Car-buying online: AutoNation launches next phase, complete with finance – Sun Sentinel #car #sales.com


#car buying websites
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Car buying online: AutoNation launches next phase, complete with finance

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It’s getting easier to buy cars online.

AutoNation, the country’s largest new-vehicle retailer, this month launched the second phase of its digital storefront, complete with financing.

The first phase last year let shoppers make an online reservation for a test drive of a specific car at a store. The new phase also lets you value a trade-in vehicle, figure out payments on a financing and apply for credit all aimed to make the final purchase at a store easier and quicker.

No other dealership group has an online shopping experience as complete as AutoNation’s, though U.S. shoppers clearly want to do more of their car buying online, auto analysts say.

Adding the finance piece to the online transaction is really the next frontier for the industry, said analyst Cliff Banks, founder of The Banks Report published in the Detroit area. If AutoNation is successful with this, it will make adoption by other dealers much faster.

AutoNation is investing at least $100 million in its digital storefront, and the effort already has been paying off, according to Chief Marketing Officer Marc Cannon.

Since the Fort Lauderdale company rolled out its AutoNation Express program a year ago, tens of thousands of people have reserved cars through the system, and more than half have closed a deal. That compares with a typical purchase rate of 10 percent to 12 percent for traditional shoppers, Cannon said.

What’s more, those online customers report satisfaction rates often topping 90 percent. Industrywide, a 70 percent to 80 percent rating from traditional shoppers is considered good, Cannon said.

Customer satisfaction is off the the charts, Cannon said. People really like this.

To be sure, customers using the AutoNation Express system are a small group of early adopters, and purchase rates and satisfaction rates probably will dip as the program goes mainstream, Banks said.

Yet there’s no doubt that shoppers want car buying to be more like ordering a book or shirt online. More than 90 percent of shoppers now start their car-buying process doing research online, analysts said.

To reach online customers, dealers use mulitple means, including their own websites and third-party sites such as Edmunds.com or Truecar.com that aggregate offers from different chains and stores.

The dealers can make more profit from their own websites, because they need not pay outside commissions. Yet most rely heavily on third-party sites for leads, according to analysts.

Other than AutoNation Express, it’s still kind of old-fashioned, said Jesse Toprak of Toprak Consulting Group of Santa Monica, Calif. You submit your information and hope someone will call you, and then you get inundated with calls from lots of dealers for many weeks to come.

AutoNation has been working to bring more customers to its website and to make sure that postings of its vehicles on third-party sites highlight its brand name. It has cut ties with TrueCar and features posts on AutoByTel, Edmunds and AutoTrader together with its AutoNation name and logo, Cannon said.

Those moves have slashed its reliance on third-party sites from roughly 14 percent two years ago to 9 percent now, trimming its outside commissions. The chain probably will keep that ratio, since postings with its name on third-party sites help reach customers who may not be know the brand, Cannon said.

Nobody else has a brand coast to coast, and that’s critical to build online sales, Cannon said.

To design its digital program, AutoNation’s marketing and information technology departments have been toiling hand in hand. That’s unusual, because tech typically develops the hardware or foundation first and then asks marketing to add the look or room interiors later, said Allen Stejskal, chief information officer and this year’s Automotive News All-Star for information technology.

There are whole conferences out there on how the [chief marketing officer] and [chief information officer] need to work together. We’ve already figured it out, Stejskal said in a joint interview with Cannon.

AutoNation’s next tech challenge is making sure the online buying system links well with systems in stores, so salespeople can quickly access buyer information to complete sales easily, Stejskal said.

Thanks to its joint efforts, AutoNation estimates it now gets nearly 30 percent of total sales from transactions that begin online from a customer either calling or e-mailing after seeing a digital ad or website. That’s more than double the rate in 2013 and possibly twice the industry average, Cannon said.

Most of our competitors don’t have the ability to track sales starting from digital sources, Stejskal said.

AutoNation, with revenues topping $19 billion last year, has the financial heft to invest in cutting-edge technology. It also has more inventory to offer than rivals to make its tech investments pay off, analysts said. A consumer browsing on AutoNation’s website can choose from multiple brands in stores in the same market: Ford, Chevrolet and Toyota, for example.

It doesn’t make sense to make that investment if you don’t have much to offer, Toprak said.

Analysts credit Chief Executive Mike Jackson for the vision to switch from lots of local dealer names to a single AutoNation name nationwide and then develop the digital storefront. Jackson recognizes that modern consumers like convenient shopping online with ample selection, clear pricing and ready finance.

The vision comes from Jackson, Toprak said. And he’s not going to stop here.

Copyright 2015, Sun Sentinel


GM Launches 0% Financing for 72 Months; Cuts More Production #car #movers


#0 car finance
#

GM Launches 0% Financing for 72 Months; Cuts More Production

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By Michelle Krebs

After showing immense restraint in its use of massive incentives by trying to keep production in line with demand for its vehicles, the Detroit automaker Monday announced a fire sale: zero-percent financing for 72 months on most of its models through the end of June.

