Integrated credit experience connects buyers, dealers and lenders seamlessly online
/PRNewswire/ —Trader Interactive’s new Dealer Financing product, now live on RV Trader and Cycle Traderintroduces an industry-first indirect lending platform that seamlessly delivers full credit applications into a dealer’s existing lender systems, allowing buyers to apply for financing directly from new and pre-owned vehicle listings within the marketplaces. The new lending platform connects consumers, dealers and lenders within a single, fully digital experience greatly simplifying the financing process and accelerating speed to financed sale.
With Dealer Financing activated, buyers can easily apply for credit while shopping for an RV or motorcycle directly from a dealer’s inventory and receive a lender response. Once submitted, the application is instantly sent to both the dealer and the lender, supporting the dealer’s existing lending relationships. This integration provides dealers with instant access to credit applications submitted by consumers as well as streamlines loan approvals, communication between buyer and seller and brings high-value, finance-ready vehicle buyers directly into participating dealerships’ systems and showrooms.
Dealers not only receive the highest quality finance leads from buyers, but also experience reduced overhead costs, an expanded customer base and increased profitability from F&I products as the payments discussion ensues. The Dealer Financing product integrates seamlessly with existing lender portals and dealer systems, requiring no additional setup. Credit application details are also sent directly into dealer CRMs and TraderTraxx, creating an efficient and transparent process for all parties. Performance metrics have proven a 17% rise in listing engagement, and an overall 18% increase in monthly dealership credit applications.
Consumers benefit from diverse lending options and a streamlined, convenient process with faster approvals while greatly reducing purchase stress. This allows them to acquire financing before visiting a dealership, saving time and dramatically improving the overall buying experience.
“We remain steadfastly focused on delivering the strongest value for both buyers and dealers within our online vehicle marketplaces while supporting dealer business models and bolstering their existing revenue streams,” said Troy Snyder, Vice President of Product at Trader Interactive. “Our new digital lender platform, Dealer Financing, enhances the buyer experience by connecting directly to a dealer’s active indirect lender relationships. We are amplifying the dealers’ most vital revenue stream and constructed this to be as easy as possible for a buyer to apply and be approved within their online experience. This in turn maximizes transaction conversions and dealer profitability.”
According to recent survey data, the launch reflects strong demand for online financing options. With 67% of RV purchases being financed, and nearly 60% of motorcycle purchases including financing. Additionally, 66% of marketplace consumers report seeking financing during their purchase journey. Seven in ten applicants on Trader Interactive marketplaces complete full loan applications, and financed purchases typically include two additional F&I products, supporting dealer profitability.
Trader’s Dealer Financing integrates with a broad network of industry leading lenders and platform partners. Cycle Trader provides a connection to Octane, FreedomRoad Financeand Performance Finance. RV Trader provides access to Source One Financial Services and Priority One Financial Services. The system supports credit application delivery through 700Credit, AppOne, Dealertrackand Route Oneand is bridged with Lightspeed, DX1 and additional industry leading DMS and CRM systems.
Dealers can learn more or activate the new Dealer Financing product by contacting their Trader Interactive sales representative or by emailing [emailprotected].
About Trader Interactive
Trader Interactive connects buyers and sellers in the powersports, recreational vehicle, aircraft, marine, commercial vehicle, and heavy equipment industries through a broad portfolio of marketplaces that reach nine million unique monthly visitors. Linked by a widely recognized family of “Trader” trademarks dating back several decades, the company’s brands include lifestyle vehicle marketplaces Cycle Trader, RV Trader, ATV Trader, PWC Trader, Snowmobile Trader, Boatmart, Aero Trader, and Trade-A-Plane, as well as commercial vehicle and equipment marketplaces Commercial Truck Trader, Equipment Trader, NextTruck, Rock & Dirt, and Tradequip. For more information, visit traderinteractive.com.
About Cycle Trader
Cycle Trader is part of a unique portfolio of Trader Interactive marketplaces for buying and selling powersports vehicles, including Cycle Trader, ATV Trader, PWC Trader, and Snowmobile Trader, with over decades as part of the “Trader” family of brands. The company’s mission is to bring powersports buyers and sellers together by providing dealers and manufacturers with comprehensive listing packages and innovative advertising products that place inventory in front of relevant, high-quality buyers. Listing inventory through Trader Interactive’s powersports brands ensures that dealers can maximize their exposure, generate connections, drive sales, and boost profits. For more information, visitwww.cycletrader.com.
About RV Trader
RV Trader is the industry-leading marketplace for buying and selling new and used RVs, including Class A, B, and C vehicles, as well as campers and trailers, with millions of active buyers every month. A comprehensive suite of digital marketing products and solutions means dealers listing inventory through RV Trader increase their visibility, generate customer connections, drive sales, and maximize profits. Through the exclusive Lead Manager and Lead Enrichment tools, dealers have access to a unified lead management system along with in-depth performance data and insights all in one convenient place. RV Trader is a division of Trader Interactive and belongs to the well-known “Trader” family of linked brands. For more information, visit www.RVTrader.com.
SOURCE Trader Interactive