Auto Dealers and Consumers: More Data Sooner, Please
Auto Leaders Want to Make Car Buying Easier
Leaders of the National Independent Auto Dealer Association (NIADA) met in Las Vegas this summer to discuss unmet needs in auto buying. Leaders agreed that consumers and dealers would like access to their consumer data earlier in the car-buying process. The goal: make the car-buying process more seamless and “human” right from the start of their online search.
The participants also said there’s a need to better prepare consumers so they know what they qualify for. And this should occur before they enter the dealership. Furthermore, it’s even more important for subprime buyers who may purchase based on affordability alone.
The Answer: A Technology Interface for Both Sides of the Transaction
Dealers said they’d like a technology interface where car buyers share their personal information before entering the dealership. This, they say, would allow buyers to know their credit score in advance and understand what it means for them.
However, an ideal situation would be a one-stop shop. It would allow buyers to input personal information and receive the simplicity of online shopping. Meanwhile, dealers could access the personal information to make good, stable offers to customers who fit their criteria. In addition to credit score, this data may include: income and employment information, auto ownership history, debt to income ratio and more.
Jennifer Reid, V.P Strategy & Marketing Leader – Automotive at Equifax, said one of their goals is to improve the car-buying experience for consumers by helping them get the answers they need earlier in the buying process. “We believe by partnering with industry leaders, we can develop a more seamless buying journey that will lead to greater success for both car buyers and dealers,” Reid said.
Visit our website for information on Equifax’s current solutions for auto dealers and lenders.
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