I don’t know whether anyone has seen this advertised, but Quickquid is a quick and easy loan service to help you out before pay day arrives.
And also a small pointer, the interest rate is only 1734%. That’s right, no decimal points missing. When I first saw this, I thought this was ludicrous, I’m sure you agree with me. How does a company like this make a living with such astronomic interest rates?
Well there are some factors that do believe it or not, override the interest rate. Convenience, speed of service, ease of use, desperation, distress purchase? They might all play a part.
What would happen for instance if you make it more convenient, easy, accessible for a customer to buy a car? The overriding concern over price diminishes, and could increase car sales. One way to increase convenience for customers is to make better use of your website.
The latest survey from used car data expert, HPI confirms the need for dealers to fully maximise their online offering. The survey found that choice (78%), convenience (62%) and good deals (51%) were the three most popular reasons for used car buyers to surf the web.
A good example of this is our recent Paddy Coppinger case study which can be found here. Paddy Coppinger when looking to buy a new Land Rover was interested in a car he had seen on the Land Rover Conwy website via the CitNOW system. However the car he wanted was sold before he had the chance to buy it.
Due to the CitNOW system, trust had been built between Paddy and the sales team without even entering the dealership. This led Paddy into buying a car that price was competitive with the used car he wanted “I was so impressed that the video had been made especially for me…Even though the original car I wanted was eventually sold to another customer, they had impressed me so much I had to buy a new car from them!”
Like QuickQuid customers agree to take a loan with such a high interest rates for speed and convenience, Paddy Coppinger was persuaded to spend more money on a car due to the convenience that CitNOW provided.