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From: Jared Hamilton
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Dennis Galbraith

Dennis Galbraith Chief Marketing Officer

Exclusive Blog Posts

5 Ways to Upsell Without Sounding Like a Pushy Car Sales Rep

5 Ways to Upsell Without Sounding Like a Pushy Car Sales Rep

One of the keys to making a profit is the upsell. If you want to claim a heftier commission, upselling is a necessity. However, upselling is an art that sa…

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Stop Looking at CRM Lead Duplication Negatively

Stop Looking at CRM Lead Duplication Negatively

During some recent conversations, I’ve discovered that dealerships continue to mistakenly perceive CRM lead duplication badly. I strongly believe we …

Don’t Just Sell, but also Retain CPO Buyers

Don’t Just Sell, but also Retain CPO Buyers

By Ryan Williams, president, Fidelis PPM Customer loyalty does not necessarily translate into repeat business for your auto dealership. What drives meas…

2017 Presidents Club Insights - Patrick McMullen

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A Formula for Optimizing Finance Leads

The exact formula for finance lead generation is illusive and probably varies a great deal based on market and store reputation. However, the following model offers a good guideline for thinking through the key variables: (value of the information provided to the customer + value of the information obtained about the customer) / the sensitivity and quantity of the information required of the customer. I’ll break this down one element at a time.

Lead generation can be measured in quantitative terms, but leads which include credit score are far more valuable than those that do not. Credit score helps the store get the right vehicle and financing in front of the customer early in the process. An increase in finance lead volume at the expense of obtaining credit scores would not be nearly as valuable as the same quantitative increase along with credit scores.

The more valuable the information provided to the customer, the more likely they are to complete the lead form. As an example, receiving a pre-approval notice is of high value to many credit-challenged shoppers.

The value of the information obtained about the customer represents the qualitative value. The most important elements are credit score and contact information. Elements like Social Security number present no direct value to the store and are a sizable liability to the dealership.

Consumers are turned off by having a great deal of information required, and are even less likely to complete the lead form when sensitive information is required, like date of birth and Social Security number.

Using this model, it was determined that an ideal finance lead form would have the following characteristics:

  1. No Social Security number required
  2. No date of birth required
  3. Dealership receives the credit score of the shopper without impacting the shopper’s credit score (soft pull)
  4. Promise of an approval notice to the shopper

 

Dee Rawls
Always wise insights, Dennis...thank you for sharing and for your dedication to educating in this space over the past decade and a half - or more!
Dennis Galbraith
Thank you Dee for your comment and ongoing friendship! Lots of good buyers with weak credit scores. It's gold to the dealers who know how to meet both their communications and finance needs.
Tarry Shebesta
Hi Dennis! Glad to see others entering this marketplace to validate what we've been doing for years. Our data shows when you promote pre-qualified payments along with the no PII, you actually expand your reach to all credit spectrums not just non-prime. We've been talking with Dave and Yago from your group to help provide additional functionality that can generate a lead like this: http://www.driveitnow.com/images/driveitnow-sample-lead.jpg We'll see where that goes but keep getting the word out there!
Dennis Galbraith
Thanks for the confirmation and collaboration Tarry!

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