This is an absolute screamin deal, said Mark LaNeve, GM vice president in charge of North American sales, in a conference call with the media.

Sales Sag Continues

GM’s LaNeve agreed with recent analysts’ projections that June will be another dismal month for U.S. vehicle sales, in the same vein as April and May. Companies post their monthly and six-month reports on July 1.

“Buyers are paying close attention to their monthly income and being cautious,” said LaNeve. “We’re trying to spark the market at the end of the month and close the quarter strong with this unbelievable offer that we hope builds momentum into the summer [inventory] clean-up.”

He noted the no-interest financing for six years strategy used by GM in July 2006 and September 2004 worked very successfully.

So starting Tuesday, buyers can get zero percent financing for up to 72 months on all but the hot-selling models sold by GM. “It’s a simple, compelling offer — 72 months of interest-free loans,” said LaNeve, which is a good way for buyers who owe more on their current vehicle to get into a new one.

Indeed, Jesse Toprak, executive director of Industry Analysis for Edmunds.com. the parent of AutoObserver. agrees. “Automakers are trying to find ways to jump-start some of the lowest levels of new vehicle sales in several years. Zero percent financing for six years promotions have been quite successful in the past — especially when they were offered for a limited amount of time.”

Toprak predicts other automakers will jump on the bandwagon with similar promotions.

Interest-free financing is available on almost 80 percent of GM’s 2008 model-year inventory, including all trucks and all SUVs but also some cars and crossovers. For instance it is also available on the Chevrolet Equinox, Impala and HHR; the Buick Lucerne and LaCrosse; the Pontiac Torrent, Grand Prix and Solstice; the Cadillac STS and DTS; all Hummers; the Saab 9-3; and the Saturn Sky, Aura and Vue.

Only models in tight supply are not covered by the zero percent financing deal. Excluded are: Cadillac CTS; Chevrolet Malibu, Aveo, Malibu and Corvette; Buick Enclave; GMC Acadia; Saturn Outlook; Pontiac Vibe; and the Chevrolet Tahoe and GMC Yukon 2-Mode Hybrids.

Beating the Price Hikes

The massive incentive program comes on the eve of GM boosting prices on upcoming 2009 models by an average of 3.5 percent, about $1,000 per vehicle. “This is a fairly significant increase compared to previous years,” said LaNeve. “It will be more on some products and less on others.”

LaNeve said almost every model would see some price increase. Price hikes on specific models will be announced as the new ones come into the market, some beginning in mid-July.

He said the increases are an effort to boost falling revenues due to the massive drop in truck and SUV sales, skyrocketing commodity prices like the doubling of steel prices and costs driven higher by the soaring price of oil, from logistics of transporting vehicles and parts to producing the plastics that go into vehicles. LaNeve said the higher vehicle prices also reflect product improvements, added standard equipment and costs associated with meeting stricter government regulations.

Cleaning Up Inventory

But before delivering the price-boosted 2009 models to dealers, GM needs to clean up inventory. LaNeve insists at 750,000 vehicles, GM’s inventory is at a historical low. However, he acknowledged, of those, GM has about 50,000 too many trucks and SUVs and about 50,000 too few cars and crossovers.

To that end, LaNeve said Monday GM will cut another 170,000 units from its production target in the second half of 2008 by extending summer vacation at a number of mostly truck and SUV plants.

Assembly plants affected include those in: Arlington, Texas; Fort Wayne, Indiana; Janesville, Wisconsin; Shreveport, Louisiana; Silao (Mexico); and Oshawa, Ontario (Canada). These will be closed for anything from one to 10 weeks from July through to the end of the year. These shutdowns will be in addition to the usual summer vacation schedule.

While it cuts truck and SUV assembly, GM will boost car and crossover production by 47,000 units through year-end by adding shifts at plants in Fairfax, Kansas and Lansing, Michigan to boost output of these models.

According to Edmunds.com’s analysis, the days-to-turn — the time between a vehicle being delivered at a dealership to it being purchased — is a high 103 days for GM’s large trucks and 71 days for large SUVs.

“GM is banking on this promotion to get rid of high levels of unsold inventory before the 2009 model-year vehicles start arriving at the showrooms,” said Toprak.


Google Launches A New Tool To Sell Car Insurance To U. S Web Searchers #auto #dealers


#car insurance comparison sites
#

Google Launches A New Tool To Sell Car Insurance To U.S Web Searchers

Office 2016 For Mac Preview Now Available, No Office 365 Subscription Required

Confirming earlier reports that Google has been plotting a move to help sell consumers auto insurance in the U.S. the search giant announced this morning it’s launching a new feature called “Google Compare for Auto Insurance ,” a comparison-shopping site that lets you compare the rates from different insurance providers. The option to compare rates will begin popping up after a consumer does a Google search for “car insurance” using Google’s search engine. Initially, the service is being made available to California residents, but Google says other states will soon follow later this year.

Consumers who enter in this search query will see a small, gray questionnaire appear, asking for their zip code, and other information about their vehicle. If they choose to fill that out, Google will return a comparison unit listing insurance premiums, provided by its insurance advertiser partners. Alternately, users can also go to www.google.com.com/compare to kick off the same experience and get quotes.

