Predictive solutions that produce insights to protect and grow your portfolio
Your customers are being financed by competitors every day — and you know it. It’s the very nature of the indirect auto lending space. Dealers send out the apps and look for the best — and quickest — response. It’s time to preempt the pilfering of your profits.
Getting to a consumer with a relevant offer just when they are most likely to accept it would seem all but impossible. But it can be done. With predictive data, you can protect your valuable client relationships and build customer loyalty.
Staying ahead of the challenge
As individuals, we are unique. But as collective consumers we are conventional — even predictable. Using the traits associated with a given lifestyle or life stage you can forecast behavior. Simply stated, there are “indicators” to consumer motivation.
Recognizing the present and future value of your customers allows you to better serve, and even anticipate, their needs. Without such knowledge, the entire relationship can be at risk. Small dollars lost today can compound to be tens of thousands of dollars in future profits lost when your customers finance their auto loan elsewhere.
Using predictive data that identifies the likelihood of a consumer action, as well as that household’s credit capacity, allows for on-target messages to the shopping prospect at just the right time. Equifax has predictive solutions that produce insights, such as the True In-Market Propensity (TIP) Score. Fine-tuned for the auto lending industry, this innovative score ranks consumers on their probability to respond: They are ready to buy or lease a vehicle. And, even more importantly, they are less likely to be delinquent in payments within the first 12 months.
The power of probabilities
Leveraging Equifax insights and combining TIP Scores with your existing credit metrics creates a powerful solution that allows you to create custom score-cut strategies. With more efficient marketing and cross-sell campaigns, you can expand assets and strengthen existing customer loyalty — and build a wide moat to protect your existing relationships.
Here’s how the solution works:
- Using credit file data and behavior trends, it ranks consumers on their willingness to open a new vehicle loan
- By incorporating advanced analytics, borrowers are also screened for the right risk profile.
- In-the-market consumers are identified before auto loan inquiries are even made
- Data can be cross-referenced to existing acquisition programs for enhanced targeting
- Predictions of early pay-offs can lead to first-to-the-customer offers
With vehicle sales in high gear, now is the time to maximize your market share of auto loans. Using unique data and proprietary analysis, you can gain the edge on lending competitors, build customer loyalty and stop the raid on your customer base.
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.