Game-changing Automotive Insights
The automotive industry has become accustomed to looking in the rearview mirror. We know what a customer has purchased, how a loan has performed, and if the right credit decision was made— but what about the future and ensuring you are in front of the right customers with the right terms?
How can we expand our customer base? Build brand and dealer loyalty? What measure of credit risk will allow us the most profitable portfolio? How can we make our marketing more efficient? And most importantly: How can we get to ready-to-buy new customers first?
Such advanced automotive insights are available when you tap into new streams of data.
Taking a forward view
Emerging from the financial crisis stronger than ever, the automotive industry is retooling for the future. There are many opportunities ahead. According to Deloitte, the 80 million members of Gen Y will account for 40 percent of vehicles sold in the next 10 years, making them the largest consumer segment since Baby Boomers.
As an industry, we know that consumers are more informed and connected than ever. They are seeking a faster, more efficient sales process while expecting high level customer service . . Many times, their minds are made up before they even walk through the showroom door.
Dealers are faced with:
- Marketing to the right prospect at the right time: well ahead of the sale
- Identifying consumers who match the products and pricing they offer
- Targeting buyers who are in the market, or will be soon
- Offering competitive financing options to borrowers in a fast and efficient process that caters to a full spectrum of credit risks
- Driving ongoing value to existing customers in an effort to bolster brand loyalty and increase service retention
All of these forward-looking characteristics can be acted upon with advanced data, gathered from diverse sources and interpreted within the context of deep industry knowledge. A partnership with Equifax makes it possible.
Driving data solutions
Equifax Automotive Services can provide a panoramic view of consumer behavior, gleaned from a massive array of data. From credit files to public records, asset and wealth data, exclusive pay stub information — as well as fraud detection and income and employment verification — Equifax resources are unmatched.
Sub-prime and first time borrowers are making up a greater share of the auto sales, requiring a careful balance of credit risk and return. With alternative data provided by Equifax, that risk can be priced into loan termsto help appropriately access the risk and provide the right terms to fit the customer situation and deliver the right call back the first time,
With market-leading analytics, Equifax can project customer demand and drive qualified traffic to the showroom. Using breakthrough segmenting, consumer preferences can be matched with manufacturer brands and models to close a deal faster by delivering the right customer experience. And by identifying consumers with the financial ability and desire to buy, marketing response rates can be made seven times more effective.
Equifax data can even determine consumers who are nearing pay-offs on their loans.
This data can drive a solid plan of action to identify high-value customers and allow pinpoint marketing: Borrowers can be pre-screened for credit risk, so they are empowered to make a purchase on the first visit to the dealership. Consumers who are in the market for a vehicle right now can be identified, and the right message delivered to them. These new data solutions help you uncover trends and opportunities that help evolve your sales strategy, and keep you ahead of your competition.
Stop by our booth #4767 at this year’s NADA Conference and learn about the exciting things happening at Equifax, and our focus to help support the changing world of Automotive.”