ATLANTA -

Autotrader acknowledged buyers are facing tough times right now, with a difficult market plagued by low supply from vehicle inventory shortages and the resulting high demand driving prices upward.

“A worldwide microchip shortage has severely limited new-car production and dealers have fewer used vehicles on their lots, so now more than ever car shoppers need to appreciate the power of their individual finances to make the best deal they can,” Autotrader said in a news release highlighting the launch of My Wallet, a tool designed to detail a consumer’s total purchasing power with personalized monthly payment details and the ability to compare deals to help make vehicle shopping easier, faster and more convenient from the comfort of home.

When making a large purchase decision like buying a vehicle, Autotrader stressed that consumers need to understand not only how it fits into the overall big picture of their finances but also how it impacts their monthly spending.

My Wallet can help guide shoppers through setting up their budget so they can get personalized pricing and monthly payment details as they browse, select and move toward a purchase, giving shoppers more accurate pricing than other listings providers.

To activate the power of My Wallet on Autotrader, shoppers can enter their individual purchase details, estimated credit score, desired term, down payment and trade-in value that is seamlessly generated through an integration with Kelley Blue Book’s KBB.com.

After setting up My Wallet, each vehicle listing they view on Autotrader will feature a personalized estimated monthly payment so they can clearly evaluate if that vehicle fits within their individual budget. My Wallet then can estimate payments with shoppers so they can easily browse a wide variety of vehicles across Autotrader as they move toward their purchase.

By empowering car shoppers with personalized payment details, My Wallet helps improve the shopping-to-buying journey and creates richer connections between buyers and sellers. Since the launch of My Wallet, Autotrader there has been a 113% increase in shoppers exploring financial terms of their deal on Autotrader, including things like down payment, monthly payment or contract term, and deal activity has increased by 469% .

“Consumers should have a comprehensive view of their total purchasing power as they consider their next vehicle, so being able to shop by monthly payment is extremely helpful — especially now given the current economic climate in the automotive industry,” said Jessica Stafford, president of Autotrader and Kelley Blue Book.

“Autotrader’s My Wallet gives car shoppers the best experience and most accurate ‘all-in’ pricing to help them complete their car-buying journey faster,” Stafford continued.

“Personalizing the shopping experience drives convenience that is beneficial to consumers and dealers alike, easing the flow of information and helping to close the gap between shopping and buying to provide a smooth, integrated experience all around,” she went on to say.

Beyond the benefits My Wallet affords consumers, the tool also aids dealers, according to the company.

When consumers shop online, price often is a deciding factor and 67% of shoppers are more likely to use the marketplace if they can shop by payment, Autotrader said.

Powered by Cox Automotive, My Wallet can generate the deal pieces earlier in the shopping journey, allowing consumers to determine their trade-in, down payment, financing terms and credit range on every vehicle listed on Autotrader.

“This information is combined with a dealer’s preferred lender, which ultimately provides dealers with more qualified leads and empowers them to service their customers in a more personalized, seamless way that is quicker to close the sale,” Autotrader said.

“With the drastic shift in the automotive consumer journey, being able to complete as much of the car shopping and buying process from home is now imperative for many consumers — and dealers have stepped up to the challenges of digital retailing accordingly,” the company continued. “Shoppers now know what is possible in this new car-buying experience and they are going to seek out dealers who continue to deliver that process, resulting in stronger loyalty to those brands and dealerships than ever before.

“Consumers of all ages have come to appreciate shopping and buying things online versus going to a retail store, and now many prefer and expect it. In addition to providing a resource for consumers to shop for the perfect vehicle by payment using My Wallet, the trust and speed of Autotrader’s digital shopping experience makes the overall car-shopping process a breeze,” Autotrader went on to say.