Heycar increases car dealer payment terms to 60 days

Heycar is increasing payment terms to 60 days until the end of Q2 to provide dealers with ‘welcome breathing space’ as after this week's showroom reopenings.

The extension will see payment terms extended from 30 to 60 days until July 1, 2021.

The move comes ahead of an expected record April for the trade and follows a string of initiatives from the car marketplace during lockdown, a free delivery scheme introduced in November, 2020 and a fuel offer in February, 2021.

Karen Hilton, chief commercial officer at Heycar, said: “We want to ensure dealers are free of distractions as they welcome back customers for the first time this year.

“Doubling our payment terms to 60 days gives dealers peace of mind and reassurance that they can devote more of their energies to their top priority - selling motors.”

Ahead of showrooms re-opening, Heycar reported a spike in activity on its platform. Hilton said: “The closure of showrooms has deprived the trade of vital income particularly during a traditionally bumper month like March.

“But, a 13% month-on-month rise in stock flowing through Heycar during March and an increase in organic site traffic of 80% point to April looking very positive for the trade.”

Heycar followed its recent sponsorship of the FA Cup on BT Sport, by signing former England and Tottenham Hotspur star Jermaine Jenas to host a football-themed online content series. 

Alongside Heycar, Cazoo and Vanarama have also secured new football-related marketing opportunities.