Google’s insurance partners, which include Mercury Insurance and MetLife, as well as local providers, is based on a flexible cost-per-acquisition (CPA) model, Google notes, adding that payment isn’t a factor in ranking or eligibility. The insurance providers can also use the service to highlight what makes them unique, as the Compare product has a field where they can mention their differentiating features – like safe driver discounts, or “A”-rated customer service, for example.

Today, Google already provides auto and travel insurance quotes, as well as mortgage quotes in the U.K. and it operates a credit card comparison site in the U.S. all of which fall under the “Google Compare” branding. However, recent job postings have hinted at Google looking to bring a similar mortgage comparison service to the U.S.. and Forrester also said earlier this year that it expected Google would roll out a car insurance comparison service in Q1. beginning with California.

The auto comparison U.K. site has been live since 2012, but the U.S. launch has continually been pushed back. However, as of this January, Google Compare Auto Insurance Services, Inc. was licensed to do business in more than half of U.S. states. Forrester noted. The firm also found that Google was working with San Francisco-based car insurance comparison startup CoverHound. and speculated they had been acquired – a guess that CoverHound shot down soon after.

Google says that its comparison technology was built in-house, but did confirm it’s working with “many partners” including CoverHound and Compare as part of the quote aggregation process.

The move to offer insurance comparisons to web searchers could help Google generate additional revenue through commissions, but several of the major insurance carriers in the U.S. have been declining to work with Google on this new effort, we understand, including names like Progressive, State Farm, GEICO, and Allstate. (We asked Google if it would list its current partners, but the company declined. However, its website lists the logos of several providers including The General Insurance, 21st Century Insurance, Infinity, Kemper Speciality, Titan Insurance, Stillwater, CSE Insurance Group, and others.)

“Many of the major carriers are very resistant to participate on the Google Compare platform,” explains Joshua Dziabiak, a co-founder at car insurance comparison startup The Zebra. “Based off what they’ve built in the U.K. carriers see this as a price-only comparison…and they don’t want to be compared only on the price,” he says.

More Data For Google’s Self-Driving Car Biz?

It’s unclear how much revenue Google would generate from this auto insurance comparison site, as consumers may not be prepared to buy from an aggregator like this at present. But auto insurance companies write $175 billion in premiums for private passenger auto insurance yearly, and the typical insurance commission is somewhere around 10%. (Some of that may be shared with partners like CoverHound, however.)

But for Google, the comparison site may not be just about an additional revenue stream – it could be about collecting more information on how the different insurance companies price the same risk. Google can use that information if it wants to underwrite auto insurance itself in the future.

“If you think about what’s going on with self-driving cars in the future, Google is really going to have to understand how insurance companies price risk because the whole model is going to change,” notes Forrester analyst Ellen Carney. “And I imagine that some component of insurance is going to be included with the car,” she adds.


Car-buying online: AutoNation launches next phase, complete with finance – Sun Sentinel #value #car


#car buying websites
#

Car buying online: AutoNation launches next phase, complete with finance

Privacy Policy

It’s getting easier to buy cars online.

AutoNation, the country’s largest new-vehicle retailer, this month launched the second phase of its digital storefront, complete with financing.

The first phase last year let shoppers make an online reservation for a test drive of a specific car at a store. The new phase also lets you value a trade-in vehicle, figure out payments on a financing and apply for credit all aimed to make the final purchase at a store easier and quicker.

No other dealership group has an online shopping experience as complete as AutoNation’s, though U.S. shoppers clearly want to do more of their car buying online, auto analysts say.

Adding the finance piece to the online transaction is really the next frontier for the industry, said analyst Cliff Banks, founder of The Banks Report published in the Detroit area. If AutoNation is successful with this, it will make adoption by other dealers much faster.

AutoNation is investing at least $100 million in its digital storefront, and the effort already has been paying off, according to Chief Marketing Officer Marc Cannon.

Since the Fort Lauderdale company rolled out its AutoNation Express program a year ago, tens of thousands of people have reserved cars through the system, and more than half have closed a deal. That compares with a typical purchase rate of 10 percent to 12 percent for traditional shoppers, Cannon said.

What’s more, those online customers report satisfaction rates often topping 90 percent. Industrywide, a 70 percent to 80 percent rating from traditional shoppers is considered good, Cannon said.

Customer satisfaction is off the the charts, Cannon said. People really like this.

To be sure, customers using the AutoNation Express system are a small group of early adopters, and purchase rates and satisfaction rates probably will dip as the program goes mainstream, Banks said.

Yet there’s no doubt that shoppers want car buying to be more like ordering a book or shirt online. More than 90 percent of shoppers now start their car-buying process doing research online, analysts said.

To reach online customers, dealers use mulitple means, including their own websites and third-party sites such as Edmunds.com or Truecar.com that aggregate offers from different chains and stores.

The dealers can make more profit from their own websites, because they need not pay outside commissions. Yet most rely heavily on third-party sites for leads, according to analysts.

