UK car lease comparison site LeaseLoco has introduced van leasing deals to its online proposition, after increasing revenue by 80% during lockdown.
Following a £8.7m valuation and a £1.2m funding round led by Venrex in November, LeaseLoco now has more than one million searches per month on its platform.
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In addition, LeaseLoco has also launched a client insights package for new dealerships and brokers to the platform. The software is designed to help clients understand what vehicles consumers are searching for, viewing and saving to their ‘virtual garage’, where they track deals over time and receive a notification when their preferred deal drops in price. It also reveals gaps and opportunities on the platform to inform and improve dealer and broker strategies around market hotspots.
LeaseLoco is set to reveal a similar package aimed at funders soon too, based on its entire platform’s data, meaning funding decisions can be made with accurate market data.
John Wilmot, chief executive and founder of LeaseLoco, said: “We’ve seen unprecedented growth since lockdown, as the car buying experience moves more online. Through this growth, we’re now seeing over one million searches each month on the platform, and for me, that was a real milestone to start looking at how we can enhance the decision-making process of our clients and key stakeholders in the wider industry.
“Simplicity of user experience is critical to all LeaseLoco products, and vans are no different. With this addition, we are reducing more than 30 different data classifications down to 10, providing an easier way to specify features, options, payloads, and more, in ways the market hasn’t been offered before.”
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By GlobalDataLeaseLoco uses an algorithm to a value score for vehicles on its site. This score out of 100 is designed to help users to understand whether they are getting a good deal. The company also tracks historical pricing of its lease deals to match the volatile market and adapts deals in real time as prices change overnight.
