Automobile leasing app Honcker has added functionality that allows consumers and dealers to view local pricing trends. Consumers can view graphs, updated every six hours, that display vehicle price histories as far back as a few weeks, enabling them to better judge if current prices are fair.
“The reason we’re doing this is because a consumer begins looking for a car approximately 90 days before they actually need it, and one of the things that they don’t have is price history,” Nathan Hecht, founder and chief executive officer of Honcker, told Auto Finance News. “They don’t have access to the rebates, they don’t have access to the incentives, they don’t know how the money has moved back and forth. But we do.”
The monthly price of a vehicle can change depending on financing term or down payment, so the new feature will adjust the trend line based on the user’s specified
parameters and credit score.
For dealers, the Honcker dashboard displays graphs that show average vehicle prices at competing dealerships in the area, without identifying specific dealerships.
The consumer version of the update is available on iOS now and will arrive on Android soon. The dealer version will be live in “about two weeks,” Hecht said.
