Over 30,000 dealership driver license scans were red flagged in the past year by eLEND; company further expands suite of Identity Solutions to combat soaring fraud

NEW ORLEANS, LA - January 23rd, 2025 – eLEND Solutions today announced at the 2025 NADA Show that it has blocked over one billion dollars in potential vehicle purchase fraud in 2024 through its Identity Solutions, representing over 30,000 red-flagged driver license scans. With identity fraud accelerating at an alarming rate, eLEND also announced that it has rapidly expanded its suite of Identity Solutions to further protect consumers, auto dealers and lenders. Unlike other products on the market, eLEND’s Identity Solutions, which has been implemented by over 1,000 dealerships across the US, encompass robust document authentication, consumer data verification and proof of presence technologies. eLEND will be demonstrating its Identity Solutions at Booth #6129.

In a 2022 Dealer Survey conducted by eLEND Solutions, 79% of auto dealers reported they experienced an identity fraud-related vehicle loss at their dealership in the past year. And, according to Point Predictive’s 2024 Auto Lending Fraud Trends Report, the industry has an estimated fraud loss exposure of over $7.9 Billion with a 98% growth in synthetic identity attempts.

“There is no question that vehicle purchase fraud is one of the top challenges facing auto dealerships today, with billions of dollars on the line; yet most dealerships are relying on simple drivers’ license scans unconnected to comprehensive fraud detection,” said Pete MacInnis, CEO and Founder of eLEND Solutions. “Without validating/authenticating ID documents and buyer identities, dealerships remain incredibly vulnerable, especially as the auto purchase transaction becomes increasingly digitized. To help dealers minimize fraud risks, ID verification technologies must include forensic authentication of the driver’s license document, in conjunction with matching data extracted from the document against hundreds of databases, which is exactly what our identity solutions provide.”

Among the dealerships who have benefitted from eLEND’s Identity Solution is Bayway Auto Group in Houston, Texas, who have foiled fraudsters with the product: “The ID DRIVE scanner eLEND Solutions provides us has been invaluable. Just last month, we had four people arrested in our group; two were from fake temporary licenses, but two were real-looking Texas Driver Licenses that were fraud.”

eLEND’s Suite of Identity Solutions

ID DRIVE - goes well beyond just consumer driver license data capture. In just 6 seconds, it performs an average of 35 forensic tests for robust document authentication. Digital data capture and real time CRM export ties the customer, the test-drive vehicle and sales agent together as part of the lead record. ID DRIVE has scanned millions of driver licenses before test-drives and has never provided a “pass” scan result that turned out to be a fraudulent driver license document.

ID DRIVE MOBILE - great for remote test drives and deliveries, where online and remote attempts at vehicle purchase fraud is thwarted.

IDENTIFY- matches up consumer PII data against hundreds of databases including customer residence addresses with local municipal utilities, date of birth with government databases and customer phone numbers with mobile phone carriers. IDENTIFY establishes "proof of presence" with one-time pass code to ensure the identity being used belongs to a real, physically present person.

DMV DATA MATCH - extracts the data from scanned driver license documents and matches them up with official government DMV databases in real time through API’s with participating government agencies in 41united states.  

700CREDIT IDENTITY VERIFICATION PLATFORM - integrated with 700Credit delivers identity verification tools to include OFAC Terrorist Search, ID Match, Synthetic Fraud, Military Lending Act, Red Flag and Out of Wallet Questions.

PRE-SCREEN or PRE-QUALIFICATION Reports - can be pulled from data extracted from driver license scans, instantly identifying a customer’s buying power prior to the test-drive.

ID DRIVE and ID DRIVE MOBILE are available via subscription with the other tools available as add-ons. 

eLEND Solutions suite of Identity solutions store ID data for 7 years in its SOC 2 Type 2 compliant platform that is in alignment with FTC safeguard rules. In addition, eLEND’s platform creates frictionless ID verification, and simplified workflows lead to a faster moving buying experience –improving customer satisfaction while helping dealers sell more cars faster with increased profitability.

