A new partnership between global information services company Experian and digital automotive marketplace Auto Trader will help car dealerships and brokers get insight into customers’ affordability.
Vehicle sellers that use Auto Trader’s ‘AutoConvert’ platform will benefit from Experian bureau data, which will provide a “more accurate” picture a customer’s suitability for lending.
As a result, AutoConvert users will be able to submit only those applications which pass borrowing criteria.
Finance applications made via autotrader.co.uk will also benefit from the new partnership, Experian said.
As part of the agreement, UK and Ireland-based Auto Trader will also work with Experian to deploy an enhanced car finance eligibility service.
The new service aims to improve conversion and acceptance rates by helping car dealers and lenders to more quickly identify potential customers that are likely to be accepted for financing, and ensure that consumers understand their financing options.
Fiona Mackay, head of automotive finance and leasing at Auto Trader, said: “Utilising Experian’s world class bureau data will play a key role in our commitment to making the car buying and selling experience as efficient and convenient as possible.
“As well as driving more efficiencies through the AutoConvert platform, it will be an important component to our future finance proposition on Auto Trader. This will benefit both consumers and our more than 13,000 retailer partners as we look to enable them to offer the hybrid retail experience today’s car buyers are looking for.”
Gerardo Montoya, managing director at Experian Automotive UK&I, added: “Experian data insights are renowned for helping businesses from across sectors make faster, more accurate, and better decisions, bringing enormous benefits to both them and their customers.”