Lack of available credit training is an issue affecting the buy here, pay here (BHPH) dealer community across the country, and has resulted in these dealerships not getting the full benefit of the data available on the consumer credit file. For many dealers, qualifying buyers is an uphill battle, one they don’t know if they [Read More…]
A common misconception in auto lending is that there’s a high propensity for customers to overstate their income. In reality, what Equifax has found is that around 25% of borrowers overstate their income while 75% actually under-report what they make. In either scenario, getting an accurate representation of employment and income data eliminates many uncertainties [Read More…]
The Equifax team is gearing up as the countdown begins to Used Car Week at Red Rock Casino, Resort & Spa in Las Vegas, Nevada November 10-14. This week-long event hosts four outstanding conferences in one: CPO: The Pre-Owned Conference – Nov. 10 & 11 SP: The SubPrime Forum – Nov. 10-12 Re3: Recovery, Repossession, [Read More…]
Thin-file/no-file millennials can be a difficult demographic to appeal to. Here are some best practices for lending to this important population.
Webinar: Credit Trends and Business Intelligence for Automotive Lenders: Improve Your Competitive Position in the Market
Business intelligence is critical to staying ahead of the competition – now and into the future. Are you leveraging the latest business insights to better understand your market situation? Don’t miss this opportunity to get the latest market intelligence from Moody’s Analytics and learn how you can compete more effectively in today’s competitive automotive environment. [Read More…]
It’s an unfortunate truth: Many auto lenders do a poor job of prescreening prospect because they lack full credit profiles of their customers.
Today’s independent auto dealers are under pressure. Changes in financing, competition, inventory, regulatory issues and shifting buyer preferences are among the challenges that have left many members searching for answers. Jennifer Reid, Senior Director of Product Marketing at Equifax, recently caught up with Scott Lilja, Senior Vice President of Member Services at National Independent Automobile [Read More…]
Millennial vehicle shoppers (18 to 32 years old) comprise a huge market of new car buyers. They are more informed than previous generations. They are different from any other category of buyers.. Your dealership challenge is to inform, seduce and reward this new population of shoppers with exactly want they want. Image is everything Last [Read More…]
Anyone who has ever been in Sales or Finance at a dealership knows the pain of the late night vehicle buyer who, hours after close, finally takes delivery of a vehicle. These deals regularily take place after lenders are closed for the day, and require vehicle delivery tools that are available anytime, day or night. [Read More…]
After nine years of a tough grind, vehicle sales and auto lending is back. But margins are under pressure, so dealers want more speed and efficiency —while staying price competitive and maintaining a good customer experience. To thrive in this market, dealers must move customers from being online shoppers, through to showrooms, and get vehicles [Read More…]