One of the issues facing the many dealers adopting a click and collect model of trading as we emerge from lockdown is a very human one – how do you negotiate a deal with a potential car buyer entirely online?
Our research shows that 69% of used car sales don’t happen at the advertised price because buying a vehicle is really a series of very human micro-negotiations – over price, over added value products, over adjustments to finance and more. Something that complex is not easily achieved digitally.
This is where iVendi’s new TRANSACT - designed to develop online consumer interest in a specific vehicle through to a final transaction - scores so highly. It is the first product of its kind to really replicate online the way that negotiations over cars and vans happen in the real world, we believe.
James Tew, iVendi CEO, said: “TRANSACT allows negotiations to occur in a very natural and seamless fashion that combines the best aspects of conversational and digital deal making for both the vehicle retailer and the vehicle buyer. In this sense, it marks a genuine step forward and is ideal for the new trading models that are now emerging.”
Key features include the ability to build and send a digital deal to customers remotely with multiple finance products; to enable the consumer to self-serve important elements of the transaction; to include value added products; to manage finance application submissions as well as updates and decisions from your panel of lenders; and to offer easy-to-understand consumer motor finance product information videos.
James continued: “Being able to construct a proposal for the customer in a manner that provides a means to negotiate on all of the key points online in order to arrive at a final deal is proving to be extremely effective in current, real world conditions.
“We are already seeing signs that TRANSACT is helping some dealers begin to pioneer a new way of interacting with consumers that is highly effective under click and collect. In the new normal, as the motor industry searches for new ways to meet the needs of car buyers, it could be a very valuable development.”