. It enables flexible negotiation over price and other key factors, the sale of value added products and the ability to present multiple finance offers with instant decisioning.
During beta testing in normal market conditions in January and February, more than £10.9 million of vehicles sales were concluded using TRANSACT, which included £8.6 million of finance transactions.
James said: “This far exceeded our expectations and is part of the reason that we believe it will deliver for dealers hit by the crisis.”
iVendi is launching three products in 2020 – ENGAGE, CONVERT and TRANSACT - that together are designed to form a comprehensive online motor retail journey for all vehicle retailers from small dealers to multi-national businesses. CONVERT was introduced in January and ENGAGE will be brought to market later this year.