UK, October 13, 2021: Car dealerships and brokers will get the broadest and most insightful view of a potential customers’ affordability, thanks to a new partnership between Experian and the UK and Ireland's largest digital automotive marketplace, Auto Trader.
Sellers using Auto Trader’s AutoConvert platform will for the first-time benefit from Experian bureau data, enhancing credit-risk decisioning processes and offering unique and more accurate insights into a customer’s suitability for lending.
By incorporating Experian data into its panel, AutoConvert users can better determine the suitability of potential customers 24 hours a day and, as a result, only submit applications which pass borrowing criteria, boosting efficiency for lenders and dealers alike. Finance applications made via autotrader.co.uk will also benefit from the new partnership.
Gerardo Montoya, Managing Director Experian Automotive UK&I, said: “Experian data insights are renowned for helping businesses from across sectors make faster, more accurate, and better decisions, bringing enormous benefits to both them and their customers.
“We’re delighted to be partnering with Auto Trader, a name synonymous with the car industry for more than 40 years and who are at the forefront of improving the digital car buying journey for buyers and sellers.”
Fiona Mackay, Head of Automotive Finance and Leasing, Auto Trader, said: “Utilising Experian’s world class bureau data will play a key role in our commitment to making the car buying and selling experience as efficient and convenient as possible.
“As well as driving more efficiencies through the AutoConvert platform, it will be an important component to our future finance proposition on Auto Trader. This will benefit both consumers and our more than 13,000 retailer partners as we look to enable them to offer the hybrid retail experience today’s car buyers are looking for.”
As part of the agreement, Auto Trader will also be working with Experian to deploy an enhanced car finance eligibility service.
Eligibility gives dealers and lenders the ability to identify potential customers that are likely to be accepted much earlier in the journey, removing applications that would later be declined, improving conversion and acceptance rates.
For consumers, it will mean they have a clearer picture of the financing options available to them – without it affecting their credit score – giving them the confidence to go ahead with their purchase.
Robert Goodman, PR Manager, Corporate & Business, UK&I, Experian
Tel: +44 7989 398 498 / Email: Robert.Goodman@Experian.com
Experian is the world's leading global information services company. During life's big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.
We have 17,800 people operating across 44 countries and every day we're investing in new technologies, talented people and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
About Auto Trader
Auto Trader Group plc is the UK and Ireland's largest automotive marketplace. Our marketplace sits at the heart of the car buying process, with the largest number of buyers and the biggest choice of trusted stock. Auto Trader exists to change how the UK shops for cars by providing the best online car buying experience and enabling all retailers to sell online. We are building stronger partnerships with our customers, using our voice and influence to drive more environmentally friendly vehicle choices and creating an inclusive and diverse culture for all of our people. Auto Trader listed on the London Stock Exchange in March 2015 and is a member of the FTSE 100 Index.
For more information, please visit https://plc.autotrader.co.uk/who-we-are/about-us/