Snapshot survey from eLEND Solutions show dealers looking for workflow improvements between website tools and core platforms which, majority say, could raise efficiency and customer experience by 20+%; Credit Apps top list of tools needing better platform integration

Foothill Ranch, Calif. – January 21, 2025 – The majority of auto dealerships are experiencing data gaps between the core systems that run their dealerships – customer relationship management, dealer management and finance management systems – with the vast majority saying that better quality integrations and workflows between website tools and core platforms could improve efficiencies at the dealership by at least 20%, according to a new snapshot survey from eLEND Solutions. Not surprisingly, the majority see room for improvement in the quality of the API integrations between their dealerships’ website tools and their core platforms. While the survey revealed dealerships are experiencing integration challenges that impact sales processes, the majority agreed that there is a direct correlation between sales processes and profits, underscoring the need for better integrations.

“We were astonished that so many dealerships are suffering from significant data lapses between the three major information systems - lead generation, customer management and finance - that their dealerships run on; after all, dealers cannot sell a car without each of the components these systems provide,” said Pete MacInnis, founder and CEO, eLEND Solutions. “The good news is that dealers are increasingly acknowledging the serious challenges presented by a lack of integration between website tools and their core platforms and the degree to which efficiency, the customer experience and sales process could be improved with better workflows.”

The snapshot survey, which was fielded online by eLEND Solutions among US auto dealers in November – December 2024, found that dealerships ranked data accessibility as the biggest challenge to improving the quality of API integrations between their website tools and core platforms, closely followed by data discrepancies and broken and missing workflows. The survey also revealed that Credit Apps were the number one tool that dealers felt needed better integration into their dealerships processes, followed by calculator tools, trade-in tools and the overall Digital Retailing platform.

“Once auto dealers are able to stop viewing online credit apps, and other customer-facing website tools, as simply lead gen opportunities, and start viewing them as an integral part of the sales process, the silos that exist in the sales and finance process will disappear, eliminating the customer friction they cause,” continued MacInnis. “But to do this, auto dealers need solutions that exist in the middle, connecting in-store and online processes, which is precisely the mission of eLEND’s middleware platform.

Key Survey Findings:

-56% of auto dealers surveyed encounter information gaps or discrepancies between their CRM, DMS and FMS over one quarter of the time, with 47% encountering gaps 25 to 50% of the time, and 9% experiencing it over 50% of the time.

-95% said that better quality integrations and workflows between their website tools and core platforms would improve efficiencies and buying experiences at their dealerships.

·        Of those, 83% said that better integrations would improve efficiencies and the buying experience by over 20%, with 31% saying by 30% or more.

-67% of auto dealer respondents say the quality of API integrations between their website tools and core platforms could be improved;

·        Of those, the number one challenge to integration improvement cited was Data Accessibility (delayed data synching, access restrictions across teams, etc.), with Data Discrepancies (incomplete data transfer, data formatting differences, duplicate records, etc.) and Broken/Missing Integrations and Workflows tied for second.

-Credit Apps were cited as the number one website third party tool that dealers (50%) felt needed better integration into their dealership’s processes.

- 96% agreed that “Profits are determined by sales and sales are determined by my sales process,” with 55% strongly agreeing.

About eLEND Solutions

eLEND Solutions™ (formerly DealerCentric®), is an automotive FinTech company providing a vendor neutral, API-based middleware solution for true end-to-end connected retailing. Our solution bridges the gap between shopping and buying - delivering transactable, lender matched payment options and funding scenarios at the point-of-sale, online and in-store. 

For more information, please visit www.elendsolutions.com.

Contact Media Relations:

Angela Jacobson, mWEBB Communications, (714) 454-8776, angela(at)mwebbcom(dot)com

Crystal Hartwell, mWEBB Communications, (714) 987-1016, crystal(at)mwebbcom(dot)com

Vast majority acknowledge disconnect between online/instore buying process and that digital retailing can speed up sales process, but half think 80% of process should be handled in-store, according to new eLEND Solutions survey of auto dealerships

Foothill Ranch, Calif., March 9, 2022 – A new survey of auto dealerships from automotive fintech innovator eLEND Solutions, confirms that dealerships are experiencing a significant disconnect between the online and instore process, one that they agree must be solved to shorten transaction times and improve the customer experience. But, while the majority indicate that digital retailing (DR) offers a solution by speeding up steps in the traditional sales process, the survey results reveal that dealers remain reluctant to fully embrace DR.