Other than AutoNation Express, it’s still kind of old-fashioned, said Jesse Toprak of Toprak Consulting Group of Santa Monica, Calif. You submit your information and hope someone will call you, and then you get inundated with calls from lots of dealers for many weeks to come.

AutoNation has been working to bring more customers to its website and to make sure that postings of its vehicles on third-party sites highlight its brand name. It has cut ties with TrueCar and features posts on AutoByTel, Edmunds and AutoTrader together with its AutoNation name and logo, Cannon said.

Those moves have slashed its reliance on third-party sites from roughly 14 percent two years ago to 9 percent now, trimming its outside commissions. The chain probably will keep that ratio, since postings with its name on third-party sites help reach customers who may not be know the brand, Cannon said.

Nobody else has a brand coast to coast, and that’s critical to build online sales, Cannon said.

To design its digital program, AutoNation’s marketing and information technology departments have been toiling hand in hand. That’s unusual, because tech typically develops the hardware or foundation first and then asks marketing to add the look or room interiors later, said Allen Stejskal, chief information officer and this year’s Automotive News All-Star for information technology.

There are whole conferences out there on how the [chief marketing officer] and [chief information officer] need to work together. We’ve already figured it out, Stejskal said in a joint interview with Cannon.

AutoNation’s next tech challenge is making sure the online buying system links well with systems in stores, so salespeople can quickly access buyer information to complete sales easily, Stejskal said.

Thanks to its joint efforts, AutoNation estimates it now gets nearly 30 percent of total sales from transactions that begin online from a customer either calling or e-mailing after seeing a digital ad or website. That’s more than double the rate in 2013 and possibly twice the industry average, Cannon said.

Most of our competitors don’t have the ability to track sales starting from digital sources, Stejskal said.

AutoNation, with revenues topping $19 billion last year, has the financial heft to invest in cutting-edge technology. It also has more inventory to offer than rivals to make its tech investments pay off, analysts said. A consumer browsing on AutoNation’s website can choose from multiple brands in stores in the same market: Ford, Chevrolet and Toyota, for example.

It doesn’t make sense to make that investment if you don’t have much to offer, Toprak said.

Analysts credit Chief Executive Mike Jackson for the vision to switch from lots of local dealer names to a single AutoNation name nationwide and then develop the digital storefront. Jackson recognizes that modern consumers like convenient shopping online with ample selection, clear pricing and ready finance.

The vision comes from Jackson, Toprak said. And he’s not going to stop here.

Copyright 2015, Sun Sentinel


GM Launches 0% Financing for 72 Months; Cuts More Production #cheap #cars #for #sale


#0 car finance
#

GM Launches 0% Financing for 72 Months; Cuts More Production

Comments (0)

By Michelle Krebs

After showing immense restraint in its use of massive incentives by trying to keep production in line with demand for its vehicles, the Detroit automaker Monday announced a fire sale: zero-percent financing for 72 months on most of its models through the end of June.

This is an absolute screamin deal, said Mark LaNeve, GM vice president in charge of North American sales, in a conference call with the media.

Sales Sag Continues

GM’s LaNeve agreed with recent analysts’ projections that June will be another dismal month for U.S. vehicle sales, in the same vein as April and May. Companies post their monthly and six-month reports on July 1.

“Buyers are paying close attention to their monthly income and being cautious,” said LaNeve. “We’re trying to spark the market at the end of the month and close the quarter strong with this unbelievable offer that we hope builds momentum into the summer [inventory] clean-up.”

He noted the no-interest financing for six years strategy used by GM in July 2006 and September 2004 worked very successfully.

So starting Tuesday, buyers can get zero percent financing for up to 72 months on all but the hot-selling models sold by GM. “It’s a simple, compelling offer — 72 months of interest-free loans,” said LaNeve, which is a good way for buyers who owe more on their current vehicle to get into a new one.

Indeed, Jesse Toprak, executive director of Industry Analysis for Edmunds.com. the parent of AutoObserver. agrees. “Automakers are trying to find ways to jump-start some of the lowest levels of new vehicle sales in several years. Zero percent financing for six years promotions have been quite successful in the past — especially when they were offered for a limited amount of time.”

Toprak predicts other automakers will jump on the bandwagon with similar promotions.

Interest-free financing is available on almost 80 percent of GM’s 2008 model-year inventory, including all trucks and all SUVs but also some cars and crossovers. For instance it is also available on the Chevrolet Equinox, Impala and HHR; the Buick Lucerne and LaCrosse; the Pontiac Torrent, Grand Prix and Solstice; the Cadillac STS and DTS; all Hummers; the Saab 9-3; and the Saturn Sky, Aura and Vue.

Only models in tight supply are not covered by the zero percent financing deal. Excluded are: Cadillac CTS; Chevrolet Malibu, Aveo, Malibu and Corvette; Buick Enclave; GMC Acadia; Saturn Outlook; Pontiac Vibe; and the Chevrolet Tahoe and GMC Yukon 2-Mode Hybrids.

