Finance Pre-qualification Added to eLEND Solutions’ ID Drive™
Finance Pre-qualification Added to eLEND Solutions™’ ID DriveTM: Sales Process Dramatically Shortened with Soft-Pull Credit Report from Driver’s License Scan
Early dealer results show 36% closing ratios, higher customer satisfaction and a 1- to 2-hour reduction in traditionally lengthy sales process
Foothill Ranch, CA – March 30, 2016 – eLEND Solutions™, today announced that its popular ID authentication program now instantly and automatically converts a driver’s license scan into a consumer consented soft pull credit pre-qualification application, without even requiring a social security number. Initial results from California-based Huntington Beach Chrysler Dodge Jeep Ram show an impressive 36% conversion ratio using ID Drive™ pre-qualification and a dramatically shortened sales cycle.
“In the first month, we scanned nearly 900 driver’s licenses – capturing the relevant data in our in-store systems, giving us an accurate record of who has driven our vehicles – of those scanned, nearly 50% opted for pre-qualification and we converted 36% of those into a sale – making it one of our highest performing and most profitable channels,” said Pete Shaver, Managing Partner of Huntington Beach Jeep. “And, because the process is so fast and easy – we can verify their address and pull credit in less than 10 seconds – we are saving a huge amount of manpower and time.”
Having this information up front enables Huntington Beach Chrysler Dodge Jeep Ram to shave an estimated 1- to 2-hours off the sales process – a huge upside for both the dealership and the customer. Shaver also confirmed that the simplified pre-qualification process directly impacts customer satisfaction: “Customers appreciate not having to share their SSN and knowing there won’t be any negative impact on their credit score – and they love the fact that it shortens the sales cycle,” said Shaver.
ID Drive™’s pre-qualification differs from pre-screening or hard pull inquiries because it does not require a SSN or impact the consumer’s credit profile while providing the dealer with a full credit report and real-time credit score.
“This new enhancement is designed to help dealers sell more cars in less time, improve CSI by reducing bottle necks in the F&I department and improve overall profitability. We are giving dealers the information they need to put customers in the right vehicles with the right deal structures, matched to specific lender programs at the front of the sales process,” said Pete MacInnis, CEO of eLEND Solutions.
In addition, ID Drive™ is the only ‘driver license scanner’ that authenticates every version of driver license for all 50 states, appending validated address and phone information, and automatically convert a driver license scan into a consumer consented pre-qualification application.
Once scanned, the consumer’s lead information is electronically integrated with any pre-existing lead or credit application data – prior to the test drive, then securely exported into the dealer’s CRM and finance systems,integrating the historically fragmented sales and finance processes. ID Drive’s Pre-qualification also includes much lower costs per credit pull and simplified compliance requirements and cost savings for dealers.
ID Drive™’s pre-qualification function works hand-in-hand with eLEND’s CreditPlus program which instantly pre-qualifies customers based on dealer-defined credit criteria, giving car buyers direct, upfront access to dealership financing sources and real near-final terms from multiple lenders, all of which are controlled by the auto dealer.
About eLEND Solutions
eLEND Solutions is a privately held technology company whose patented platform offers integrated credit, identification and finance solutions that enable a connected buying experience for consumers and a streamlined sales and finance workflow for dealers and lenders that reduces the time to complete a vehicle purchase transaction by hours. For more information, visit www.elendsolutions.com.