A sale doesn’t happen until you have a transaction, which in most cases means an approved and funded loan or lease is accepted by the customer.
The modern shopping process is disrupting the traditional flow of when and how dealers reach a sale. Technology lets customers think they can do a lot of the sales process online. They can check trade values, apply for credit, calculate payments, etc., but they can’t get and approve funding because most deal management tools don’t directly connect with the lending side of the F&I process.
Before the online self-service consumer mindset became prevalent, it was easier to get customers into the store and put them through the traditional F&I process. The new digitized customer buying process is not aligned with conventional F&I and creates more work and missed sales opportunities for dealerships.
Many dealership vendors pitch ‘Digital Retail’ services to dealers, yet their services are not linked to the actual lenders and can’t deliver lender decisions and approved funding to finalize the sales process. This means that most ‘Digital Retail’ solutions are just glorified lead providers. They are good leads, but the dealership has to put them through the traditional F&I process based on the client’s digital information during the lead acquisition process.
Moving customers into the traditional F&I lender process usually requires data re-entry of what the customer filled out online. More work for the F&I team and a longer total sales process for the customers. Additional bumps in the process happen when estimated payments are wrong due to inaccurate credit info, miss calculated taxes, ancillary products not matching up with the lender’s maximum allowances.
A modern Deal Management Platform like CreditIQ takes all these issues into account and delivers a sold deal that is fully funded and contracted. Our platform is a comprehensive deal management platform for both showroom and online deal management. We think your team shouldn’t have to learn and use two different sales processes to deliver sales.
Getting to a funded deal faster is what the modern shopping process is all about. It doesn’t matter where the customer initiates the buying process, online or in the showroom; the faster they can get through the sales process, the happier they are. And they usually are happy to pay a premium for quickness. Dealers also get a PVR lift of $40-$120 when they accommodate the customers with CreditIQ’s modern deal management process.
Dealers have been able to trim staff overhead because of the deal efficiencies of having all deals flow through our digitized deal management platform. The platform automates a lot of the manual labor required by the traditional sales and F&I process. Dealers are getting a 40%-60% increase in deals per employee due to the automation and speed increases. That’s on top of the PVR increase.
There is a lot of benefits to modernizing your deal management platform. Consumers keep pushing digital access and processes; moving your dealership to a modern Deal Management Platform will allow you to keep up with these changes.
If you are interested in learning more about CreditIQ and the ways our Modern Deal Management Platform can help grow your sales and reduce your overhead, please reach out to us at – sales@creditiq.com