Beating the Price Hikes

The massive incentive program comes on the eve of GM boosting prices on upcoming 2009 models by an average of 3.5 percent, about $1,000 per vehicle. “This is a fairly significant increase compared to previous years,” said LaNeve. “It will be more on some products and less on others.”

LaNeve said almost every model would see some price increase. Price hikes on specific models will be announced as the new ones come into the market, some beginning in mid-July.

He said the increases are an effort to boost falling revenues due to the massive drop in truck and SUV sales, skyrocketing commodity prices like the doubling of steel prices and costs driven higher by the soaring price of oil, from logistics of transporting vehicles and parts to producing the plastics that go into vehicles. LaNeve said the higher vehicle prices also reflect product improvements, added standard equipment and costs associated with meeting stricter government regulations.

Cleaning Up Inventory

But before delivering the price-boosted 2009 models to dealers, GM needs to clean up inventory. LaNeve insists at 750,000 vehicles, GM’s inventory is at a historical low. However, he acknowledged, of those, GM has about 50,000 too many trucks and SUVs and about 50,000 too few cars and crossovers.

To that end, LaNeve said Monday GM will cut another 170,000 units from its production target in the second half of 2008 by extending summer vacation at a number of mostly truck and SUV plants.

Assembly plants affected include those in: Arlington, Texas; Fort Wayne, Indiana; Janesville, Wisconsin; Shreveport, Louisiana; Silao (Mexico); and Oshawa, Ontario (Canada). These will be closed for anything from one to 10 weeks from July through to the end of the year. These shutdowns will be in addition to the usual summer vacation schedule.

While it cuts truck and SUV assembly, GM will boost car and crossover production by 47,000 units through year-end by adding shifts at plants in Fairfax, Kansas and Lansing, Michigan to boost output of these models.

According to Edmunds.com’s analysis, the days-to-turn — the time between a vehicle being delivered at a dealership to it being purchased — is a high 103 days for GM’s large trucks and 71 days for large SUVs.

“GM is banking on this promotion to get rid of high levels of unsold inventory before the 2009 model-year vehicles start arriving at the showrooms,” said Toprak.


AOL Autos Launches Largest Site For Used Car Listing #whats #my #car #worth


#used car sites
#

AOL Autos Launches Largest Site For Used Car Listing

I reported on this a few weeks ago AOL Autos and Vast partner something a little different? . After AOL Autos dropping AutoTrader.com and selecting Vast to power their used car marketplace, the changes have finally happened.

I don t usually post announcements but since I had been following this from the beginning and even interviewing Doug Eddy, Director of business development for AOL Autos and Kevin Laws, CEO Vast.com about their joint venture, I thought I would share the actual PR announcement.

AOL AUTOS LAUNCHES LARGEST SITE FOR U.S. USED CAR LISTINGS

More than 2.5 Million Fully Searchable Listings for Buyers; Sellers can List for Free

DULLES, VA – April 2, 2008 – AOL Autos,http://autos.aol.com. today announced an open marketplace for used cars, providing car buyers with access to more than 2.5 million vehicles for sale in the United States and a new set of search and filter tools to more easily find a car that fits their needs.

The AOL Autos used car marketplace features a new intuitive search function that enables users to search for used, certified pre-owned, and private-seller listed cars using natural language queries (e.g. black Honda Civic ). Users can filter results based on make, model, price, body style and more, resulting in more relevant listings. In the coming months, additional enhancements to the site will include Spanish language listings, video listings and more posting services for sellers.

For the first time, consumers will have completely unrestricted access to the biggest U.S. inventory of used cars on the Web, coupled with user-friendly search tools, enabling buyers to find the exact car they re looking for, said Rudi Thun, general manager of AOL Autos. The development of an open marketplace signifies our commitment to creating an environment in which everyone can participate, resulting in a better experience for both buyers and sellers.

The AOL Autos used car site now operates on a flexible platform, powered in-part by Vast.com. that allows sellers to post cars for sale, and include details such as photos, comments and even a car s history.  Buyers can contact the sellers directly through the site by email or phone.  In addition, dealers and service providers have the option to participate in a pay-for-performance program for the used cars they list.

AOL is the first major portal to shift to an open marketplace model for buying and selling cars via the Web, said Kevin Laws, CEO of Vast.com .  AOL is able to design their experience around helping the consumer find the best vehicle easily and helping dealers sell more cars in the process.

offers car shoppers a multitude of resources to research and compare prices, features, specifications and photos of new and used cars.  The site also features the latest automotive news, including reviews and advice from industry experts on topics such as car buying, ownership and repair, hybrid trends and more.

Dealers interested in putting their inventory into the new AOL Autos used car marketplace can contact their marketing partner or provide a feed directly to Vast (http://www.vast.com/info/submitcontent ).

# # #

Contact:

Chris Savarese

AOL Corporate Communications


Bank of Ireland launches Personal Contract Purchase for second hand cars – Press Releases – Press – About Bank of Ireland – Personal Banking ROI #lease #a #car


#second hand cars ireland
#

Press Releases

30 July 2014

Bank of Ireland launches Personal Contract Purchase for second hand cars

Bank of Ireland Finance today (Wednesday, 30 July 2014) announced that, together with its franchise partners, it is launching a new Personal Contract Purchase* (PCP) product for second hand cars from Friday, 1 August 2014, the first Irish Bank to offer this product for the purchase of second hand cars. This is an extension of their current PCP offering on new vehicles and will enhance and support the growth of the PCP product through its franchise dealers.

