Dealer Decision Review Makes Digital Retailing Less Scary


Automotive online retailing comes with some scary issues. (Halloween post)

Scary question #1 – Who approves the deal to make sure it’s profitable?

Every deal needs decisioning to be cleared for the final sale. Doing an online deal with “automated” decisioning sounds super scary because the customer gets an “approved” deal that has not been reviewed by your staff. 

When a customer is shopping at 2 am and there is no one to approve the decision, what happens? You can stop the customer buying process and hope that they haven’t moved on to a different dealership or you can set CreditIQ’s automated decision, and let your lenders present offers with the maximum spread to make sure the deal is profitable. All online retailers know that the fastest way to kill a sale is to interrupt the customer buying process. We recommend striking while the iron is hot, thus we allow our dealers to set the max spread for each lender so no matter the lender or creditworthiness of the customer, you will never risk your F&I profit for an online sale.

Scary question #2 – Can I adjust pricing for F&I products like gap insurance and maintenance plans?

Selling additional products that the customer wants to include in the deal is easy on CreditIQ’s platform. We allow the dealers to easily adjust prices to fit within the maximum allowable MSRP overage to make sure you capture the revenue you need. It’s a simple and easy way to add profitability to your deals and keep customers happy.

Scary question #3 – What happens if lenders can’t return an automated decision for a customer, do I lose that customer forever?

No! The CreditIQ platform is designed to capture all the customer lead information that typical lead generation tools like credit apps and trade value do. If a customer has poor credit or has a hold on their credit and needs special attention, the dealer has all the information in the CreditIQ dashboard to contact the customer when they open the showroom. While it’s not ideal to have the online sale interrupted, it’s important that the dealer has a second shot at selling the customer a vehicle.

If you are interested in having CreditIQ get you set up for Pencil Perfect Contract Ready Digital Leasing/Retailing that allows you to both manually and automate lender decisioning, please reach out to us at – sales@creditiq.com or click below to learn more.

Kent Mihlbauer
Author: Kent Mihlbauer

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