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@mwebbcom.com

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

New survey from eLEND Solutions underscores challenges of delivering accurate online payment quotes, including reduced lender transparency, mismatched desking/lender decisions, consumer-provided credit scores, all of which results in anything but ‘penny-perfect’ payment quotes

Foothill Ranch, Calif. – January 31, 2024 – A new snapshot survey of auto dealers and lenders, from automotive fintech innovator eLEND Solutions, reveals that 90% believe that AI-based pricing is contributing to inaccurate online payment quotes which, the vast majority say, is having an adverse impact on the buying experience. Other key obstacles to delivering accurate online payment quotes, cited by survey respondents, include a reduction in lender transparency, mistimed and mismatched desking/lender decisions, and reliance on consumer-provided credit scores, all of which are contributing to payment quotes that are anything but ‘penny perfect.’

“Over three-quarters of dealers and lenders in our survey say that the desked-deal and final decision match 50% or less of the time,” said Pete MacInnis, Founder and CEO of eLEND Solutions. “That is an astonishing number, but one that doesn’t surprise us. This mismatch, born of multiple factors uncovered in our survey, creates deep friction in the buying process, impacting CSI, profits and more.”

One of the Achilles’ heels of accurate payment quotes is the lack of relevant, objective information actually driving online payment quotes: according to 64% of dealer/lender respondents, today’s online quotes are primarily driven by consumer-provided credit score information.

That, coupled with a faulty perception of what ‘penny-perfect payments’ in digital retailing actually means – 57% tie it to jurisdiction sales tax, license and registration fees versus those details PLUS actual customer pre-qualified to a specific lender decision (43%) - makes it no mystery why, for the vast majority (76%), digital retail payment quotes match final lender decisions less than 25% of the time, with only 4% saying they match more than 50% of the time.

Adding further challenge is the fact that over half of lenders and dealers report that payment terms are negotiated with the online customer before a lender decision. “Talk about putting the cart before the horse,” said MacInnis. “Negotiating payment terms before a lender decision is a recipe for consumer dissatisfaction and deal rewinds.”  In fact, over 70% of respondents agree that having finance involved in the deal flow prior to the first pencil, digitally or otherwise, would improve the process for all parties.

The snap survey was conducted by eLEND Solutions online among over 300 auto dealers/lenders in December 2023. While the survey respondents were predominantly auto dealers (76% dealer/24% lender), the results were extraordinarily consistent across both cohorts. 

“It was important for us to hear from lenders in this survey and it was remarkable how in sync they were with dealers: for example, the vast majority of both segments agree that not only has there been a reduction in lenders providing critical rate sheet pricing bulletins (87%), but also that AI-based pricing is a key culprit of inaccurate payment quotes (90%),” said MacInnis.

Lenders and dealers also appear to be aligned in what it will take to solve these challenges: 94% say that pre-desking technology, integrated with lender proprietary credit scorecard models, would improve the car buying/selling experience for all parties.

“The challenges to today’s digital finance are solvable, but only when our industry is willing to come together to change processes, increase transparency and embrace tools that enable sales and finance to begin together at the start of the transaction,” continued MacInnis. “The last time we saw disruption around lender dealer communication was twenty years ago when the big players got together to eliminate the ‘faxes’ between dealers and lenders. The results of this survey clearly demonstrate that the time for collaboration on the next big disruption has come.”

Key Survey Takeaways

• 86% of respondents think inaccurate online digital retailing payment quotes have an adverse impact on buying experiences. (89% Dealers/84% of Lenders).
• 90% of respondents say that AI based pricing at the customer qualification level (rather than legacy credit tier band pricing}, is contributing to inaccurate online payment quotes. (91% Dealer/85% Lenders)
• The Digital Retailing term “Penny Perfect Payments” means “payments tied to jurisdiction sales tax, license and registration fees,” for 57% overall. Only 43% said “payments tied to jurisdiction sales tax, license and registration fees,” PLUS actual customer pre-qualified to a specific lender decision.” Lenders were more likely to say the latter (52%) than Dealers (42%)
• Customer-provided credit score estimate’ is the feature that most commonly powers initial online digital retailing payment quotes, according to 64% of respondents; ‘actual FICO scores’ (17%), and ‘basic calculator tools’ (15%) lagged far behind, with ‘actual lender decisions’ dead last at 4%.
• Initial digital retail payment quotes match final lender decisions less than half the time say 96% of respondents, with 76% saying they match less than 25% of the time. (74% Dealers/79% Lenders)
• 87% overall agree that has there been a reduction in Lenders providing rate-sheet pricing bulletins (89% Dealers/83% Lenders)
• Lender loan pricing models are predominantly driven by ‘credit score plus other credit attributes and advance guidelines’ say 66% of Dealers and 57% of Lenders.
• 54% overall say that payment terms are negotiated with the online customer before the Lender decision.
• The desked deal matches final lender decisions less than 50% of the time say 72% of respondents.
• 74% agree that having finance involved in the deal flow prior to the first pencil, digitally or otherwise, would improve the process for all parties, with Dealers indexing higher (78%) on this than Lenders (69%)
• 94% overall say that pre-desking technology, integrated with lender proprietary credit scorecard models, would improve the car buying/selling experience for all parties. (94% Dealer/92% Lender).