The Personal Contract Purchase (PCP) is a customer friendly product that allows consumers to drive a new car without the associated costs of ownership of same. Traditionally only available for the purchase of new cars, the extension of the PCP to second hand cars significantly expands the reach of the product across the market. Qualifying second hand cars will include vehicles up to 18 months old. Bank of Ireland has established itself as the market leader in the motor finance industry, partnering with 14 leading motor franchises in the Irish market.

Pat Creed, Managing Director, Bank of Ireland Finance, said: Conditions in the motor industry have been very challenging since 2007 when new car sales decreased from 152,830 to 74,300 in 2013. Consumers postponed the purchase of a new car which in turn led to a much older car pool in Ireland. It also means that the cost of purchasing a new car is now much greater with less equity in the older trade in.

However, Bank of Ireland s range of products including PCP and low rate subsidised offers are helping customers get their new car with affordable repayments and rates from as low as 0% APR.

With more than twice as many 142 cars registered on the first day of the new registration plate compared with the same day last year, it is evident that a significant number of consumers are returning to the market. The growth in the popularity of PCP and low APR rates has been such that over 71% of all new cars purchased by consumers are now selecting these forms of payments. We are seeing very strong approval rates for PCP and low APR rates, with 90% of applications being approved for finance.

2014 is proving to be the best year for new car sales since 2008 and looks set to achieve sales of 90,000 vehicles by year end. This strong performance, whilst coming from a low base, tends to be a lead indicator and reflective of the re-emergence of consumer and business confidence. This is the second year of the dual registration plate, which has also helped change the traditional seasonality where vehicle purchases would be frontloaded in the first quarter. This has ensured that there is a more steady flow of business throughout the summer months which historically would not have happened prior to the 132 plate launch last year.

Another impact of the recession was the shortage of used cars for the industry to sell which has resulted in a significant number of cars being imported to supply the demand. It is estimated that the importation of second hand cars will reach 50,000 by the end of this year. The growing popularity of PCP will now ensure that there is a strong supply of good three year old second hand cars coming back to the market on an ongoing basis.

Interestingly, we are seeing a slightly younger customer profile on our PCP deals. Industry research supports this as it shows that younger customers prefer the lower monthly payment and are also very used to the tariff type concept where they pay for the use of an item and upgrade as with their mobile phones.

New business in the commercial motor market has seen strong growth in the first six months compared to the same period last year, again a positive indicator of renewed confidence amongst SMEs. The agri sector is also buoyant with a 6.8% increase in tractor sales year to date.

The C02 changes implemented by Government in July 2008 have been instrumental in influencing consumer purchasing decisions. The last seven years have also seen a significant change in the shift from petrol to diesel purchases and this is reflected in that 71.7% of vehicles purchased in 2007 were petrol and this compares with 73% of cars purchased in 2014 being diesel. Similarly the level of low emission purchases in C02 Band A has increased from 1.42% in 2007 to 67% in 2014.

The introduction of a PCP product for second hand cars should further drive growth in this market for the second half of the year. , concluded Pat Creed.

Ends

Note to Editors

A Personal Contract Purchase is a form of vehicle finance for individual consumers who are looking to pay a fixed, relatively low monthly payment for a set contract period of somewhere between 24 and 36 months with the right to drive the vehicle while ownership is retained by the funding company. It is similar to contract hire or leasing, however, in the case the customer has to option to ultimately acquire the vehicle at the end of the finance term for a previously agreed amount which is set at the outset of the contract.

Bank of Ireland Finance provides motor finance to the following motor distributors; Toyota, Ford, Lexus, Hyundai, Opel, Kia, Peugeot, Mercedes-Benz, Honda, Volvo, Land Rover, Jaguar, Suzuki and Mitsubishi.


GM Launches 0% Financing for 72 Months; Cuts More Production #used #cars #orlando


#0 car finance
#

GM Launches 0% Financing for 72 Months; Cuts More Production

Comments (0)

By Michelle Krebs

After showing immense restraint in its use of massive incentives by trying to keep production in line with demand for its vehicles, the Detroit automaker Monday announced a fire sale: zero-percent financing for 72 months on most of its models through the end of June.

This is an absolute screamin deal, said Mark LaNeve, GM vice president in charge of North American sales, in a conference call with the media.

Sales Sag Continues

GM’s LaNeve agreed with recent analysts’ projections that June will be another dismal month for U.S. vehicle sales, in the same vein as April and May. Companies post their monthly and six-month reports on July 1.

“Buyers are paying close attention to their monthly income and being cautious,” said LaNeve. “We’re trying to spark the market at the end of the month and close the quarter strong with this unbelievable offer that we hope builds momentum into the summer [inventory] clean-up.”

