Officials from eLEND Solutions highlighted the seven main components of CreditPlus, the next generation of their online, interactive credit application platform.
Launched on Monday, the company explained CreditPlus can instantly pre-approve shoppers based on dealer-defined credit criteria and can provide shoppers with direct, upfront access to dealership financing sources and real near-final terms of approval from multiple lenders, all of which are controlled by the dealer.
With CreditPlus, officials insisted that for the first time, dealers are able to match a buyer’s credit profile with the right vehicle and the right financing program before the customer has even started the test drive.
Pete MacInnis, chief executive officer of eLEND Solutions emphasized this solution can facilitate a more equal exchange of information between consumer and dealer and the structuring of a more profitable deal.
“Auto dealers are looking for ways to convert online shoppers to in-store buyers … faster,” MacInnis said.
“Today’s shoppers expect more information, multiple choices, transparency and immediate gratification,” he continued. "CreditPlus, powered by a patented rules-based loan decision engine, allows the customer to select from a menu of approved near-final finance terms, such as APR, term, monthly payment, down payment) from multiple lenders — all controlled by the dealer.”
Here are the seven major elements in how CreditPlus is geared to operate:
— Better consumer experience: The company indicated CreditPlus features an easy, short interactive application that is geared to be 100 percent mobile and tablet adaptive. Applicants not only can get approved for financing in seconds, but they can also view their credit score and pick their payments — all of which is designed to drive engagement and accelerate conversion of online shoppers into showroom buyers.
— Better dealer controlled experience: CreditPlus can offer dealers numerous application configuration options, including videos, vehicle detail image selections and lead management tools. The company stressed that dealers are in complete control of credit criteria and payment terms displayed to the customer, which can also can include dealer mark-up, doc fees, service contracts and more.
— Electronic lender rate card: The company pointed out CreditPlus is powered by a rules-based loan decision engine that can aggregate a limitless universe of finance company programs based on credit, stability and ability. Results from real multiple loan underwriting rules, APRs, program guidelines and more are available instantly to the dealer and the customer.
— Communication and system integrations: CreditPlus can drive engagement via automated email and text communications, chat integrations, automated system escalations and alerts — all designed to keep dealers in touch with ready-to buy online shoppers and convert them into showroom buyers faster.
— Security: eLEND Solutions is EI3PA Certified, the highest level of security certification in the industry, offering the most secure environment for collecting, storing, retrieving, modifying or auditing applications.
— Compliance and CFPB protection: Officials contend CreditPlus’ rules-based loan decision engine does not support decisions/terms that could be considered discriminatory or subjective. They added eLEND’s platform includes loan decision reporting and audit trail processes that can be made transparent to dealers, lenders and the Consumer Financial Protection Bureau.
— Industry Neutral Solution: The company noted eLEND Solutions’ credit platform, deal structuring decision engine and API platform is agnostic and compatible with any dealer desk tool and can be integrated seamlessly with all dealer websites and service providers, including inventory management and CRM providers, finance platforms and dealer management systems.
“We’ve witnessed two decades of innovation in online car buying, but the financing process remains outdated and low-tech. This lack of innovation has not only cost dealers time and money, but it has also seriously alienated consumers, who increasingly demand online transparency in everything they do,” MacInnis said.
“CreditPlus’ real, upfront loan terms are a missing piece of the car-buying revolution, bringing dealers more high-quality credit app leads, while slashing the current 3 to 4 hour sales process,” he went on to say.
MacInniss also highlighted consumer adoption of smart, online credit application solutions is remarkably high, according to a Dealer.com study using eLEND’s first-generation, interactive online credit application, Get Pre-approved in Seconds (GPIS).
The study showed that GPIS generated a 2,000-percent uplift in submitted credit applications vs. other standard long-forms submitted on dealer websites. The study mentioned that 50 percent of consumers who start the GPIS credit application complete it versus a mere four percent who complete the process with the traditional static application.
Furthermore, according to a recent IHS Automotive custom analysis of 1,400 dealers nationwide showed that of those consumers that submitted eLEND’s short-form credit application, 54 percent purchased a vehicle and those purchasing from the intended dealer saw average buy rates of 28 percent.
Performance was dramatically higher than the 6 percent to 8 percent closing ratio for standard third party leads, according to Cobalt.
Norm Reeves Honda Superstore general manager Brad Mugg said, “eLEND’s online credit application has been the best lead conversion tool for our dealer group for the past eight years.
“We expect that CreditPlus will drive even higher submit-to-sales conversions and will help us sell and finance more cars, with more speed, transparency and profitability than ever before,” Mugg continued.
CreditPlus is available to U.S. dealers immediately, and store managers can review a company demo here.