As a consumer contemplating the purchase of a new vehicle, walking into the auto dealership today is a very different experience of years gone by. Consumers are heavily armed with information based on their countless hours of research – they’ve consulted Kelly Blue Book or Canadian Black Book and already know the car’s value that they want to acquire, the estimated value of their trade-in, in the case of a used car purchase they likely know the car’s history, or with a new vehicle they already have an idea of all the upgrades and features they want included in the price of the car. What has changed dramatically in recent years is that consumers may also know their credit score and are more prepared when walking into the Finance Manager’s office to secure financing for their purchase. Now, more than ever, the savvy consumer is seeking a smooth, frictionless buying experience. In today’s ever-changing, dynamic and digitized economy, the expectation of “add to cart and check out” is starting to transition into the world of auto buying. Consumers who encounter friction in the Finance Manager’s office, being asked to produce documents to validate identity or income, or who aren’t able to secure the best rates or pricing incentives based on their research and knowledge of their credit score, may move on to your competitor who has removed those barriers and made the purchasing process a seamless experience. As a lender, how do you overcome those challenges that result in lost sales in the financing office? For auto lenders, the challenge to digitize has been hampered by legacy, outdated platforms. Getting access to the latest tools and data assets in the market are virtually impossible, or the charges from your vendor too cost prohibitive to contemplate. The inability to provide faster application decisioning, and rapidly make changes results in lower dealer satisfaction results and lost sales.
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