Only one in five customers at dealerships has an understanding of the motor finance products available to them, claims Alphera Financial Services.
Research commissioned by Alphera highlights the caution of car buyers who are increasingly happy to shop around, with 66% of those surveyed saying they are more careful with their money than they were a year ago.
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Alphera sales manager Kirk Franks said the statistics were "a call to action for dealers", who are the primary source of information for 61% of car-buyers, to help educate consumers.
Different demographics seem to explore different buying options: 43% of 18-24 year olds make choosing how to finance a car their greatest priority; 71% of men and 59% of women prioritise the make and model.
"It is not just about having finance in your product armoury," said Franks. "Its about having a range of options."
The survey found financial product advertisements to be quite important to car buyers and that 21% of people were attracted to forecourts by clear advertising.
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By GlobalData"It can be a minefield for a layperson" said Franks. "There is value in dealerships regularly updating their customers on the latest offers, as three out of four customers who have used dealer finance decided on their package before visiting the dealership."
With one in four people, therefore, coming to showrooms with no fixed budget, there is an imperative for dealers to know more about what can be offered, and even to combat public reticence toward motor finance.
"If dealer staff know the products to hand, they can improve and actually meet customers aspiration, with the transparency of CCD helping," Franks added.
In response, Alphera has introduced its silent salesman technique to assist partners in displaying finance examples in their showrooms, which are complaint and are completed easily online.
