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

Becoming an ACTIVE leader 101

Becoming an ACTIVE leader 101

Today’s workforce needs immediate feedback, constant counseling and suggestions to maintain motivation and focus on the current goal. The days of bei…

90 Day Boot Camp - Revolutionary, New Sales Training for Automotive Dealers

90 Day Boot Camp - Revolutionary, New Sales Training for Automotive Dealers

Imagine your salespeople starting each day with the most important sales training program available? With The Mar-Kee Group’s new, revolutionary 90 Day B…

Fixed Ops Marketing - Traditional Or Digital?

Fixed Ops Marketing - Traditional Or Digital?

Are mailers just as good or better than digital advertising? That was a question up for discussion recently. The notion that our customers become desensiti…

Challenges of Car Dealerships

Challenges of Car Dealerships

The Car manufacturing industries, just like any other, has got business challenges of its own, which need to be taken care off on a regular basis. Maintain…

How to Destroy Customer Trust in Your Service Department

How to Destroy Customer Trust in Your Service Department

Ask your friends what they think of their dealership’s service department. You’ll get a range of answers, ranging from polite and positive …

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