How paying for vehicles on Motorway is saving car dealers time and money
We recently announced that two in three UK dealers are now using Motorway[1] to acquire premium, used car stock.
With 7,500 dealers now on our platform we have certainly come a long way since we started out in 2017. We now list more than 7,000 cars a week, with a sale agreed every two minutes.
While these figures are impressive, for me, it's the stories I hear about how much easier we have made life for our dealers that really demonstrate our success.
From browsing stock using specific filters to utilising our proxy bidding service, buyers can easily place their maximum bid without the need to monitor the clock. More recently, what's saved dealers' a huge amount of time has been how purchases are made on Motorway.
About 18 months ago, we built payment processing into the platform. And it's been a total game changer for our dealers.
Now, dealers use their Motorway account to not just browse and bid, but to pay as well, enabling them to combine all vehicle payments into one payment, taking the admin and hassle off their plate. When a dealer is ready to pay the seller the final agreed purchase price, they make payment with one click of a button. We handle the rest, including paying the seller, settling the finance (including negative equity) and our fees, meaning no more invoices.
Our dealers are always in control. Just as only they can make a purchase, only they can authorise a payment. And all transactions are recorded in their account.
We've also made sure there's no risk whatsoever for the dealer. No matter how big or small the payment is, we can handle it securely.
We take liability to get all the money to all parties correctly and are fully FCA compliant. With 99% of payments sent in just five seconds, we are providing great peace of mind for everyone involved.
And as it's been designed to fit with our dealers' accounting process, we are keeping their finance teams happy too!
The time it's saving our dealers is significant - for every five purchases dealers are making through our system, they are getting one hour of admin time back. When you think about how many purchases some dealers are making in a week, that really can make a huge difference to both their working day and bottom line.
Since integrating payments into Motorway we have securely processed over GBP2 billion on behalf of our dealers, saving them time, money and stress. We're proud to be the UK's largest end-to-end, private used car marketplace, offering auctions, payment and transport all in one platform.
But don't just take my word for it.
Here's what some of our dealers have to say...
John Ford, director of Fords of Winsford, said: 'I can honestly say that paying for vehicles on Motorway has been a game-changer for my dealership - we've been able to drastically reduce the admin time on each individual vehicle purchase, completing payment with one simple click.
'We know we can trust Motorway to ensure the payments are sent to the right people, quickly and securely.
Motorway has evolved the payments solution to work even harder for dealers like us and our business needs.'
James McConville, company director, Solo Cars, added: 'Paying for cars on Motorway has made my life a lot easier - it's literally as simple as clicking a button.
'The benefit to a dealer like us is the time it saves - we can now allow our accounts and admin teams to cover payments tasks and I know the job will get done properly.
'I don't have to start giving all my staff bank details of each car buyer.
I can just rely on Motorway to make sure all of the payments are sent to the right people, following the right process.
'I then get a paper trail of all the payments that have been made and it's really secure to use.
'Sometimes it's hard to believe that there is a platform out there that's set up for dealers so they can win - saving time, effort and resources.'