In a year dominated by the COVID-19 pandemic and its lockdown conditions, car sales fell back. However, while new car registrations fell 29.4% in 2020, used car sales only reduced by 14.9%. The trend towards used cars mainly being attributed to financial uncertainty amongst consumers and moves away from public transport. The experience car buyers received from dealers was 'world-class' according to a major online survey conducted throughout the last year by the UK's second-largest provider of used car finance, motonovo Finance.
Throughout the last year, motor dealers adapted to provide highly effective online capabilities to their long-established offline showroom service. The shift to online sales and financing with click and collect and home delivery services, supported by COVID-safe measures, was widely appreciated by a very significant number of delighted used car buyers. Many of these completed an online questionnaire reviewing their experience, which forms part of motonovo's continuous improvement programme. The resulting customer feedback has been impressive with an overall Net Promotor Score, 'NPS' of 84.27 from 143,485 respondents.
To put this NPS rating in context, Bain & Co, which, developed the NPS system used globally across multiple industries, suggests that a rating above 50 is excellent, and above 80 is world-class.
Reflecting on the research data, which captures feedback from used car buyers between April 2020 to March 2021, motonovo Finance CEO Mark Standish notes;
"The speed, agility and success of our dealers as they transformed to provide customers with both online and offline used car sales access so successfully over the last year has been remarkable. The impressive NPS rating by such a large audience of customers is testimony to the quality of the car and financing buying journey they experienced first-hand with their dealers."
While used sales did fall back in 2020, over 6.7 million used cars still changed hands throughout the year, with the majority sold by dealers across the UK. Mark concludes;
"A huge number of people will continue to look to the used car market for their next vehicle. Today, they can find their car, dealer and finance online and now, out of lockdown, they can test drive it as well to refine their choice. If they want it delivered, then that is something that over 80% of our dealer network is only too happy to offer. The choice, car buying control and consumer protection that is available from dealers for car buyers is backed up by reassurance. Through the dealers with which we work, they can also be confident that they will benefit from a dealer network that buyers have ranked 'world class' over the last year."
Dealers from across the UK with which motonovo works and their current stock can be found at www.findandfundmycar.com motonovo Finance's dedicated online used car marketplace. It provides access to over 140,000 used cars, vans and motorcycles, online finance and over 2,000 dealers.
*Article Source www.rocketperformance.co.uk