The snapshot survey was fielded by eLEND Solutions among auto dealers in February 2022 to find out why time spent by customers with the auto dealership has only decreased by five minutes in the past five years (as reported by Cox Automotive),[1] even as adoption of digital retailing buying experiences has increased as a result of the pandemic. 

“We were stunned at this small reduction in the amount of time spent in the dealership over the past years. As our survey indicates, the disconnect between the online and instore process, and the lack of more holistic digital retailing adoption – especially when it comes to digital finance - is hampering process efficiency. This continues to stand in the way of auto dealers and consumers realizing DRs true benefits,” said Pete MacInnis, CEO and Founder of eLEND Solutions

MacInnis noted that, in the survey, the vast majority of dealers agreed that unrealistic initial finance terms presented online can slow the process down, but that if more realistic payment terms were initially presented online, 60 minutes-plus could be knocked off the transaction time. This is significant given that 53% of dealers think that less than 20% of the sales process should be devoted to negotiations and final terms of finance.

However, when it comes to a capability that could help solve the issue of unrealistic terms - i.e. customer information such as driver license verification, credit application data, credit data and supporting documents being submitted online – over half think that 80% of that information should only be submitted in-store. Similarly, one in two dealers think that 80% of traditional in-store processes should remain exclusively in-store versus online. Less than 1 in 3 think that 40% or more of traditional in-store processes should be enabled online via digital retailing.       

“Car buyers who engage digitally are more satisfied with the overall purchase experience and the time spent transacting,[2] yet dealers remain ‘disconnected’ about digital retailing disconnects,” said MacInnis.  “Until auto dealers have access to, and the will to fully embrace, tools and processes that are able to solve information disconnects from online to instore, it is unlikely that the time spent in the dealership is going to improve any time soon.”

Key Survey Takeaways

·       89% of dealers agree that there is disconnect between online shopping and instore buying

·       95% of dealers agree that this disconnect must be solved to shorten transaction times and improve customer experience

·       95% of dealers believe that digital retailing eliminates/speeds up many of the steps in traditional sales process

·       64% believe 20% or less of the traditional in-store sales processes are now handled through online digital retailing in dealerships who are using DR, with only 25% saying over 40%

·       50% of all surveyed dealers think that 80% of traditional in-store processes should remain exclusively in-store. Less than 1 in 3 think at least 40% of traditional in-store processes should be enabled online via DR.       

·       54% think that that 80% or more of all required customer information/supporting documentation should only be submitted in-store; only 29% say that over 40% should be able to be submitted online

·       96% believe that unqualified or unrealistic payment terms presented to consumers online negatively impact the efficiency and timeline, i.e. time spent on the transaction, of the car buying process

·       Majority agree that transaction times can be dramatically accelerated if realistic terms are presented

·       95% say that at least 30 minutes could be knocked off transaction times… with 58% saying an hour or more could be saved.

·       53% of dealers think that less than 20% of the sales process should be devoted to negotiations and final terms of finance.

To download the infographic: “Auto Dealers Still Disconnected about Solving Digital Retailing Disconnects” click here.

About eLEND Solutions:

DealerCentric Solutions® Inc. (dba eLEND SolutionsTM) is a privately-held automotive FinTech company focused on deal generation solutions – that power transactional digital buying experiences for the retail automotive industry. The platform specializes in digital credit, identity, and finance solutions for remote and in-store shoppers, designed to accelerate conversions of digital end-to-end purchase experiences concluding with fundable, transactable deal structures.

For more information, please visit www.elendsolutions.com.

