Santander Consumer Finance (SCF) is set to launch an online an online marketplace for dealers looking for a better way to market their vehicles.

Labelled ‘Your Red Car’, the marketplace aims to help dealers sell more cars online with a reduced marketing overhead while offering the customer a reward for each successful purchase. The onboarding programme started at the beginning September and will continue through to the end of the year.

The platform will be available to all SCF supporting dealers, who will be able to share their stock feed direct to the site free of charge.  Dealers will only pay a fee when the vehicle is sold, helping to control the sales costs for advertising vehicles.

A recent pan-European survey found that three-quarters of dealers have been already controlling costs – or trying to do so – by decreasing advertising, said SCF. Therefore, added benefits of the proposition for SCF supporting dealers are inclusion in advertising and marketing, as well as integrating the suite of SCF digital finance tools, free of charge.

Stewart Grant, commercial director of Santander Consumer Finance, said: “We are one of the UK’s leading independent finance companies with over 15 years of experience in the industry. This in-depth knowledge has helped us create a new, truly innovative way of doing business in the automotive sector.

“SCF recognises the challenges our dealers have faced, and we are looking to use digital innovation to help our partners.  We are bringing together the key ingredients for a successful marketplace introduction, namely a solution that is backed by a high street brand; has access to 14 million customers and addresses a demand for a change in the market.

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“Through Your Red Car, dealers will be able to reduce margin costs and maximise sales – showcasing our commitment to the automotive financial services sector and our dealer partners.”

Last month, SCF launched an extension to its eSign electronic documentation, with a view of giving its finance customers more flexibility.

The new product, called eSign Plus, allows customers to choose where and when they complete their finance agreement. Customers can now choose to digitally sign their finance documentation either remotely prior to the delivery of their vehicle, or on site at the dealership.