Getting dealer web site design and processes right can help to triple online customer motor finance applications, shows research from iVendi.
The motor finance technology specialist reports that for similar dealers, the rates of click-through when a customer who has already generated a finance quote is faced with a finance application form can vary from 18-51%.
James Tew, CEO, said: “These are many factors involved in maximising online applications but web site design and process are among the most crucial, we are finding in the real world.
“To some extent, design prominence factors have an impact but the key element is how the customer process works online. For example, placing finance after standard equipment and tech spec pages doesn’t work – affordability is a much higher priority for the vast majority of buyers so finance should appear earlier.”
James added that the two largest process factors that caused customers to drop out were when banks details and affordability information were requested.
“Providing this information is really the point at which the motor finance application becomes a serious one, so it is probably unsurprising that customers think twice before taking this step online. They are especially apprehensive about bank details.
“One solution to this problem that we are finding works well, however, is to remove the need for these personal details from the online process and to leave completing these sections until the customer visits the showroom.
“Where we have removed these requirements from our Car Finance Checker online comparator and left it for the dealer to complete the finance application for with the customer, penetration rates have increased dramatically.”
James said that these real world findings underlined the fact that, while rapidly becoming viewed as essential for dealers, online motor finance was still quite a new development and one where expertise was hard to come by.
“While we have amassed a huge amount of useful information and essential knowledge, we are finding out new things every day that affect online behaviour that can be applied to the benefit of our customer and car buyers.”