A soft pull credit report is a powerful and low-cost tool that accelerates the salesprocess. It provides valuable insight for both the dealer and the consumer into thecustomer’s financial standing and purchasing ability without affecting the consumer’scredit score. Here’s how soft pull credit reports help you sell more and cut costs:
ACCELERATES PURCHASE DECISIONS
31% of consumers are more likely to purchase a vehicle in 30 days or less when they use a soft pull to get pre-qualified. A transparent sales process enables customers to feel more confident and ready to purchase,significantly reducing the sales cycle.
Offer the option to get pre-qualified in your marketing — externally and in-store.
PROVIDES A SEAMLESS ONLINE & IN-STORE EXPERIENCE
84% of shoppers believe increased online engagement can bridge the gapbetween the online and in-store experience. Offering pre-qualifications through QR codes in various advertising mediums gives customers apreferred mobile experience and reduces their time in-store.
Ensure your pre-qualification forms can be completed on a mobile device or a single-focus landing page and watch your conversions increase 30%.
Starting the car buying process with a pre-qualification leads to a 16%increase in sales. It provides the customer with confidence for a smoother and quicker sales process.
We mentioned offering the pre-qual option in your marketing — but we mean EVERYWHERE — mailers, salespeople’s business cards, streamingads. With the right tech, you’ll get the lead info even if the consumer doesn’tcomplete the pre-qual.
DECREASES PAPERWORK, INCREASES EFFICIENCY
Pre-qualifications require minimal information, making it a non-intrusive process for consumers. This increasesthe chances of conversion.
Soft pulls typically have fewer compliance requirements — meaning less paperwork for your team to manage and protect.
GIVES YOUR TEAM ENRICHED DATA
Pre-qualification is more than just a score. It gives valuable insight into the consumer’s credit situation, so you can offer the deal the customer needs.
Besides understanding what a consumer can buy, you’ll also understand if they’re in the market to trade-in a vehicle — plus so much more.
BONUS TIP: The Power of Pre-Screening:
Pre-screening is a dealer-initiated inquiry that involves presenting a firm offer of credit to a se tof consumers based on specific credit criteria and includes data you don’t have in your CRM.Leverage this tool in sales and service.
Want to learn more about how yourdealership can leverage soft pulls?
Contact us today to schedule a quick demo at informativ.com/get-a-demo