Heycar has extended its Trade Up cashback scheme for dealers until September.
The Trade Up initiative provides dealers with £250 extra for a part exchange that is relisted on the heycar platform.
It was initially only intended to last one month, but will now be extended as a result of popular demand. The volume of part exchange leads on the platform has surged from 10% in June to 28% in July.
Karen Hilton, chief commercial officer at heycar, said: “Since launching last month, our Trade Up scheme has offered a welcome lifeline to dealers – providing not only a boost to their bottom line but also assistance in increasing their stock levels too.
“And amid clear evidence from heycar customers that they are looking to take advantage of rising car values by part-exchanging their existing car and upgrading to something newer, we’re delighted to extend the initiative into the autumn as part of our commitment to offering stand-out support to the trade.”
The Trade Up scheme was introduced as part of heycar’s efforts to ensure customers understand that taking the dealer-route offers them the best possible returns on a part exchange.
The latest data from the online car marketplace shows vehicles with less than 100k on the clock account for 84% of part exchange leads, while a quarter (24%) come from those with less than 30k.
Amid soaring part exchange levels, the Mercedes-Benz C-Class and the Nissan Qashqai proved the most popular vehicles on the site during July. Also among the top ten were the Mercedes-Benz A-Class, Range Rover Evoque, Range Rover Sport and Kia Sportage.
Recent research from heycar also discovered that customers are looking to spend on average £13,000 on top of their part exchange car, with customers most likely to be trading up vehicles from 2015 to vehicles from 2017 or newer.