Dealers have worked hard to build healthy pipelines full of leads from various sources. Lead generation happens on the lot, in the showroom, or from websites and other third-party marketplace sites. These “leads” start high in the funnel and are worked until a small percentage of them close with the purchase of a new or used vehicle.
This is the normal course of business. and it’s a good one. However, there is a better one to consider.
When Equity Mining is done well it creates buyers from non-shoppers in the dealership’s database and inserts them into the sales funnel, near the point of purchase. The offer of a new vehicle, at a lower payment, with no money down is often enough to drive interested customers to sign on the dotted line. Beyond creating a lightning-fast sales cycle, Equity Mining results in tremendously satisfied customers and an equally impressive gross (20-25% above average). The revenue generated by the initial and secondary sales boosts dealership revenues to record highs. After all, dealers are acquiring coveted pre-owned units with each trade-in.
There is one problem.
Equity Mining has long focused on the Showroom. The only means a dealer has to determine equity status is the paper on his or her own customers. No paper; no visibility into equity status. What has been lacking is a strategy to truly usher Equity Mining into the Service Drive.
Dominion’s Soft Credit Pulls (SCPs) provides that needed insight. Through SCPs, now available in Dominion’s DealActivator™, dealers can see customers potentially in an equity position – whether they previously bought from your dealership or not. It truly multiplies equity business opportunities by including every single owner who touches your store.
Presently, Dominion offers two approaches to drive conquest business in the Service Drive:
Dominion was first to offer a real-time, bank agnostic SCP – where the dealer retains full ownership of the firm offer of credit. These real-time pulls do not require customer consent, social security number, or date of birth. They are quick, easy, and fully compliant with the FCRA. Think of real-time pulls as an on-demand pull. They’re perfect when immediate information is needed on a customer in the service drive.
The second type of pull is batch processing. The batch soft credit pull runs overnight, guided by a predetermined set of dealer criteria. The Service Drive will have a new batch of credit and equity summaries available each morning. The approach creates a steady stream of new business opportunities without the need for human interaction.
If you are a current DealActivator™ customer but have yet to get more information on Soft Credit Pulls, I encourage you to do so. If you are not yet benefiting from Dominion’s Equity solution, the invitation is yours as well. Reach out today, and find out more about how Dominion’s unique approach to soft credit pulls can mean big steps in moving your business forward.
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