FairSquare, which describes itself as ‘50% cars, 50% finance’, has launched as an online store front for both cars and finance.
The site says it has negotiated discounts for both new and used cars from its dealer partners in its adverts.
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FairSquare is an FCA authorised broker and customers are able to search for a car by either make and model or monthly price.
The site says ‘soft’ searches are conducted for browsing cars and finance payments tailored to the customer’s credit profile. FairSquare receives fixed commissions from its finance partners.
It offers HP, PCP, HP with a balloon payment and personal loans. HP with a balloon payment is unlike PCP as there is no option at the end of the agreement and the customer automatically makes the final payment.
Finance options range between £5,000 and £60,000.
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By GlobalDataFairSquare will deliver all new and used cars ordered to the buyers home address, and the customer is able to return the vehicle within 14 days of delivery.
Currently there is no trade-in option, but FairSquare said it was developing an online trade-in service, which was ‘coming soon.’
The company is headed by Paul Bartley, who has worked in the automotive industry for 30 years, most recently at Close Brothers Leasing.
The battle for the online customer has begun to heat up as of late. Earlier this month MotoNovo launched findandfundmycar.com, a finance led online classified site it describes as ‘by dealer, for dealers, to the benefit of customers.’ At the same time, eBay and Gumtree merged their motoring pages in an effort to make their offerings more attractive to dealers. Traditional online classified site heavyweight Auto Trader has not been standing still either, and ended 2017 with the launch of a monthly price search feature, allowing customers to search using a dealers chosen lending partner.
In its FAQ, FairSquare lists why it thinks it is different. It says: “Other online car buying sites offer only part of the journey – effectively car selection and an indicative price, therefore the customer must visit the dealer and negotiate the finance terms separately. FairSquare is different because it is a one-stop-website, from initial search to transaction completion and home delivery. Our customers need never step outside their front door.”
