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CreditPlus Brings Consumer-Qualified Payments to Front of Sales Process
Mission Viejo, CA – October 13, 2014 – eLEND Solutions™ today announced the launch of CreditPlus™, the next generation of its industry-leading online, interactive credit application platform. CreditPlus instantly pre-approves shoppers based on dealer-defined credit criteria and provides shoppers with direct, upfront access to dealership financing sources and real near-final terms of approval from multiple lenders, all of which are controlled by the auto dealer. With CreditPlus, for the first time, dealers are able to match a buyer’s credit profile with the right car and the right lender program before the customer has even started the test drive. This facilitates a more equal exchange of information between consumer and dealer and the structuring of a more profitable deal.
“Auto dealers are looking for ways to convert online shoppers to in-store buyers…faster,” said Pete MacInnis, CEO of eLEND Solutions. “Today’s shoppers expect more information, multiple choices, transparency, and immediate gratification. CreditPlus, powered by a patented rules-based loan decision engine, allows the customer to select from a menu of approved near-final finance terms, such as APR, term, monthly payment, down payment) from multiple lenders…all controlled by the dealer.”
How CreditPlus Works
“We’ve witnessed two decades of innovation in online car buying, but the financing process remains outdated and low-tech. This lack of innovation has not only cost dealers time and money, but it has also seriously alienated consumers, who increasingly demand online transparency in everything they do,” said MacInnis. “CreditPlus’ real, upfront loan terms are a missing piece of the car-buying revolution, bringing dealers more high-quality credit app leads, while slashing the current 3-4 hour sales process.”
Consumer adoption of smart, online credit application solutions is remarkably high according to a Dealer.com study using eLEND’s first-generation, interactive online credit application, Get Pre-approved in Seconds (GPIS), which showed that GPIS generated a 2000% uplift in submitted credit applications vs. other standard long-forms submitted on dealer websites. The study also showed that 50% of consumers who start the GPIS credit application complete it versus a mere four percent who complete the process with the traditional static application.
Furthermore, a recent HIS Automotive custom analysis of 1,400 dealers nationwide showed that of those consumers that submitted eLEND’s short-form credit application, 54% purchased a vehicle and those purchasing from the intended dealer saw average buy rates of 28%. Performance was dramatically higher than the 6-8% closing ratio for standard 3rd party leads according to Cobalt.
“eLEND’s online credit application has been the best lead conversion tool for our dealer group for the past eight years,” said Brad Mugg, General Manager at Norm Reeves Honda Superstore. “We expect that CreditPlus will drive even higher submit-to-sales conversions and will help us sell and finance more cars, with more speed, transparency and profitability than ever before.”
CreditPlus is available to U.S. dealers immediately. A demo can be seen here.
About eLEND Solutions:
eLEND Solutions was founded in 2003 as DealerCentric, whose “Get Pre-Approved in Seconds” solution represents the auto industry’s leading online credit application product. The company has since expanded its mission by developing a comprehensive, next-generation consumer finance management system that will benefit dealers, lenders and consumers. eLEND Solutions technology platform will bring financing to the front of the sales process, and put the customer in the right vehicle and loan, at the point of sale, reducing the dealership financing process from hours to minutes. eLEND Solutions is headed by Pete MacInnis, who leads a management team with over 250 years of automotive, finance and technology experience.
Melanie Webber, mWEBB Communications, (424) 603-4340, Melanie@mwebbcom.com
Crystal Hartwell, mWEBB Communications, (714) 987-1016, firstname.lastname@example.org
 Cobalt, http://www.cobalt.com/blog/automotive-digital-marketing-best-practices/the-anti-overview-specific-tips-for-customer-first-selling/