Contact Media Relations:

Melanie Webber, mWEBB Communications, (424) 603-4340, melanie(at)mwebbcom(dot)com

Crystal Hartwell, mWEBB Communications, (714) 987-1016, crystal(at)mwebbcom(dot)com

[1] Cox Automotive 2022 Car Buyer Journey study - the time consumers spent with the auto dealership dropped only five minutes in five years: from 2:42 minutes in 2017 to 2:37 minutes in 2021 https://www.coxautoinc.com/news/2021-car-buyer-journey-study/

[2]Cox Automotive 2022 Car Buyer Journey study https://www.coxautoinc.com/news/2021-car-buyer-journey-study/

ID Drive, the industry’s most advanced data capture and driver license authentication solution, protects auto dealers, helps identify qualified buyers

FARMINGTON HILLS, MICH. & FOOTHILL RANCH, CA – January 18th, 2022

700 Credit, LLC, the automotive industry’s leading provider of credit reports, compliance solutions, and soft pull products, and eLEND Solutions, an automotive FinTech company, today announced an alliance that integrates eLEND’s ID Drive, the industry’s most advanced data capture and driver license authentication solution, with 700Credit’s credit prescreening solution Quickscreen and Identity Verification tools, which include Red Flag and Synthetic Fraud detection.

The integration is designed to help auto dealers protect their business and reputation from the serious and growing threat of identity and financial fraud and classify their showroom traffic by looking at their FICO score.

“The challenges of identity fraud have only grown,” said Ken Hill, Managing Director, 700Credit. “Our alliance with eLEND means that now our dealer customers, with the swipe of a driver’s license, can authenticate that license, pre-screen the customer, and perform a Red Flag ID Verification including Synthetic Fraud. The combination of document and data verification between 700Credit and eLEND’s products offers auto dealers powerful protection, while also enabling rapid digital data capture and export.”

Building on integrations already in place between the companies, the seamless addition of ID Drive means that 700Credit dealer customers can rapidly confirm identity and pre-screen their showroom clients through the ID Drive scanner at the beginning of the sales process. This shields them against fraud while providing visibility into the customer’s buying power upfront so they can provide customers with an accurate payment quote at the top of the sales funnel.

Tim Brackenbury, Operations Director for Texas Auto, has been using ID Drive at his dealership and says: “With a single scan of a customer’s driver license, ID Drive automatically authenticates the driver license for fraud protection, pulls pre-screen credit and pushes the lead information into our CRM instantly. Identifying our customers’ buying power before the vehicle test-drive reduces our transaction times by 30-45 minutes. The fraud prevention and efficiencies make ID Drive a no-brainer.”

How eLEND and 700Credit Work Together to Prevent Fraud, Drive Sales:

·      eLEND’s ID Drive™ authenticates driver licenses forensically with a performance guarantee that states “If the licenses gets a green light pass and turns out to be a fraudulent license and the dealer loses the vehicle, eLEND will reimburse the dealer for the value of the vehicle.  ID Drive™ is integrated with 700Credit’s instant pre-screen solution. The process takes 60 seconds and can save up to 60 minutes per vehicle sale. 

·      Lead information is instantly exported into any CRM platform with the vehicle of choice and sales agent appended. eLEND’s ID Drive™ product is also integrated with 700Credit’s Red Flag/Identity Match, fraud database search, synthetic fraud detection, OFAC database search, and MLA identification products.

·      ID Drive™ is also integrated with eLEND’s CreditPlus program and 700Credit’s quick app.

“We are so proud to partner with 700Credit to further extend the benefits of ID Drive to auto dealers and consumers alike,” said Pete MacInnis, CEO and Founder of eLEND Solutions. “Because ID Drive prequalifies upfront, auto dealers can rapidly get the customer into the right deal structure, accelerating the transition to, and through, F&I, which can reduce costly rehashes. This creates important efficiencies for dealerships and provides a better customer experience. And, of course, the purified authentication information protects the dealership from identity and financial fraud risks.”

MacInnis noted that in a 6 month case study with a high profile franchise dealer using ID Drive, transaction times were reduced by 60 minutes, PVR went up $300 and CSI scores went up 4 points. During the case study period, there were no other process changes made in the dealership outside of instituting ID DRIVE best practices.

About 700Credit

700Credit is the automotive industry’s leading provider of credit reports, compliance and soft pull products. The company’s product and service offerings include credit reports, prescreen and pre-qualification platforms, compliance training, OFAC compliance, Red Flag solutions, MLA, Synthetic Fraud Detection, Identity Verification, score disclosure notices, adverse action notices and more. 700Credit’s goal is to provide its clients with the highest quality data in a compliant framework in the most efficient manner possible. For more information about 700Credit, visit www.700credit.com.

