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How Independent and BHPH Dealers can increase profits not staff

February 19, 2018

How Buy Here Pay Here Dealers Benefit from Credit Reporting

Hustle at Scale, Part 1: Credit Application and Credit Data Integrations

This post is the first in a series written especially for independent dealerships that need to be looking for ways to scale their hustle. Or, more accurately, scale the RESULTS of their hustle. You already know how to grind out work, do more with less, and wear exactly 1 million hats. But, it probably feels like all that effort is necessary just to maintain. How could you ever increase profits? Join us as we explore the latest automation to help you multiply your income, not your headcount.

The car buying process is notoriously long. It can get painful for both your store and your customers. It’s one reason a growing group of consumers are demanding the ability to get their transaction started online. When you answer their request, you’re automatically boosting the number of customers you can close in a day. How’s that for productivity?

Regardless of whether you’ve adopted a digital retail solution yet, you should at least have an online credit application. Unfortunately, the process for receiving and processing each application is typically labor-intensive … that is, until now.

DealerFire Credit Application Integration

At DealerSocket, we’ve seamlessly connected our DealerFire credit application with our CRM and iDMS technologies. As a result, data entered by customers — including personally identifiable information (PII) — will automatically and securely import to DealerSocket CRM and/or iDMS.

This powerful integration is a major step toward delivering a red-carpet buying experience without having to hire more staff. The automatic data push instantly creates a highly qualified web lead alert, triggering personalized follow-up.

Compared to a manual process, this integration saves salespeople about 10 minutes per application. The time adds up, freeing employees to focus on what they do best: build relationships and sell cars.

The DealerFire-credit-application-to-DealerSocket-CRM integration is live now. The iDMS integration will launch soon.

CBC Credit Data Integration

We’ve been busy around here! DealerSocket has also completed a special integration with Credit Bureau Connection (CBC) that translates to a seamless digital shopping experience for stores and customers.

When a prospect submits an online credit application from a dealer’s website, CBC instantly performs a hard or soft credit pull from all three bureaus (depending on dealer preference) and then auto-populates qualified leads into DealerSocket CRM.

CBC even automates compliance requirements for each deal, such as an Office of Foreign Assets Control (OFAC) check, Red Flags Rule, ID theft verification, risk-based pricing credit score disclosure, and adverse action fulfillment. The integration works regardless of the website platform, so non-DealerFire stores can still reap the benefits.

A dealership utilizing this kind of streamlined process eliminates multiple manual tasks and areas of duplicate work. It also recovers leads that may otherwise get lost in the shuffle.

Secure DealerSocket integration with CBC provides an easier workflow for the end user, resulting in significant time savings for both dealer and consumer. The CBC credit data integration is live now.

It’s not only feasible but essential to scale profits without growing headcount. We’ve seen countless dealers expand through integrations and automation. Will you join them?

To learn more about integrated credit apps for your website visit dealersocket.com to schedule a demo.