About eLEND Solutions

eLEND Solutions™ (formerly DealerCentric) is an automotive FinTech company providing a middleware solution designed to power transactional digital retailing buying experiences for the retail automotive industry. The platform specializes in hybrid credit report, identity verification, and ‘pre-desking’ solutions, accelerating end-to-end purchase experiences - concluding with a transactable, fundable deal structure.

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

Lack of pricing transparency from lenders complicates dealer efforts to bridge the trust and transparency gap with consumers, according to new eLEND Solutions survey

FOOTHILL RANCH, CA – October 11, 2023 – A new survey of auto dealers from automotive FinTech innovator eLEND Solutions reveals a significant trust and transparency gap between consumers and dealers, partially driven by differences in transaction preferences, but made problematic by a lack of transparency from lenders. Almost universally, dealers see technology as a way to help close the gap and add value to the experience — for customer, dealer and lender.

The survey confirms that this trust/transparency gap is a major source of friction in the auto sales transaction process, starting with a disconnect in how it is defined: 94% of auto dealers surveyed said that consumers and dealers define transparency differently, and 82% of dealers strongly agree that this difference has contributed to a trust gap arriving at the “final” deal.

According to the findings, dealers agree there is a trust deficit and understand that consumers want transparency — though many are inhibited from going as far as customers expect them to go, due to concerns about profitability. Still, 95% of dealers find themselves in a difficult balancing act between meeting customer expectations of transparency and protecting the dealership’s bottom line. 

“When it comes to transparency and trust, unfortunately, there is friction between dealers and consumers,” said Pete MacInnis, eLEND Solutions CEO and Founder. “While this is partly a result of the tug of war between how consumers want to buy and how dealers want to sell, our survey shows that dealers do want to provide transparency to consumers. In fact, most want car buyers to have pricing transparency as early as possible — even before visiting the dealership.”

One of the challenges revealed by the survey is that lenders are adding to the friction of the process, through their lack of transparency when it comes to financing the deal. “Reduced pricing transparency from lenders, thanks to AI and algorithm-based solutions, is pulling a cloak over what’s arguably the most important part of the buying process,” continued MacInnis.

Eighty percent of dealer respondents cited reduced pricing transparency from lenders as the single biggest obstacle to providing more deal/pricing clarity; that was followed by accuracy challenges of available technologies (11%), and their own reluctance to digitize F&I information (7%) — a finding that certainly runs contrary to the stereotype of the auto dealer unwilling to leverage digital tools.

Dealers in the online survey, fielded by eLEND Solutions in July/August 2023 to over 350 dealers, saw lenders as an obstacle to trust: 84% felt that they were caught in the middle between customer demand for more transparency, and a decrease in pricing transparency from lenders. 

According to the survey, this trust and transparency divide between consumers, dealers, and lenders is pushing retailers to rely on basic, and frequently inaccurate, payment calculator tools that exacerbate, rather than mitigate, the lack of transparency. Wanting to meet their customers’ needs, dealers are pushing forward with quotes: ninety-four percent say they quote customer payments before receiving lender loan decisions, and 85% before customers even come into the store. Lacking lender information, this often means they are quoting unqualified payment terms, unmatched to lender programs — a guessing game that adds friction and perpetuates the trust void during final deal negotiations.

“The reality is that once customers are in the F&I office, they often see payment promises unravel,” said MacInnis. “That just adds more conflict between dealer and customer. Many dealers want to facilitate pricing transparency early but, without accurate lender quotes, it just becomes another lead generation tactic — and a showdown that can impact both profits and CSI.”

The survey found that the transparency gap is not just driven by lender preferences. While dealers

say they want to quote payments early, the vast majority (86%) continue with a ‘sales first, finance later’ process – and 91% of auto dealers say that they work the deal differently for an online shopper versus a shopper in the showroom or on the phone.