About eLEND Solutions:

eLEND SolutionsTM AKA DealerCentric Solutions® Inc. is a privately-held automotive FinTech company focused on deal generation, not lead generation solutions – that power transactional digital buying experiences for the retail automotive industry.

The platform specializes in digital credit, identity, and finance solutions for remote and in-store shoppers, designed to accelerate conversions of digital end-to-end purchase experiences concluding with fundable, transactable deal structures.  By changing when and how the shopper is introduced to realistic payment information and dealership financing options, the combination of technology and data enable the dealer and the customer to come together much faster, and more profitably. 

For more information, please visit www.elendsolutions.com. 

Media Contacts:

eLEND Solutions

Crystal Hartwell, mWEBB Communications, (714) 987-1016, crystal@mwebbcom.com

700Credit

Susan Burke, VP Marketing, (616) 240-9853, sburke@700credit.com

A new eLEND Solutions report reveals that auto dealers are offering digital retailing a warm, but partial, embrace: nearly half have advanced their DR ‘end point’ since COVID lockdowns, but 64% end digital path-to-purchase before F&I

Irvine, Calif., – November 16, 2021 – A new report from automotive fintech innovator eLEND Solutions reveals that Digital Retailing (DR) capabilities continue to march forward for 84% of auto dealers, but that end-to-end DR adoption is stopping short of full implementation for the majority.

Based on a survey fielded by eLEND Solutions among auto dealers in the third quarter of 2021 the report “In the Post-Pandemic New Normal, Where Does Digital Retailing End?” reveals positive progress in adoption of digital retailing by US dealers, as well as ongoing challenges as the industry moves into the new post-pandemic normal. 

While COVID related lockdowns and restrictions forced dealers to offer remote and contactless buying experiences, the report indicates that today, most dealers are choosing to continue to reinvent how they sell cars and improve their digital-path-to purchase experiences: 80% of survey respondents report that, past the height of the pandemic, over 20% of their sales were DR-initiated and 30% say that DR-initiated deals represented at least 50% of their sales. Higher reported PVRs, Customer Satisfaction Scores and improved Transaction Times for DR-initiated sales, versus 2020, are no doubt helping fuel the prediction of the majority that at least 20% of all vehicle transactions will be completed partially, or fully, online by 2025.

But, as the survey makes clear, most dealers are not yet ready to embrace the full digitization of the sales transaction. Despite the fact that many dealers allow customers to perform the initial car purchasing steps remotely, there is a significant drop off in offered digital capabilities as the buyer moves closer to the deal, i.e., digital F&I.  Twenty-three percent stop their digital path short at a qualified deal structure and another 24% end the customer’s digital journey at the very first pencil.

“Dealers remain hesitant to move F&I online, a major speed bump in the realization of ‘transactional’ digital retailing,” said Pete MacInnis, CEO of eLEND Solutions. “Many of the survey results are positive for the advance of digital retailing, with clear indications that, as the pandemic recedes, the DR genie is not going back in the bottle. But, pushing the digital process forward into true eCommerce is still an uphill battle.”

People, Technology and Process challenges continue to plague the advancement of digital retailing, along with a small, but significant, hardcore of dealers who reject digital retailing capabilities altogether. Approximately one third of responding dealers report not offering customers some of the most basic buying conveniences online, and nearly one-third disagree that offering digital path-to-purchase capabilities for customers is critical to their retail success.   

“In spite of the challenges and resisters, as this report reveals, the majority of dealers are realizing the pain of not changing is greater than the pain of changing,” continued MacInnis. “Slowly but surely, dealers are accepting that now is the time to embrace the inevitable evolution to an increasingly digital and customer-centric sales experience – one that will, and must, include advancing much further down the digital path-to-purchase.” 

Key Highlights from the eLEND Solutions Digital Retailing Survey of Auto Dealers

·      84% are embracing digital capabilities: either adding to (40%) or maintaining/finalized (32%) DR capabilities/tools offered during pandemic– or are starting out, currently adding DR capabilities after choosing not to offer any during the pandemic (12%).   

·       16% are pulling back or never added DR capabilities.

