Cycle Trader has rolled out its new “Shop by Payment” feature to drive more traffic and facilitate faster closes. Cycle Trader’s goal with the Shop by Payments feature is to drive traffic, provide higher quality leads to dealers (all lead opportunities) and inevitably facilitate an online transaction. This feature is another entry point into Cycle Trader's digital retailing platform, Buy Now, which is meant to help foster a deeper connection between dealers and consumers.
“The services offered through this platform will support dealers' inventories and the sale of that inventory,” explains Troy Snyder, VP of Digital Retailing for Trader Interactive, the parent company of Cycle Trader. “As a trusted partner in the industry, our mission is to continue providing value to dealers that allows them to respond to the ever-changing consumer demand.
“Our market research indicates buyer intenders are interested in understanding not only the cash asking price of new and used motorcycles for sale, but also what their monthly payments would be if they pursued financing their purchase online,” adds Snyder. “Shop by Payment provides that visibility in a way that has never before been available to buyers who plan to finance their motorcycle purchases, opens the door for cash buyers to explore financing options, and will help move these consumers through the purchase funnel faster with transparent monthly cost estimates.”
The Shop by Payment feature enables consumers interested in financing motorcycle purchases to search for vehicles based on their preferred monthly payment range. The new search option expands Cycle Trader’s digital retailing platform, which launched earlier this year with functionality enabling users to purchase used motorcycles 100% online with cash. The Shop by Payment search function is designed to connect dealers with buyers faster, spend less time negotiating with prospects, and generate more financing opportunities. This feature also gives cash consumers insight into the flexibility of financing and affordable vehicles that could be out of their price range if they were to purchase in-full with cash.
The new feature gives Cycle Trader users the option to filter searches in the Price portion of the site’s search bar by either ‘Cash’ or ‘Payment.’ Then:
• Those who select Cash will be prompted to enter their minimum and maximum purchase price as usual.
• Those who select Payment will be asked to indicate their preferred minimum and maximum monthly payments.
Once a buyer selects their preferred payment, he or she will be shown a dynamic monthly payment for each vehicle listed on the search results page as well as on each vehicle detail page, making it easy to compare estimated monthly payments from bike to bike. All Cycle Trader listings with a price automatically qualify for the “Shop by Payment” feature. Monthly payment estimates displayed in the search results and vehicle detail pages are based on a standard 60-month loan term and a fixed interest rate of 5.99% APR.
