iVendi reports rising demand for off-the-shelf auto marketplace tech

Growth in demand for ready-made technology that enables automotive marketplaces to be launched quickly and cost-effectively is being reported by automotive retail specialist iVendi.

The company says it is seeing rising interest from both established marketplace operators and businesses looking to create new automotive platforms to stand out from competitors.

He said: “The technology behind automotive marketplaces has become increasingly sophisticated as both consumers and dealers have demanded ever easier, smoother and more effective online journeys, similar to those offered by the very best general retail web sites.

“Features such as AI search capabilities and transparent, compliant motor finance options are very much expected, but require extensive development and significant resources over a long period of time. It’s become more and more difficult for any but the largest providers of marketplaces to carry out this work in-house or pay a third party to create a unique solution.”

Tew said this shift was fuelling demand for adaptable marketplace technology that can be implemented rapidly while still delivering advanced functionality.

“This is why we are seeing significantly higher interest in off-the-shelf technology that delivers advanced marketplaces and can be adapted to individual needs easily and cost-effectively,” he added.

Among the recent projects delivered by iVendi is new marketplace technology for Motorcycle News Bikes for Sale, one of the UK’s longest-established motorcycle sales platforms. The updated system includes features such as iVendi’s finance comparator tool aimed at modernising the online buying journey.

Tew said interest was also coming from organisations outside traditional automotive retail, including financial institutions looking to strengthen their motor finance offerings.

“However, we’ve also delivered marketplaces for banks that wanted to differentiate their motor finance offering from rivals and are currently in conversation with several businesses that are similarly looking at the potential of new marketplaces as a means to offer extra value to their existing customer base,” he said.

“For all of these companies, developing their own marketplaces would have been difficult or impossible, but the availability of off-the-shelf solutions means that a market-leading consumer experience can be delivered rapidly and with a much-reduced level of expenditure.”

Tew believes the trend is likely to continue as the costs and complexity of meeting evolving consumer expectations and regulatory requirements increase.

“We may be entering an era where only the biggest automotive platforms and businesses such as iVendi can afford to make the investments required to meet the sector’s evolving requirements,” he said.