LeaseLoco, the UK’s biggest car lease comparison site, has today announced the launch of a new client insights package and the introduction of van leasing to its website, after increasing revenue by 80% during lockdown.
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.
Client insights package
LeaseLoco’s new client insights package takes the guesswork out of tactical purchasing decisions for dealerships and brokers. Leading the way for technology in the new car space, the software allows clients to understand what vehicles consumers are searching for, viewing, and saving to their ‘virtual garage’, where they track deals over time and receive a notification when their preferred deal drops in price. It also reveals gaps and opportunities on the platform to inform and improve dealer and broker strategies around market hotspots.
Described as ‘the Google Analytics for car leasing market data and something the market has been crying out for, for years’ by Phil Caine, Head of Broking at iCarLease and a LeaseLoco client, the package is set to be one of the world’s most influential data insights products to inform dealer and broker pricing, and overall market decisions.
LeaseLoco is set to reveal a similar package aimed at funders soon too, based on its entire platform’s data, meaning multi-million-pound funding decisions can be made with the most accurate market data.
John Wilmot, CEO and founder of LeaseLoco, said “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 demoing the product, there has been real excitement in something that has quite simply never been on offer before now.”
LeaseLoco has also launched van leasing on its website, to sit alongside its car offering. The development will see LeaseLoco revolutionise van leasing in the same way it did for cars more than a year ago, bringing greater transparency and ethics to the process.
CEO and founder, John Wilmot, continued, “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.”
LeaseLoco helps users easily understand the value of its deals, using an algorithm to provide the most powerful value score in the market. This score out of 100 (with 100 being the best) makes it easy for users to see what deals are hot, and what are not, underpinned by market-leading tech and a database of over 500 million prices that influence adjustments to the score, relative to contract mileage. The company also tracks historical pricing of its lease deals to match the volatile market and adapts deals in real time as prices change overnight.