Notifications & Messages

Jared Hamilton
From: Jared Hamilton
Hey - It’s time to join the thousands of other dealer professionals on DrivingSales. Create an account so you can get full access to the articles, discussions and people that are shaping the future of the automotive industry.
×
Amy Taggart

Amy Taggart Marketing Manager

Exclusive Blog Posts

Top 6 Things Car Dealers Do To Make Car Buying Difficult

Top 6 Things Car Dealers Do To Make Car Buying Difficult

[youtube https://www.youtube.com/watch?v=3R7Y3kZIDVg] Your Turn To Drive discusses Top 6 Things Car Dealers Do To Make Car Buying Difficult.  Jim D…

Choose the correct CRM for your dealership OR pay dearly

Choose the correct CRM for your dealership OR pay dearly

With all the CRMs on the market today, finding the right one for your dealership is becoming more challenging than ever. There have been massive changes in…

5 Benefits of Using Google AdWords Click-to-Message Ad Extensions

5 Benefits of Using Google AdWords Click-to-Message Ad Extensions

Looking for a new way to win over people more likely to send a text message than to call? Set up this free message extension for your text ads on the Googl…

Must-See NADA 100 Expo Displays for Fixed Ops

Must-See NADA 100 Expo Displays for Fixed Ops

New Orleans is ramping up for the 100th anniversary of NADA, and the convention promises to be outstanding. You’ll be entertained at the NADA100 Carn…

Why Social Media Marketers Won’t Replace Your Sales Team

Why Social Media Marketers Won’t Replace Your Sales Team

Social media is changing the marketing profession in remarkable ways. According to the Public Relations Society of America (PRSA), the social media analyti…

Consumer Consent and You - When Should You Pull Credit?

a12eb09606e308d1acb98b52d5b49dc0.jpg?t=1The number one issue we see car dealers running into is consumer consent. It is far too easy to simply do a hard credit pull on a consumer's car loan application, regardless of whether the consumer is aware that you are doing a credit check. We do our best to notify the applicant that this is a possibility, but the bottom line is that you have an ethical responsibility to inform a customer when you impact their credit history by hitting it with an inquiry. Audit your business operations and enforce this practice with your staff.

Get consumer consent up front - ideally when they're already sitting down with you at your store - and protect yourself on two fronts: from their perspective, and on the credit bureau side. Remember, these credit inquiries are traceable back to your business -- we've seen consumers track down and sue dealerships who they felt used their information fraudulently. Make sure that your store's policies around handling credit checks are consumer-friendly.

From the credit bureau perspective, you're not only running up your bureau fees unnecessarily, you're also generating trigger leads. If you didn't already know, once you've pulled credit on a given consumer, the credit bureau then has the legal right to resell that information to subscribers who have signed up to purchase that information as it becomes available. And you've just potentially given your competitors the chance to contact the prospective customer before you even get a chance to start your process.

So what's the answer?

Set the appointment, get them in the door, and then pull credit. That way, you're going to know you're doing it, and they're already going to be fully engaged with your team.

Looking for more on this topic?

Download our free eBook, "7 Best Practices for Protecting Consumer Privacy." In addition to consumer consent, it covers recommendations for reviewing your current process and making sure you're doing everything you can to comply with the Red Flags Rule.

We think you'll find it useful -- and it's just another way we're working every day to give you the right information to help you SELL MORE CARS!®

Got Questions? Feel free to get in touch.

 

 Unlock all of the community & features  Join Now