An increasing number of OEMs and dealers are taking the plunge into online car sales.
It makes perfect sense since today’s car buyers want to complete more of the paperwork prior to visiting the dealer, and dealers are looking for ways to shorten in-store transaction times and reduce their sales costs.
In support of this growing trend, CreditIQ has developed technology to enable online car sales right from the OEM and dealer’s website properties.
With a simple SDK integration – or via a suite of APIs, consumers can shop by payment right from the dealer’s VDP pages (using the dealer’s products and pricing), and complete all of the paperwork from the comfort of their home.
Following is more details about CreditIQ’s functionality:
- Prequalification and Hard Pull – we work with 700Credit to deliver a robust, three bureau platform that enhances dealer compliance, and provides many of the leading pre-screen and consumer pre-qualification solutions in the industry. We strive to provide our clients with the highest quality data in a wholly compliant framework.
- Dealer Rate Cards – our platform imports and presents the dealer’s retail rates to the consumer assuring a smooth transition from online to in store. The result: the consumer knows they can afford the car they are looking at on the dealer’s VDP page, and the dealer is more prepared when the consumer arrives in the showroom.
- Lease Functionality – CreditIQ also supports leasing. With precise lease calculators and current lender residual values we are able to offer consumers tailored lease payment options as an alternative to financing. All delivered in real time during the user’s car shopping session.
- Online F&I Menu – we understand the importance of pitching finance and insurance products as part of the online car sales process. We are fully integrated with F&I Admin, and other leading rating systems to provide dealers with a range of products and providers, including: vehicle service contracts, GAP and more. By standardizing the F&I process we make sure all consumers are presented with their F&I options right after they are approved for financing.
- Trade-In Valuation – an important step of the car buying process is giving the consumer an accurate value for their trade-in vehicle. We use NADA and KBB for this purpose, and are in the process of adding Black Book. We look to continue to be at the forefront of online trade appraisal and bookout technologies.
- Electronic signatures on key documents – retail installment contracts are one of the most important documents that your customers will sign when financing a motor vehicle. We work with Wolters Kluwer to ensure your contracts are up-to-date and in compliance with the latest regulatory changes and can onboard any lender-required documents beyond a standard deal jacket.