The sale of used cars on PCP is seeing record growth and as we enter the 2nd half of 2015 demand is set to increase even further.
According to leading industry commentator, Motor Trader, in 2014 PCPs accounted for 33% of finance on used cars worth £3.5bn compared to 25% worth £2.3bn in 2013.
PCP can be particularly important in helping dealers promote used vehicle sales with attractive payment-led marketing. Derek Goodsir, Director at Eurodrive believes used car PCP sales will continue to steadily grow.
‘At Eurodrive, we’ve seen a large increase in dealers asking us to provide low APR PCP deals to help promote nearly new and cars up to 4 years old in the same way as manufacturer’s promote new car sales. With FCA Treating Customers Fairly rules now at the heart of the sales process, it’s even more crucial for dealers to explore and offer viable alternatives to their customers.’
It seems apparent that proactive dealers have embraced PCP, not only as a sales opportunity but also for the way in which it improves customer retention. Watch this space!