Tim Brackenbury serves as operations director for Texas Auto, an independent dealership with a pair of locations north and south of Houston.

In a news release from 700 Credit and eLEND Solutions, Brackenbury described the successes of using ID Drive, an advanced data capture and driver license authentication solution.

“With a single scan of a customer’s driver license, ID Drive automatically authenticates the driver license for fraud protection, pulls pre-screen credit and pushes the lead information into our CRM instantly,” Brackenbury said.

“Identifying our customers’ buying power before the vehicle test-drive reduces our transaction times by 30 to 45 minutes. The fraud prevention and efficiencies make ID Drive a no-brainer,” he added.

Perhaps another “no-brainer” is why 700 Credit and eLEND Solutions now are working together for operators such as Brackenbury and Texas Auto.

Executives from 700 Credit, a provider of credit reports, compliance solutions, and soft pull products, and fintech firm eLEND Solutions announced an alliance that integrates eLEND’s ID Drive with 700Credit’s credit prescreening solution, Quickscreen, as well as identity verification tools, which include red flag and synthetic fraud detection.

The companies highlighted that their integration is designed to help dealers protect their business and reputation from the serious and growing threat of identity and financial fraud and classify their showroom traffic by looking at their FICO score.

“The challenges of identity fraud have only grown,” 700 Credit managing director Ken Hill said. “Our alliance with eLEND means that now our dealer customers, with the swipe of a driver’s license, can authenticate that license, pre-screen the customer, and perform a Red Flag ID verification including synthetic fraud.

“The combination of document and data verification between 700 Credit and eLEND’s products offers auto dealers powerful protection, while also enabling rapid digital data capture and export,” Hill continued.

Building on integrations already in place between the companies, the seamless addition of ID Drive means that 700 Credit dealer customers can confirm identity and pre-screen their showroom clients through the ID Drive scanner at the beginning of the sales process.

The companies said this process can shield dealers against fraud while providing visibility into the customer’s buying power upfront so they can provide customers with an accurate payment quote at the top of the sales funnel.

The companies went on to mention other way eLEND Solutions and 700 Credit are working together to prevent fraud and drive sales, including:

—eLEND’s ID Drive can authenticate driver licenses forensically with a performance guarantee that states, “If the licenses gets a green light pass and turns out to be a fraudulent license and the dealer loses the vehicle, eLEND will reimburse the dealer for the value of the vehicle.” ID Drive is integrated with 700 Credit’s instant pre-screen solution. The process takes 60 seconds and can save up to 60 minutes per vehicle sale, according to the company.

—Lead information is instantly exported into any CRM platform with the vehicle of choice and sales agent appended. eLEND’s ID Drive product is also integrated with 700Credit’s Red Flag/Identity Match, fraud database search, synthetic fraud detection, OFAC database search and MLA identification products.

—ID Drive is also integrated with eLEND’s CreditPlus program and 700 Credit’s quick app.

“We are so proud to partner with 700 Credit to further extend the benefits of ID Drive to auto dealers and consumers alike,” said Pete MacInnis, chief executive officer and founder of eLEND Solutions. “Because ID Drive prequalifies upfront, auto dealers can rapidly get the customer into the right deal structure, accelerating the transition to, and through, F&I, which can reduce costly rehashes. This creates important efficiencies for dealerships and provides a better customer experience.

“And, of course, the purified authentication information protects the dealership from identity and financial fraud risks,” MacInnis added.

MacInnis noted that in a six-month case study with a high-profile franchised dealer using ID Drive, transaction times were reduced by 60 minutes, PVR went up $300 and CSI scores went up four points.

During the case study period, there were no other process changes made in the dealership outside of instituting ID DRIVE best practices, according to the company.

Perhaps like Brackenbury said, a “no-brainer.”

For more information, visit www.700credit.com or www.elendsolutions.com.