As dealers move towards a digital selling environment, the tools inside the heads of the best vehicle salespeople and F&I managers are increasingly being replicated by digital tools for everyone to use.
One of the classic, unspoken tools was the salesperson’s “Up Analyzer.”
No, you won’t find that tool available for purchase. It’s a mental tool many of your salespeople uses to size up the creditworthiness (and their commission) before they approached an up. They simply eyeballed the customer from across the lot to determine if they are a dime or a roach. They used it like it’s 100% accurate, but it was lazy, avoiding some customers or skating others and taking the perceived “best” ups.
Dealers knew it was wildly inaccurate and wanted to improve their sales performance by limiting the “Up Analyzer.” They started deploying improved CRM tools in the past fifteen year to retire the “Up Analyzer.” The improved CRM’s have helped the dealer establish a more consistent process (no skating or avoiding ups) and focus on their effective sales time. Salespeople received better training and were also given pre-screen tools to ensure the customer is on the right car — without harming the customer’s experience.
More and more deals are starting online, where you can’t use the “Up Analyzer” or your CRM to solve the newest sales issue. The problematic handoff between online deals and showroom delivery has exacerbated “Payment Surprises” when the customers come to the showroom for delivery. This issue often kills an online deal. When a happy online buyer comes to the showroom, and you have to move the payment numbers to make your profit goals, they get upset and sometimes drop the deal.
The solution to “Payment Surprises” is to make sure the online payment is precisely the same payment that a showroom customer would get. Same cost structure, same credit validation, same taxes, licenses, fees, and F&I ancillary products built into the deal and 100% accurate.
How do you make 100% accurate deals happen?
You move the credit evaluation process closer to the start of the online customer buying process.
This is standard practice for companies like Carvana and Vroom, who specialize in online-only transactions. Fortunately, CreditIQ’s platform allows franchised and independent dealers to provide the same experience (and results) for any dealership that desires to compete in digital retailing.
Here are three core benefits to becoming ‘Credit Intelligent’ at your dealership.
- Positive impact on lead generation, leading to increased sales
- Positive impact on customer’s acceptance of transparency of the buying process, leading to improved gross
- Salesperson time savings which can be turned back into more deals per day/hour
Getting your dealership to be Credit Intelligent or Credit First is very easy with the CreditIQ platform. It will eliminate broken deals created when the online deal doesn’t meet the showroom’s profit requirements and improve the overall online deal to final sale ratio for your dealership.
If you are ready to increase revenue by using Credit Intelligent selling, please reach out to us at – sales@creditiq.com or click below to learn more.
