Auto Dealers: Verify Income & Employment to Help Sell More Cars
Today, the average car buyer spends nearly 70 percent of the total purchase process online, rapidly clicking their way to exactly what they want. Dealers need to be able to create a similarly seamless, transparent and fast-qualifying experience. There is nothing more frustrating to both customer and dealer than test driving a car, get handed off to someone else to review their credit and income and desk the deal, only to be presented with a payment that does not work for their lifestyle. The experience can be very time-consuming, especially when compared to the online process, and needs to be re-started, which can leave the customer feeling frustrated and unhappy.
The fact is, for dealerships, time is money and it can be a challenge to ensure an efficient buying experience when shoppers do not accurately report their income on the loan application. So, it’s critical to understand a buyer’s legitimate financial capacity early in the sale—before they get into as well as in the F&I office. To facilitate this efficiency, dealers should consider leveraging tools that verify income automatically or a full suite of end-to-end tools that analyze employment history in the F&I office, which salespeople can often access through the finance platforms dealerships already use.
Verifying customers’ income and employment THROUGHOUT your sales process can lead to more and faster sales. Verifications will help:
- Reduce wasted time & money
- Combat fraud & avoid contract buybacks
- Clear lender stips & close more deals with confidence even when banks are closed
Check out our infographic on three different ways income and employment verifications can be used in the sales process to help sell more cars. Contact us for more information at 800-305-9152!