DealerSocket is looking to help buy-here, pay-here dealerships improve one of the most important parts of their business — the “pay” segment.
This week, DealerSocket rolled out several major enhancements designed to seamlessly integrate and simplify workflows related to the credit application process in an effort to transform BHPH dealerships into true “buy-here, pay-anywhere” operations.
The new capabilities are available in DealerSocket’s customer relationship management (CRM) software solution and in its independent-serving dealership management system (iDMS).
“Our latest enhancements take two historically separate workflows and seamlessly integrate them to provide visibility and a simpler user interface for our dealers, resulting in a better consumer experience,” DealerSocket president and chief executive officer Sejal Pietrzak said.
“DealerSocket’s new enhancements are designed to help dealers better manage and control credit applications, save time, and improve their customers’ experience, while fully complying with their regulatory obligations,” Pietrzak continued.
Dubbed SocketCredit, DealerSocket’s new credit workflow enhancement for its CRM allows both franchised and independent dealers to manage the entire credit application process from within this key front-end operations tool. SocketCredit also offers the ability to text or email a secure credit application to a consumer directly from the CRM, as well as prequalify customers for vehicle financing via a soft credit pull.
Creating a seamless transition between online and in-store processes with easy-to-use and integrated software is core to DealerSocket’s strategy to improve the customer experience.
Once completed, SocketCredit’s customizable online credit application seamlessly can pass directly into the CRM as a sales opportunity, with line-by-line credit application details populating a customer profile within the CRM. A full credit pull can be performed within the CRM — the new enhancement returning the customer’s credit report and score, as well as results from the compliance checks the tool now performs.
DealerSocket explained the compliance checks can aid dealers in complying with the Federal Trade Commission’s Red Flag and Risk-Based Pricing rules, adverse action notice requirements under the Equal Credit Opportunity Act, and requirements set forth by the U.S. Treasury Department’s Office of Foreign Assets Control.
Dealership managers can also access within the upgraded CRM digital audit logs containing timestamps and user names. They can also track online consent, identity verification, and whether required disclosures were made.
DealerSocket’s iDMS also received several upgrades, one of which is designed to streamline the finance process for independent dealers.
Now, SocketCredit credit applications completed online get passed into the software tool’s deals module, setting the stage for a full credit pull and the required compliance checks.
DealerSocket’s iDMS also received two new loan-servicing features geared toward buy-here, pay-here dealers. They include enhanced credit reporting and interactive voice response technology. The prior provides BHPH operators greater control and visibility into credit reporting records on accounts sent to the three main credit bureaus, allowing them to review and approve the credit reporting file as well as make needed modifications to an account before submitting a borrower’s repayment history to the credit reporting agencies.
The addition of IVR technology is designed to transform BHPH dealerships into true “buy-here, pay-anywhere” operations by allowing customers to make payments over the phone and without the assistance of dealership employees.
“SocketCredit enables our CRM users to more quickly and readily capture consumer credit information during the car research and shopping process, while iDMS now offers a more streamlined credit workflow and improved dealer-processing enhancements,” DealerSocket co-founder and chief product officer Brad Perry said.
“With these new enhancements, DealerSocket gives both franchise and independent dealers simple and valuable improvements in critical workflows for credit and finance that is centralized, transparent, easy to use, and compliant,” Perry went on to say.
Earlier this year, Perry and Pietrzak discussed how the automotive industry is changing and how DealerSocket is looking to capitalize. The conversation is available via the Auto Remarketing Podcast posted below.