·      Two-thirds are allowing their customers to complete many steps of the car buying process online, but the majority still require a dealership visit.

·      46% moved their DR ‘end point’ further down funnel since COVID-19 lockdowns and restrictions eased.

·       Over one-third report that their relative finish (end point of digital transaction process) runs through F&I. 

·       17% of dealers conclude their digital path with a fundable, transactable deal structure; 23% finish at a ‘qualified’ deal structure; and 24% finish their digital path-to-purchase experience at the very first pencil. Only 9% continue the digital journey through vehicle pick-up/delivery.

·       DR implementation challenges are People (37%), i.e., lack of leadership, resistance to change, staffing mismatches, recruitment issues; Technology (27%), and non-people related Process changes (25%), specifically re-engineering operations and workflows.  

·       74% reported improved DR-initiated transaction times vs 2020.

·       35% reported higher CSI for DR-initiated transactions vs 2020.

·       41% reported higher PVR for DR-initiated transactions vs 2020.

·       53% view DR as the start of the deal, 47% see DR as lead gen. 

·       Two-thirds agree that ‘offering digital path-to-purchase capabilities for customers is critical to their retail success.’   

·       Nearly 80% report that, past the height of the pandemic, DR-initiated transactions represented over 20% of their total retailed units, with 30% saying that DR-initiated deals represented at least 50% of their sales.

·      57% believe that at least 20% of all vehicle transactions will be completed partially or fully online by 2025, with nearly a third saying over 25% of all transactions will be digital.

To download the full survey report “In the Post-Pandemic New Normal, Where Does Digital Retailing End?” click here.

About eLEND Solutions:

eLEND Solutions™ (DealerCentric rebranded) is an automotive FinTech company focused on providing a simplified vehicle purchase process for the retail automotive industry. The platform specializes in online and in-store digital credit, identity and finance solutions – enabling a more efficient, faster moving sales and finance workflow that sells more cars at higher profits in less time – benefiting dealers, lenders and consumers.

Contact Media Relations:

Melanie Webber, mWEBB Communications, (424) 603-4340, melanie(at)mwebbcom(dot)com

Crystal Hartwell, mWEBB Communications, (714) 987-1016, crystal(at)mwebbcom(dot)com

New Digital Retailing Survey: Increased Adoption, Sales and Profitability, But Integration, People and Process Challenge Success

eLEND Solutions Digital Retailing Report Card report reveals widespread adoption of Digital Retailing (74%) among dealers surveyed, as well as a positive impact on sales (92%) and profitability (68%) – but challenges with training, leadership and process integration remain.

LAS VEGAS, NV –February 13, 2020 – The Digital Retailing Report Card Report from eLEND Solutions, released today at NADA 2020, indicates a significant shift in dealer acceptance and application of digital retailing.  Based on analysis of a recent survey of auto dealerships, the report indicates that a majority of dealerships respondents have adopted Digital Retailing (DR) technology online or in-store. Of those, the effectiveness of DR is emerging: 92% see a positive impact on sales and 68% claim increased profitability.

Not surprisingly, 80% agreed that DR has a positive impact on the customer experience – but it is important to note that the success reported was also based on related process changes having been made.  And, challenges to DR adoption and success remain – integration, personnel and process loom as barriers, according to the dealerships surveyed.

Critically, the vast majority of dealers surveyed now agree with a common definition of DR, clarifying the perceived intent of the technology and dealer understanding of the role it plays in the transaction process. Of those surveyed, 83% said that DR was best defined in the following way: Digital retailing combines technology and process/workflows to help customers move themselves down funnel online and seamlessly pick up where they left off when they get to your dealership.

“Seeing this clarity about the point and purpose of digital retailing represents an important step in dealer adoption,” said Pete MacInnis, CEO of eLEND Solutions. “This common understanding shows that dealer acceptance of – and challenges with – this technology are real, evolving and key to further adoption.”

When asked what they saw as the biggest challenges with today's digital retailing tools/technologies, dealership responses centered on process, staff communications and integration, i.e. having the right in-store process, modernizing communication strategies and missing integrations. Note that modernizing communication strategies was ranked as a top three concern by 54% of dealers (tied with Integration).