Although this tension between old and new sales approaches certainly adds to issues with trust and transparency, dealers are overwhelmingly interested in finding solutions: 95% see value in a pre-desking tool integrated with lender credit score models to help improve the ability to quote, upfront, more accurate and realistic deal terms — a step that will have a significant and positive impact on dealer/customer/lender relations.

Key Survey Takeaways

·       94% of dealers surveyed say that consumers and dealers define transparency differently.

·       98% say there is a gap between how dealers want to sell and how buyers want to buy.

·       97% agree that there is a trust gap when it comes to arriving at “the” deal; 82% strongly agree it exists.

·       95% say that there’s a balancing act between customer expectations of transparency and dealership financial success. 

·       80% blame reduced pricing transparency from lenders as the single biggest obstacle to providing more deal/pricing clarity.

·       7% cite their own reluctance to digitize F&I information as the single biggest obstacle to providing more deal/pricing clarity.

·       84% feel caught in the middle between the customers’ increasing demand for deal transparency and the lenders becoming less transparent.

·       94% say they quote customer payments before receiving lender loan decisions.

·       85% say they prefer to quote payments to customers before they come into the store.

·       93% agree that online customers want to know what their monthly payments will be before scheduling an in-store appointment.

·       86% continue with a ‘sales first, finance later’ protocol; 7% start finance and sales together at the front of the process.

·       91% say that they work the deal differently for an online shopper versus a shopper in the showroom or on the phone.

·       90% allow BDC or Internet Managers to negotiate finance terms with remote customers.

·       95% think a pre-desking tool integrated with lender proprietary credit score card models would add meaningful value.

To download the eLEND Solutions’ survey report: Bridging the Trust Gap: The Quest for Transparency in Retail Automotive, click here.

About eLEND Solutions

eLEND Solutions™ (formerly DealerCentric) is an automotive FinTech company providing a middleware solution designed to power transactional digital retailing buying experiences for the retail automotive industry. The platform specializes in hybrid credit report, identity verification, and ‘pre-desking’ solutions, accelerating end-to-end purchase experiences - concluding with a transactable, fundable deal structure.

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

eLEND Solutions adds ‘real deal’ digital finance solution to its suite of digital credit and identification solutions to eliminate frictions and profit leaks in the vehicle purchase process

Dallas, Texas – January 26th, 2023 – eLEND Solutions today announced, at NADA 2023, the launch of DealMaker, a digital finance pre-desking platform that evolves basic online payment calculator tools and the educated guesswork used by most desk managers. It is designed to eliminate frictions and profit leaks by providing customer and vehicle-qualified payment terms matched to lender fundable contract terms – prior to the F&I handoff.

“Most digital retailing experiences promise more than they can deliver, especially when it comes to matching a consumer’s credit profile, vehicle selection and deal structure to a fundable purchase contract with lenders,” said Pete MacInnis, Founder and CEO of eLEND Solutions, an automotive FinTech company focused on accelerating ‘transactional’ digital buying experiences.

In today’s economically uncertain environment, when affordability represents the biggest challenge to car buyers and monthly payments matter more than the selling price, ensuring that quoted payments are accurate is critical to modern retailing success. Yet, in a new report, based on a recent survey of auto dealerships, the majority say it’s common for payment estimator tools to provide inaccurate or unrealistic payment expectations. DealMaker is designed to solve this.

A hybrid, pre-desking solution for digital retailing, DealMaker is powered by advanced credit filtering and calculation logic and instantly matches a remote or in-store customer and vehicle-of-choice to a waterfall of qualifying lender programs – eliminating F&I guesswork.

“Quoting transactional and fundable rate, term and payment options reduces frictions during the negotiation, leads to faster, more profitably structured deals and higher closing ratios. It can also positively impact F&I sales penetration,” continued MacInnis. He noted that 88% of dealers report they would realize a 10% or more increase in F&I sales penetration if consumers are quoted qualified payment terms matched to lender fundable contract terms, with dealer mark-ups, before getting to the F&I office. Moreover, eighty-five percent estimate that this could save 15 minutes or more in the F&I office (with over 30% saying it would save over 30 minutes).

Because it eliminates the bottlenecks and inefficiencies created by poorly structured deals, DealMaker improves the speed and quality of the customers transitions to and through the finance department, reducing unwinds and rewrites, enabling F&I managers to sell more back-end products with higher penetrations and profits.

