Equifax is expanding its marketing offerings with the launch of a new suite of credit-based marketing products for the automotive industry.

Fueled by Equifax’s consumer credit data and fraud processes, the products enable Dealer Service Provider (DSP) unique marketing solutions to help their dealers generate high quality, identity-verified leads sourced from their websites, and within their showrooms and service centers.

The suite consists of three products, deployed together or separately. In each case, the auto loan application process concludes as it does today: the consumer completes a credit application either online or in the dealership, and the dealer runs a full credit report to ensure final eligibility.  

The new products include:

1. PowerLead Check

Equifax explained this tool enables an application that is built by the DSP to be integrated onto any webpage on a dealership’s website. DSP services based on PowerLead Check can engage consumers by offering them their free Equifax credit score as they begin researching vehicles online.

The tool can help turn anonymous website visitors into valuable, identity-verified leads for the dealership. Consumers simply fill out an online form, verify their identity and PowerLead Check returns their Equifax credit score while directing their contact information to the dealer.

Furthermore, the consumer can better understand their credit standing, and the dealer receives another high-quality lead sourced from their own dealership website.

2. PowerLead Qualify

Similar to PowerLead Check, Equifax highlighted PowerLead Qualify can enable an application that is built by the DSP to be integrated onto any webpage on a dealership’s website. PowerLead Qualify invites consumers to get prequalified for an auto loan in real-time.

Consumers can consent to have their credit accessed to determine if they should receive a prequalified offer that includes credit limit, interest rate and loan or lease term, and the contact information and vehicle information is directed to the dealership.

Once the consumer gets their prequalification answer, they can opt to share it and other credit elements with the dealership, further enhancing the already valuable contact information. The consumer can better understand their credit position and gains a prequalified offer if they qualify, and the dealer receives another high-quality lead sourced from their own dealership website.

3. PowerLead Offer

The company indicated this tool enables a DSP to create a process for dealers to initiate individual consumer pre-screens instantly and engage consumers that qualify with firm offers of credit.

Utilized on the showroom floor or in the service center, PowerLead Offer can enable dealers to deliver firm offers of credit to consumers that qualify. When consumers are in the dealership for a test drive or dropping their car off for a service appointment, the dealer can pre-screen that consumer.

Based on predefined criteria established by the dealer and backed by their lender partners, consumers qualify for firm offers of credit. The offers are delivered to the consumer directly by dealership personnel and via direct mail.

“Equifax has been closely studying the best ways to empower car shoppers both online and in-store, and we are proud to unveil the PowerLead products that benefit both consumers and auto dealers,” said John Giamalvo, vice president of dealer services at Equifax.

“This new suite allows DSPs to create valuable services for dealers, by personalizing the online shopping experience and creating the best offer or terms that will get customers into the showroom,” Giamalvo continued.

“In the end, dealers can receive a boost in the return on investment for their online and sales/service marketing efforts, while consumers benefit from experiencing more transparency in the financing process,” he went on to say.