Deliver Vehicles Faster and Get it Right the First Time
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 delivered and financed, with proper attention to compliance and funding details.
Get it Right the First Time
Many finance managers simply have accepted lender rehashes as part of their job description. Too often, dealers are caught up in time consuming back-and-forth rehashes with lenders, particularly when submitting subprime or first-time buyers. It’s not always easy to get the same credit view of the consumer that the lenders have. Lenders and dealers often pull different versions of a credit score, even though it may come from the same credit reporting agency. This can lead to vehicles being spot delivered based on different information, leading to surprise variances in approval terms after a customer has driven off the lot. This issue affects deals across a full spectrum of customers, and leads to tension and inefficiency between dealers and lenders. To improve this process, Equifax is now offering dealers an automotive specific view of the consumer in one easy-to-use report with all the information a dealer needs at their fingertips.
The TotalView for Auto report provides dealers with the same credit scores that the vast majority of auto lenders are using today. “We’ve packaged up the scores that today’s auto lenders use, to help dealers with getting the same information about the customer as the lender, before they deliver the vehicle, to help avoid unnecessary surprises when lenders return their calls after the vehicle is delivered” says Jennifer Reid, Senior Director of Product Marketing at Equifax Automotive.
Fewer Surprises and Headaches
The TotalView for Auto report puts all the credit scores, as well as an easy-to-read summary of customer information, right at the top of the report. Negative information can be easily spotted and score variance can be caught as soon as the report is pulled — which can lead to fewer surprises after delivery, and more informed dialogue with lenders. The TotalView for Auto report is about making dealers lives easier. When dealers can see all the information they need right at the top of the report, they can get back to focusing on delivering cars with the right terms upfront and avoid unnecessary customer re-contracting or costly rate buy downs.
In addition to credit scores, the TotalView for Auto report offers dealers access to employment and income verifications to help remove stipulations. The report also provides access to Equifax fraud and identity screening products.
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