DealMaker is currently being piloted by a handful of dealers across the country.

How DealMaker works:

• DealMaker is powered by a logic- and rules-based decision engine and pre-desking software that goes deeper than other tools that calculate payments based on factory cash, finance, and lease incentives with fully integrated rates and residuals. 
• DealMaker is embedded within the dealer’s sales and finance workflow, similar to a lender’s Loan Origination System (LOS), and empowers fundable deal structuring matching the vehicle model ID/trim level and the consumer’s entire credit profile to a waterfall of lender programs, including underwriting, pricing, loan advance and stipulations simultaneously.
• DealMaker includes advanced credit filtering and calculation logic for all makes, all models, new and used, all terms and all credit tiers.
• Consumer-submitted credit application and full credit file is parsed and filtered by DealMaker to determine ability, stability and credit qualifications.
• DealMaker’s rules-based decision engine then calculates debt-to-income, payment-to-income and loan-to-value ratios; identifies high credit, time on credit report and lender rules, which can vary depending on consumer qualifications.
• DealMaker’s loan program pricing varies by lender and is based on: is the vehicle new, pre-owned, or certified pre-owned? Is it the same brand as the captive lender, are there mileage limitations at different terms, etc.?
• DealMaker lender credit decision results are displayed instantly at the point of sale.
• DealMaker matches “The Deal” to the best lender fundable program.
• The near-final deal can be negotiated online or completed before the test drive ends.

“Making deals transparent is the linchpin to accelerating digital retailing into truly successful modern retailing. This, along with fully connected workflows, is the mission of DealMaker,” concluded MacInnis.

eLEND Solutions will be demonstrating DealMaker at the 2023 NADA Show in Dallas, at Booth #4185.

About eLEND Solutions:

eLEND Solutions™ (DealerCentric rebranded) is an 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 https://www.elendsolutions.com/finance-solutions/

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

New auto dealership solution from eLEND Solutions combats epidemic of identity fraud that is impacting nearly 80% of dealerships

Dallas, Texas – January 25th, 2023 – eLEND Solutions announced today, at NADA 2023, the launch of IDentify, a layered, multi-factor, identity verification solution designed to verify a customer’s true identity and establish "proof of presence" in an interaction. This combination of identity proofing technologies dramatically reduces fraud risks by detecting account takeover, true name, synthetic and other forms of identity fraud in the vehicle purchase process – an over half a billion-dollar problem in 2022 alone, and one that has been amplified by the increased digitization of the deal.

In just the past year, 79% of dealers directly experienced an identity fraud-related vehicle loss at their dealership – an alarming insight that was revealed in eLEND Solution’s recent report: Is Identity Fraud Jeopardizing Digital Retailing Profitability. Furthermore, the report revealed that the large majority are not using any identity verification technologies as part of their fraud prevention strategy, instead choosing to rely on conventional methods such as photocopying IDs. 

“These unsophisticated defenses are not only ineffective against increasingly sophisticated fraud schemes, but they also put dealerships at risk” said Pete MacInnis, CEO of eLEND Solutions, an automotive FinTech company focused on accelerating ‘transactional’ digital buying experiences. “This is why we developed IDentify, which offers unparalleled ID fraud protection for dealerships, including protections for both traditional (in-store) and digital retailing (remote) transactions” continued MacInnis.   

IDentify offers a combination of multi-factor identity verification solutions: 

• “Identity Data Check” cross matches customer-provided information against hundreds of databases, including government agencies, public utilities, cell phone carriers, etc. to verify the customer’s name, address, DOB, social security and cell phone numbers.
• “Confirm Identity” is a multi-factor authentication and fraud prevention tool that replaces traditional out-of-wallet questions with a ‘proof of presence’ feature that sends a one-time passcode to the cell phone number of the customer identified by the phone carrier. 

Combining identity verification with ‘proof of presence' checks is critical to fight account takeover, true name fraud, synthetic fraud and to reduce the risk from consumer-not-present and other identity fraud tactics. Dealerships who have piloted IDentify confirm its benefits.

Chuck Bell, Corporate Finance Director for Bayway Auto Group says: “eLEND Solutions IDentify product is a core component of our Digital Retail strategy. It enables us to identify our customers before engaging in test drives and remote test-drives or deliveries. It has already saved us countless thousands of dollars.”

