Car finance broker FinanceAcar.co.uk has
launched CarRush.co.uk; an online group-purchase scheme which
claims customers could save up to 40% off showroom prices for new
cars.

The scheme hangs on the ability of
CarRush.co.uk to negotiate discounts on bulk purchases based on
orders from customers, who in turn pay via a coupon scheme run by
the website, and the company calculation that 80% of new car buyers
opt for monthly payment.

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The website will offer limited discount deals
to customers from £99 to £199. Customers are credit checked and, if
finance is approved, a franchised dealer, who retains the servicing
contract, will deliver the car to the customer with full warranty.
If finance is not approved, the customer’s initial outlay will be
refunded.

Talking to Motor Finance Nadim Saad,
co-founder of FinanceAcar.co.uk, said that while prime customers
will get a deal “straight away”, the company’s experience as a
broker would find “other finance facilities” for non-prime
customers.

“We know where to place customers,” said
Saad.

A new channel

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CarRush.co.uk will also offer reverse group
buying, whereby any customer may suggest a vehicle of interest and
if enough website members want it too, then an exclusive bulk order
is placed with the company’s dealer and manufacturer network.

At time of writing, the homepage of
CarRush.co.uk is offering new cars from Peugeot and Ford,
viewable to non-members, with deals for Citroën and
Volkswagen models, among others, available to those signed up to
the website.

Talk of over capacity at Geneva has made Saad
hopeful of industry interest matching that of consumers: “It allows
manufacturers and dealers to assess the market. It allows them to
get rid of excess stock.

“We believe they need new channels.”

Extended comments and analysis from Nadim
Saad will be published in
April’s issue of
Motor Finance
magazine.

richard.brown@vrlfinancialnews.com