DealerOn launches online monthly car payment feature

DealerOn, which provides digital marketing solutions to car dealerships, on Wednesday (March 9) launched a new website platform designed to allow car dealerships to instantly present monthly payments to users visiting their sites.

According to Press releasethe new platform, called Cosmos, offers an agnostic digital retail experience called “open retail”.

“By connecting manufacturer data to the dealer’s website, Cosmos automates all of a dealership’s critical online dealership functions,” said DealerOn’s CEO. Ali Amirrezvani. “It creates and syncs vehicle promotions, updates company profiles, offers, quotes, generates digital creative content and landing pages, without the need for expensive third-party add-ons or agencies.”

Cosmos was rolled out in beta at the end of 2020 and is now being introduced in hundreds of dealerships, depending on the release.

PYMNTS wrote that car dealerships have had to make changes in the current environment, given that there aren’t many used vehicles available. As such, they must have started looking for vehicles they didn’t know as well and perhaps hadn’t thought of buying before.

Read more: Auto dealerships use data to optimize buying and selling in today’s volatile market

This added more challenges, because to make a profit, these dealerships must be able to identify a car down to trim level, know its history, and know the value for which a bank might approve a loan. Businesses also need to be up to date on trade-in, wholesale, and retail values.

“As a dealer in trade, when you look at this and think about what you should really sell this thing for, you try to make sure you don’t give it away, but you don’t want to sit on it and not to spin the car,” Rory MacGregor, Carbly sales and marketing manager, told PYMNTS.

Carbly offers digital tools to help make those decisions, including a Vehicle Identification Number (VIN) scanner that gives a detailed view of the facts about the vehicle. There is also a platform that brings together data sources that the dealership subscribes to, such as history and pricing data.

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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICE IN THE DIGITAL ENVIRONMENT

On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.

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