Online car marketplace heycar has introduced a cashback scheme to help dealers tackle the impact of widespread stock shortages. The Trade Up initiative will provide dealers with £250 extra for a part exchange that is relisted on the platform during July.
The move follows its latest research that shows heycar users are looking to spend on average £13,000 on top of their part exchange car. Its research also reveals the most popular part exchange vehicle year is 2015, with most users looking to upgrade to a 2017 car or newer. The most popular part exchange valued car make on heycar is Ford, Vauxhall in second and Volkswagen third. The top three most popular models are Ford Fiesta followed by the Ford Focus and Vauxhall Corsa.
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Other insights from heycar’s research were that brand loyalty remains strong with users sticking to the make of the car they’re looking to part exchange. For example, 46% of Mercedes leads that have a part exchange included are from Mercedes owners. There was a similar pattern with Land Rover (43%), Ford (37%) and VW (33%).
As fuel prices return to pre-pandemic levels, heycar is also offering every customer who includes their part exchange details with their interest in a new or used car automatic entry into a prize draw for a year’s free fuel.
During the pandemic, heycar became the UK’s largest source of cars with free delivery. The pandemic also prompted heycar to recently double dealer payment terms to 60 days to coincide with the reopening of showrooms.
Karen Hilton, chief commercial officer at heycar, said: “At heycar we remain steadfast in our network of dealers navigate whatever challenges they may face. At the moment, a lack of stock is proving a pain point for many.
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By GlobalData“Our Trade Up initiative aims to show car-buyers that they can only get the best returns by part-exchanging through dealers. And for dealers, the £250 we’re offering towards part exchange for cars relisted on heycar will provide a welcome boost to their bottom line on every sale as well as helping to increase stock levels.”
