According to our latest research, the growing popularity of finance in the used sector drove a positive month of used car sales in April.
Finance penetration jumped by 2.1% to 46% in April against the same month in 2018. It marked a 6.4% increase in used car finance sales as dealers continued to focus on used revenues.
Overall revenues from used car operations increased by 1.6%, which saw drops in paint and GAP sales of 2.3% and 8%, respectively.
Used car operations continue to provide opportunities for growth as the new car sector continues to see headwinds. It is clear that online channels are growing in importance and it is vital that dealers capture these enquiries accurately and respond quickly.
Customers expect a quick response to their enquiry and our data shows that a prompt response is crucial for sales conversions.
Dealers are continuing to see an increase in enquiries from online channels for used cars, which increased by 4.4% in April. However, overall enquiries for used vehicles fell by 6.9% as a result of a decrease in telephone and walk-in enquiries.
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