“Moving away from lead capture to interaction with consumers on the dealership website is critical for DR to be successful, but in our experience, weaning off lead-gen addiction is the most difficult mindset change for dealers,” said MacInnis.  “That leads back to the theme of this report: people and process change will lead the charge to success.”

And, when it comes to a seamless online to in-store transition, in addition to integration challenges, dealers also worried about making the necessary culture change, and having a training strategy for personnel.

“Among the surprising things we learned from the scorecard was actually the decidedly “non-tech” way dealers look at DR effectiveness,” said MacInnis. “When we asked what equals success, the answer was clear: Digital Retailing works best when dealers apply the right processes and people to the work. That was more important than having the best technology and tools.”

Key Highlights from the Digital Retailing Report Card:

- 74% of dealers surveyed have adopted Digital Retailing tools.

- 92% who are using DR, say it has made a positive impact on sales and 68% claim increased profitability.

- 80% who use DR, agree that it has a positive impact on the customer experience.

- 75% of dealers surveyed found that online payment calculator tools that return qualified rate, term and payment information are a desired function of the ideal digital retailing experience.

- Dealers already using tools that return qualified rate, term and payment information say more car sales, higher closing rations and faster average transaction times are the major benefits of specific retail calculators.

- 54% worry about having in-store processes aligned with expectations set online and say that moving from lead capture to online consumer engagement is a top concern.

- 43% say website-based DR solutions that don’t include direct integrations with a desking tool, DMS, or showroom-based DR solution are a challenge.

To download the full report, click here.

eLEND Solutions will be at NADA 2020 in Las Vegas, Booth 3795C.

About eLEND Solutions
eLEND Solutions™ (DealerCentric rebranded) is an automotive FinTech company focused on providing a simplified vehicle purchase process for the retail automotive industry.  The platform specializes in online and in-store digital credit, identity and finance solutions - enabling a more efficient, faster moving sales and finance workflow that sells more cars at higher profits in less time – benefitting dealers, lenders and consumers.

Contact: 
Media Relations 
Melanie Webber, mWEBB Communications, (424) 603-4340, melanie@mwebbcom.com 
Crystal Hartwell, mWEBB Communications, (714) 987-1016, crystal@mwebbcom.com

Is it me, or does it seem like there’s an exciting new technology solution for dealers almost every day? A new way to sell cars online, another approach for menu selling, a better way to desk a deal…always something new, and always something that’s supposed to be better than the way retail has functioned for the last 100 years.

It can be hard to distinguish between the hype and reality.

Interestingly, something that’s making a lot of noise right now (and might appear to be blown out of proportion) might be one of the real innovations to make a difference: blockchain technology. You might be surprised to learn it’s not new: blockchain is the real gold behind Bitcoin, because it’s the technology that allows the currency exchange to work. And it quite possibly could be the answer to the question everyone’s asking: How can dealerships run profitably in a sharing, on-demand and subscription-style economy?

Blockchain technology is a practical, surprisingly straightforward answer that’s tailor-made for automotive retail.  To read on click here.

It dawned on me the other day that there sure are a lot of people telling dealers what to do.

In fact, it’s pretty much the same message all the time: Get more efficient! Speed up the sales process! Car buyers don’t want to go through a 3-hour ordeal just to buy a car! Make them wait and your CSI will crash!

Or how about this expectation: People want an Amazon or Apple buying experience when buying a car.

The point is pretty much the same: Car buyers want a simplified process that they are more familiar with. They want to spend less time at the dealership. They want to accomplish more upfront before ever stepping into the store. They expect that if much of the transaction can be completed prior to their visit to the dealership, their time at the showroom will be reduced.

Not surprisingly, according to a Cox Automotive study, less than 1% of consumers like the sales process as it is today.

This is something dealers know all too well. Why? Customers tell them every day.

Dealership teams aren’t oblivious to the fact that a change is needed. In fact, we fielded a survey just recently that found that 90% of dealers want an under 2-hour sales process. Of course, wanting and doing are two different things: only 47% of dealers reported they were able to achieve under 2-hour transactions.

It takes time, cooperation, and commitment to evolve from the “old way” to a process that leverages technologies and a ‘customer first’ experience. Progress is being made, CSI is improving, but it takes time.  CLICK HERE TO READ ON