The average new car price has hit a record high of over $45,000. At the same time, interest rates are also rising, making affordability a challenge for many car buyers. As inventory returns to more normal levels, dealers need to focus on improving transparency and personalization in the sales process. One underutilized tool is the soft credit pull, which goes beyond just providing a credit score. Here are 5 secrets of the soft pull that can help dealers sell more cars.
Secret #1: Soft Pulls Identify Serious Buyers
31% of consumers are more likely to purchase a vehicle within 30 days when pre–qualified with a soft pull. Knowing which customers can afford a car now is a game changer. Soft pulls build confidence and allow personalized shopping.
Secret #2: Soft Pulls Drive Better Engagement
31% of consumers are more likely to purchase a vehicle within 30 days when pre–qualified with a soft pull. Knowing which customers can afford a car now is a game changer. Soft pulls build confidence and allow personalized shopping.
Secret #3: Sales Increase with Pre-Qualification
Dealers see up to 40% abandonment on traditional credit apps. But sales increase 16% when the process starts with a soft pull, reducing uncertainty.
Secret #4: Soft Pulls Simplify & Reduce Paperwork
Soft pulls only need name, address and last 4 of SSN, avoiding lengthy applications. This improves the customer experience and conversion. It also limits your dealership’s compliance requirements.
SECRET #5: SOFT PULL PRE-QUALIFICATION DATA UNLOCKS VALUABLE INSIGHTS
Soft pulls deliver a full credit report and sales indicators like number of credit inquiries, trade payoff and the current interest rate the consumer is paying on any vehicle loans. This intelligence helps dealers tailor the right deal.
When leveraged fully, soft pulls are a win–win. Consumers gain confidence and transparency, while dealers get greater engagement. The result is more closed sales. Contact us today to see how our solutions including CreditDriver and web applications help dealers unlock the power of soft pulls.