How IDentify works:

• Once a customer has signaled a strong intent to buy, dealers can send an email link to a short form requesting their personal information and their consent to verify identity to protect against identity fraud.
• If a customer has already submitted a credit application through one of eLEND’s Credit Solutions, the consent language includes running the IDentify Data Check Report.
• In-store, dealers are able to get customer consent and run the IDentify Data Check Report through the dealer dashboard.
• Dealers have the option to run the Identity Data Check independently or in conjunction with the Confirm IDentify multi-factor authentication and fraud prevention tool.
• Results are displayed in the dealer dashboard, showing a match to customer name, address, date of birth, social security number and cell phone or an alert that warns there is no match to database records.
• IDentify can be implemented in any digital retail solution through APIs – an increasingly critical function as 95% of dealers attribute increased identity fraud to the increased digitization of the deal and remote buying.

IDentify is fully integrated with eLEND Solutions’ ID Drive, a driver's license scanner that performs dozens of forensic document tests in real time for robust authentication – on any driver's license or any other government issued ID from the U.S., Canada, and Mexico, plus 160 worldwide jurisdictions.

eLEND’s Identification Solutions are integrated with eLEND’s Credit Solutions that match identity to credit application and credit report data. From pre-screen, pre-qualification and traditional hard credit pulls, all data is cross-referenced and integrated with Red Flag and Synthetic Fraud tools from companies such as 700 Credit.

eLEND will be demonstrating IDentify at the 2023 NADA Show in Dallas at Booth #4185.

About eLEND Solutions

eLEND Solutions™ (DealerCentric rebranded) is an 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 https://www.elendsolutions.com/automotive-identity-verification-solutions/ 

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

One in four deals reworked because dealership online calculators inaccurately quote payment terms, impacting F&I sales penetration & transaction times, according to eLEND Solutions survey, as dealers report sales pullback driven by economic uncertainties

Foothill Ranch, Calif. – January 24th, 2023 – A new snapshot survey of auto dealers, from automotive FinTech innovator eLEND Solutions, confirms that the amount of a monthly vehicle payment is more important to today’s car buyers than the overall vehicle selling price. As the survey reveals, this creates a significant challenge for the nearly 70% of dealers who use online tools to quote monthly payments.

The majority of dealers surveyed report that not only are these payment quotes inaccurate over half of the time but, as a consequence, they are driving rehashes and losses in F&I product sales penetration and increasing F&I time delays – by an additional 15 to 30 minutes say the majority. 

Dealers in the online snapshot survey, fielded by eLEND Solutions in December 2022, also report that economic uncertainties are driving a sales pullback, and 80% cite time delay in the F&I office as the greatest obstacle to profits and satisfaction.

“Online calculators are among the biggest of today’s digital retailing traps, offering up monthly payment estimates disconnected from real lender terms and consumer credit profiles that, more often than not, are an illusion, as this survey confirms,” said eLEND Solutions CEO and Founder, Pete MacInnis.

According to the survey, while dealers confirm that payment price is more important than sales price, nearly half acknowledged that calculations from currently available online payment estimators hurt F&I product sales/penetration: 8 in 10 dealers estimate that 60% of their payment calculator quotes are not accurately matched to the final contracted monthly payment amount.

“Affordability is the number one issue for car buyers for 2023[1] and that is fueling a payment focused transaction climate which means quoting accurate monthly payments is critical. Unfortunately, too many dealers are spending precious time rewinding deals that online calculators are supposed to expedite, and the impact on CSI and F&I sales penetration is palpable,” said MacInnis.

One astonishing stat in the survey that might help explain auto dealers’ tolerance for inaccurate payment quotes is that over half of dealers think a realistic monthly quote can be within $50 of the final contracted monthly payment – a monthly amount that, in today’s economic climate, is extremely meaningful and can contribute to loss of F&I penetration. “If a consumer thinks they can afford a vehicle because of the online quote, get their heart set on it, and then find out that the monthly payment is $40 to $50 more, they may still buy that vehicle, but the dealer can say goodbye to warranties and other F&I product sales,” said MacInnis.

Underscoring this point, 88% of dealers estimate that their F&I sales penetration would increase by 10% or more if consumers were quoted qualified payment terms matched to lender fundable contract terms, with dealer mark-ups, before getting to the F&I office.

