Online car search network Motors.co.uk has launched a function to search by ‘monthly cost’ for buyers on its website.
The function allows customers to refine their search payments using deposit and monthly payments, instead of just through total cost.
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Alongside the new feature, the website is planning to launch a new television advertising campaign, titled Miss Smart Finger.
Finance prices are set individually by the dealer, through technology powered by iVendi. The system used provides dealers with a set of tools to control finance rates and the ability to upgrade to receive qualified finance applications.
Motors.co.uk said ‘hundreds’ of dealers had already upgraded to add the finance calculator to their inventory to allow inclusion within the payment search.
Andy Coulthurst, managing director of Motors.co.uk said: "We’re working with iVendi on a pipeline of set-ups to enable this functionality for more dealers in advance of the TV launch. Search by payment is an expected feature among consumers in other sectors and competitor providers in the car search market have suggested they will follow behind Motors.co.uk by launching similar products."
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By GlobalDataRichard Tavernor, chief operating officer at iVendi, added: "We’re excited that Motors.co.uk has recognised the importance of finance to both dealers and consumers. The speed at which they developed their monthly payment search highlights the ambition and innovation in the business. Our solution puts the dealer in control of rates offered, supported by valuable business intelligence too, not to mention helping to meet the increasing regulatory demands on dealers."