He noted the no-interest financing for six years strategy used by GM in July 2006 and September 2004 worked very successfully.

So starting Tuesday, buyers can get zero percent financing for up to 72 months on all but the hot-selling models sold by GM. “It’s a simple, compelling offer — 72 months of interest-free loans,” said LaNeve, which is a good way for buyers who owe more on their current vehicle to get into a new one.

Indeed, Jesse Toprak, executive director of Industry Analysis for Edmunds.com. the parent of AutoObserver. agrees. “Automakers are trying to find ways to jump-start some of the lowest levels of new vehicle sales in several years. Zero percent financing for six years promotions have been quite successful in the past — especially when they were offered for a limited amount of time.”

Toprak predicts other automakers will jump on the bandwagon with similar promotions.

Interest-free financing is available on almost 80 percent of GM’s 2008 model-year inventory, including all trucks and all SUVs but also some cars and crossovers. For instance it is also available on the Chevrolet Equinox, Impala and HHR; the Buick Lucerne and LaCrosse; the Pontiac Torrent, Grand Prix and Solstice; the Cadillac STS and DTS; all Hummers; the Saab 9-3; and the Saturn Sky, Aura and Vue.

Only models in tight supply are not covered by the zero percent financing deal. Excluded are: Cadillac CTS; Chevrolet Malibu, Aveo, Malibu and Corvette; Buick Enclave; GMC Acadia; Saturn Outlook; Pontiac Vibe; and the Chevrolet Tahoe and GMC Yukon 2-Mode Hybrids.

Beating the Price Hikes

The massive incentive program comes on the eve of GM boosting prices on upcoming 2009 models by an average of 3.5 percent, about $1,000 per vehicle. “This is a fairly significant increase compared to previous years,” said LaNeve. “It will be more on some products and less on others.”

LaNeve said almost every model would see some price increase. Price hikes on specific models will be announced as the new ones come into the market, some beginning in mid-July.

He said the increases are an effort to boost falling revenues due to the massive drop in truck and SUV sales, skyrocketing commodity prices like the doubling of steel prices and costs driven higher by the soaring price of oil, from logistics of transporting vehicles and parts to producing the plastics that go into vehicles. LaNeve said the higher vehicle prices also reflect product improvements, added standard equipment and costs associated with meeting stricter government regulations.

Cleaning Up Inventory

But before delivering the price-boosted 2009 models to dealers, GM needs to clean up inventory. LaNeve insists at 750,000 vehicles, GM’s inventory is at a historical low. However, he acknowledged, of those, GM has about 50,000 too many trucks and SUVs and about 50,000 too few cars and crossovers.

To that end, LaNeve said Monday GM will cut another 170,000 units from its production target in the second half of 2008 by extending summer vacation at a number of mostly truck and SUV plants.

Assembly plants affected include those in: Arlington, Texas; Fort Wayne, Indiana; Janesville, Wisconsin; Shreveport, Louisiana; Silao (Mexico); and Oshawa, Ontario (Canada). These will be closed for anything from one to 10 weeks from July through to the end of the year. These shutdowns will be in addition to the usual summer vacation schedule.

While it cuts truck and SUV assembly, GM will boost car and crossover production by 47,000 units through year-end by adding shifts at plants in Fairfax, Kansas and Lansing, Michigan to boost output of these models.

According to Edmunds.com’s analysis, the days-to-turn — the time between a vehicle being delivered at a dealership to it being purchased — is a high 103 days for GM’s large trucks and 71 days for large SUVs.

“GM is banking on this promotion to get rid of high levels of unsold inventory before the 2009 model-year vehicles start arriving at the showrooms,” said Toprak.


Google Launches A New Tool To Sell Car Insurance To U. S Web Searchers #compare #car #insurance #quotes


#car insurance comparison sites
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Google Launches A New Tool To Sell Car Insurance To U.S Web Searchers

Office 2016 For Mac Preview Now Available, No Office 365 Subscription Required

Confirming earlier reports that Google has been plotting a move to help sell consumers auto insurance in the U.S. the search giant announced this morning it’s launching a new feature called “Google Compare for Auto Insurance ,” a comparison-shopping site that lets you compare the rates from different insurance providers. The option to compare rates will begin popping up after a consumer does a Google search for “car insurance” using Google’s search engine. Initially, the service is being made available to California residents, but Google says other states will soon follow later this year.

Consumers who enter in this search query will see a small, gray questionnaire appear, asking for their zip code, and other information about their vehicle. If they choose to fill that out, Google will return a comparison unit listing insurance premiums, provided by its insurance advertiser partners. Alternately, users can also go to www.google.com.com/compare to kick off the same experience and get quotes.

Google’s insurance partners, which include Mercury Insurance and MetLife, as well as local providers, is based on a flexible cost-per-acquisition (CPA) model, Google notes, adding that payment isn’t a factor in ranking or eligibility. The insurance providers can also use the service to highlight what makes them unique, as the Compare product has a field where they can mention their differentiating features – like safe driver discounts, or “A”-rated customer service, for example.

