THE lease comparison aggregator, LeaseLoco, has added two significant updates to its lease deal advertising platform.
The first is a client insights package for brokers using the comparison site.
The software allows clients to understand which vehicles consumers are searching for, viewing, and saving to their ‘virtual garage’. (This is where website visitors track deals over time and receive a notification when their preferred deal drops in price.) It also reveals opportunities on the platform to improve broker strategies around market hotspots.
Phil Caine, head of broking at iCarLease, described it as the ‘Google Analytics’ of the car leasing market, according to LeaseLoco.
We’ve seen unprecedented growth since lockdown, as the car buying experience moves more online. Through this growth, we’re now seeing over one million searches each month on the platform, and for me, that was a real milestone to start looking at how we can enhance the decision-making process of our clients and key stakeholders in the wider industry. Since we’ve started demonstrating the product, there has been real excitement in something that has quite simply never been on offer before now.John Wilmot, CEO & founder, LeaseLoco
The company is set to reveal a similar package aimed at funders.
LeaseLoco to offer van leasing
In addition to the client insights package, LeaseLoco is also launching a van leasing section on its website. LeaseLoco said it would revolutionise van leasing, while bringing greater transparency and ethics to the process.
“Simplicity of user experience is critical to all LeaseLoco products, and vans are no different. With this addition, we are reducing more than 30 different data classifications down to 10, providing an easier way to specify features, options, payloads, and more, in ways the market hasn’t been offered before.”
Following a £8.7 million valuation and a £1.2 million funding round led by Venrex in November, LeaseLoco now has more than one million searches per month on its platform. It added that revenue has increased by 80% since lockdown.
A website algorithm provides consumers with a score out of 100 to help visitors pinpoint the hot leasing deals while also tracking historical pricing of lease deals.
Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.