“Any increase in F&I sales is significant, and a 10% or greater increase can add up to significant profits. The message is clear,” continued MacInnis. “For digital retailing to evolve into profitable modern retailing, dealers need to eliminate the friction of inaccurate payment information and adopt digital pre-desking tools that can instantly match customer and dealer to a waterfall of qualifying lender programs prior to the first pencil or F&I handoff.”

Key Survey Takeaways

• 69% of dealers say that current economic challenges are creating a sales slowdown at their dealership, with ‘Economic Uncertainties” (looming recession/employment anxiety) cited as the top driver, followed by “Rising Interest Rates” and “Low Manufacturer Incentives.”
• The monthly payment is more important to customers today than selling price, according to 46% of dealers, with 23% saying payment and sales price are equally important with only 31% stating selling price as most important.
• 69% agree that payment estimator tools provide an inaccurate or unrealistic monthly payment expectation over 50% of the time.
• 83% report that 60% of their online payment calculator quotes are inaccurately matched to the final contracted monthly payment.
• 47% say that calculations from currently available online payment estimators hurt F&I product sales/penetration.
• 88% of dealers estimate a 10% or more F&I sales penetration increase if consumers were quoted qualified payment terms matched to lender fundable contract terms (with dealer mark-ups), before getting to the F&I office; 37% estimated an increase of 15% or more.
• 52% believe that for online payment calculator tools to be more realistic, the quoted payments should pencil within $50 of the final contracted monthly payment.
• 63% report that one in four of their digital retail-initiated payment terms have to be re-worked because they cannot be matched to the customer's credit profile, final deal structure and lender approvals, with over one third (37%) reporting that half or more of their deals have to be reworked.
• 85% estimate that 15 minutes or more could be saved in the F&I office if customers were quoted qualified payment terms that match lender fundable contract terms (including dealer mark-ups) prior to the F&I handoff, with 32% expecting to save 30 to 45 minutes or more.
• 80% agree that F&I time delay (the time it takes for a customer to move from “Yes, I want to buy the vehicle” to accepting delivery) is the greatest obstacle to profits and customer satisfaction.
• 70% agree that a pre-desking tool that could put the customer in the right vehicle with the right deal structure – matched instantly to a waterfall of qualifying lender programs prior to the first pencil or F&I handoff – would add meaningful value.

About eLEND Solutions

eLEND Solutions™ (DealerCentric rebranded) is an 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:

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

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

[1] https://www.coxenterprises.com/news/cox-automotive-s-10-predictions-for-2023

Identity fraud has increased at 84% of dealerships, with 60% losing three or more vehicles in the last year; dealers blame increasing digitization of deal, but only one-third report adequate fraud protections, according to new eLEND Solutions survey of auto dealerships

Foothill Ranch, Calif., October 25, 2022 – Identity fraud has increased dramatically in auto dealerships since the pandemic, with 60% of auto dealerships reporting the loss of three or more vehicles to it in the past year, according to the new report, “Is Identity Fraud Jeopardizing Digital Retailing Profitability,” from automotive fintech innovator eLEND Solutions. The report, based on a survey of over 700 auto dealerships across the U.S., reveals that while dealerships cite identity fraud as their top fraud challenge/concern, and almost unanimously agree that its increase is because of the increased digitization of the deal, 66% lack adequate identity fraud protections.

“The pandemic changed a lot of things in the auto industry – and that is particularly true when it comes to fraud which, as this report underscores, is causing more and more losses for dealers – an estimated $619 million[1] for franchise dealers alone,” said Pete MacInnis, CEO and Founder of eLEND Solutions. “Economic conditions and, especially, increasing digitization of the car buying process are driving more fraud but, unfortunately, this report reveals that most dealerships have not implemented ID verification technologies that can prevent it.”

According to the report, 84% of dealerships have directly experienced identity fraud at their dealership since the pandemic, with a third seeing an over 20% increase in identity fraud-related activities since the pandemic started. And, in just the past year, 79% directly experienced an identity fraud-related vehicle loss at their dealership. 

When asked to explain the increase in identity fraud, 95% relate it directly to the increase in the digitization of the deal and remote buying experiences, with 86% predicting that as more of the transaction moves online, identity fraud will increase and become harder to prevent. The report also reveals that losses are not limited to identity fraud, with the vast majority of dealerships reporting an increase in loan application fraud in the past year. Seventy-seven percent saw a 10- 20% increase or more, with over one-third reporting that one in every 100 applications at their dealership was fraudulent.