Today, Google already provides auto and travel insurance quotes, as well as mortgage quotes in the U.K. and it operates a credit card comparison site in the U.S. all of which fall under the “Google Compare” branding. However, recent job postings have hinted at Google looking to bring a similar mortgage comparison service to the U.S.. and Forrester also said earlier this year that it expected Google would roll out a car insurance comparison service in Q1. beginning with California.

The auto comparison U.K. site has been live since 2012, but the U.S. launch has continually been pushed back. However, as of this January, Google Compare Auto Insurance Services, Inc. was licensed to do business in more than half of U.S. states. Forrester noted. The firm also found that Google was working with San Francisco-based car insurance comparison startup CoverHound. and speculated they had been acquired – a guess that CoverHound shot down soon after.

Google says that its comparison technology was built in-house, but did confirm it’s working with “many partners” including CoverHound and Compare as part of the quote aggregation process.

The move to offer insurance comparisons to web searchers could help Google generate additional revenue through commissions, but several of the major insurance carriers in the U.S. have been declining to work with Google on this new effort, we understand, including names like Progressive, State Farm, GEICO, and Allstate. (We asked Google if it would list its current partners, but the company declined. However, its website lists the logos of several providers including The General Insurance, 21st Century Insurance, Infinity, Kemper Speciality, Titan Insurance, Stillwater, CSE Insurance Group, and others.)

“Many of the major carriers are very resistant to participate on the Google Compare platform,” explains Joshua Dziabiak, a co-founder at car insurance comparison startup The Zebra. “Based off what they’ve built in the U.K. carriers see this as a price-only comparison…and they don’t want to be compared only on the price,” he says.

More Data For Google’s Self-Driving Car Biz?

It’s unclear how much revenue Google would generate from this auto insurance comparison site, as consumers may not be prepared to buy from an aggregator like this at present. But auto insurance companies write $175 billion in premiums for private passenger auto insurance yearly, and the typical insurance commission is somewhere around 10%. (Some of that may be shared with partners like CoverHound, however.)

But for Google, the comparison site may not be just about an additional revenue stream – it could be about collecting more information on how the different insurance companies price the same risk. Google can use that information if it wants to underwrite auto insurance itself in the future.

“If you think about what’s going on with self-driving cars in the future, Google is really going to have to understand how insurance companies price risk because the whole model is going to change,” notes Forrester analyst Ellen Carney. “And I imagine that some component of insurance is going to be included with the car,” she adds.


AOL Autos Launches Largest Site For Used Car Listing #car #detailing


#used car sites
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AOL Autos Launches Largest Site For Used Car Listing

I reported on this a few weeks ago AOL Autos and Vast partner something a little different? . After AOL Autos dropping AutoTrader.com and selecting Vast to power their used car marketplace, the changes have finally happened.

I don t usually post announcements but since I had been following this from the beginning and even interviewing Doug Eddy, Director of business development for AOL Autos and Kevin Laws, CEO Vast.com about their joint venture, I thought I would share the actual PR announcement.

AOL AUTOS LAUNCHES LARGEST SITE FOR U.S. USED CAR LISTINGS

More than 2.5 Million Fully Searchable Listings for Buyers; Sellers can List for Free

DULLES, VA – April 2, 2008 – AOL Autos,http://autos.aol.com. today announced an open marketplace for used cars, providing car buyers with access to more than 2.5 million vehicles for sale in the United States and a new set of search and filter tools to more easily find a car that fits their needs.

The AOL Autos used car marketplace features a new intuitive search function that enables users to search for used, certified pre-owned, and private-seller listed cars using natural language queries (e.g. black Honda Civic ). Users can filter results based on make, model, price, body style and more, resulting in more relevant listings. In the coming months, additional enhancements to the site will include Spanish language listings, video listings and more posting services for sellers.

For the first time, consumers will have completely unrestricted access to the biggest U.S. inventory of used cars on the Web, coupled with user-friendly search tools, enabling buyers to find the exact car they re looking for, said Rudi Thun, general manager of AOL Autos. The development of an open marketplace signifies our commitment to creating an environment in which everyone can participate, resulting in a better experience for both buyers and sellers.

The AOL Autos used car site now operates on a flexible platform, powered in-part by Vast.com. that allows sellers to post cars for sale, and include details such as photos, comments and even a car s history.  Buyers can contact the sellers directly through the site by email or phone.  In addition, dealers and service providers have the option to participate in a pay-for-performance program for the used cars they list.

AOL is the first major portal to shift to an open marketplace model for buying and selling cars via the Web, said Kevin Laws, CEO of Vast.com .  AOL is able to design their experience around helping the consumer find the best vehicle easily and helping dealers sell more cars in the process.

offers car shoppers a multitude of resources to research and compare prices, features, specifications and photos of new and used cars.  The site also features the latest automotive news, including reviews and advice from industry experts on topics such as car buying, ownership and repair, hybrid trends and more.

Dealers interested in putting their inventory into the new AOL Autos used car marketplace can contact their marketing partner or provide a feed directly to Vast (http://www.vast.com/info/submitcontent ).

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Contact:

Chris Savarese

AOL Corporate Communications