The report also investigates what dealerships have been doing to prevent fraud: “photocopying the driver’s license / ID” (64%) is number one, with the “Red Flags Rule” (56%) at number two. Only 33% reported using critical document authentication as part of their process, a significant disconnect.

“Without actually validating/authenticating ID documents and buyer identities, dealerships remain particularly vulnerable,” said MacInnis. “As more of the transaction becomes digital, embracing ID verification technologies that include forensic authentication of the driver’s license document, in conjunction with matching data extracted from the document against hundreds of databases, can easily help dealers minimize fraud risks before it becomes an expensive problem.”

Dealers were also asked about the timing of their credit pulls, a practice that rapidly evolved once the pandemic prompted more of the process to move online. As compared to 2018, when only 8% of dealers said they pulled credit before the test drive, today 40% report doing so, with only 20% today waiting until right before the F&I handoff, versus 39% in 2018.

“This shift in credit pull timing is a dramatic and positive change in the way auto dealerships do business and, with the right technology in place, has positive implications for preventing fraud if dealerships take the opportunity to validate customer identity upfront with the simple swipe of a driver’s license – but only if document authentication is part of that process,” concluded MacInnis.

Key Data Takeaways

•          84%, say there has been a noticeable increase in identity fraud since the pandemic.

•          79% of dealers experienced an identity fraud-related vehicle loss at their dealership in the past year.

•          Seventy-nine percent say that identity fraud has increased in their dealerships by over 10%, and nearly one-third say it has increased between 21% and 30%, or more.

•          60% reported a loss of three to five vehicles, or more, in the last twelve months.

•          89% of dealerships report an increase in loan application fraud in the past year.

•          34% report that one in every 100 applications at their dealership was fraudulent.

•          95% track identity fraud to the expansion of remote buying experiences and the digitization of the deal.

•          86% agree that as more of the transaction moves online, identity fraud will continue to grow and become even more challenging to prevent.

•          67% do not include driver’s license document authentication to protect themselves from identity fraud.

•          40% report pulling credit before the test drive, vs 8% in 2018.

•          93% say that if a driver’s license scan could be converted into a consumer consented pre-qualification it would be a meaningful benefit.

To download the report: “Is Identity Fraud Jeopardizing Digital Retailing Profitability” click here.

About eLEND Solutions:

eLEND Solutions™ (DealerCentric rebranded) is an 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, (949) 307-1723, melanie(at)mwebbcom(dot)com

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

[1] Estimate based on 80% of dealers reporting 1-2 vehicle losses (1 vehicle estimate) & 60% of dealers reporting 3 or more vehicle losses (3 vehicles estimate) with average loss per vehicle of $21,000. Sources: NADA Data 2022 | Mid Year Report https://www.nada.org/media/4694/download?inline 2022 Auto Fraud Trends Report https://pointpredictive.com/wp-content/uploads/2022/03/2022AutoFraudTrendsReport.pdf Recovering From Fraud Is Painful and Costly for Dealerships https://www.autodealertodaymagazine.com/366576/fraud-against-car-dealers-has-never-been-more-prevalent

eLEND Solutions’ new platform is designed to accelerate transactions, remove online-to-in-store information disconnects and enable customers to do more remotely.

Las Vegas, Nevada– March 10, 2022 – eLEND Solutions, an automotive FinTech company focused on accelerating ‘transactional’ digital buying experiences, today announced at The NADA Show 2022, the launch of Customer Gateway, a certified, secure platform that enables car buyers/shoppers to complete more buying steps remotely (away from the dealership). By simplifying the purchasing process, and eliminating online to in-store experience gaps, Customer Gateway can reduce in-store transaction times – a key pain point for both car buyers and auto dealers.

“Digital retailing does not mean that the traditional sales process goes away. Buyers are always going to prefer to shop and transact on their own terms, so sales processes must be flexible enough to meet the needs of all buying scenarios – online only, in-store only, and hybrid. This is why we developed Customer Gateway – to help unify the buying experiences and enable frictionless online to in-store transitions by connecting workflows,” said Pete MacInnis, CEO and Founder of eLEND Solutions. 

Customer Gateway allows car shoppers/buyers, prior to a dealership visit, to re-access and update previously submitted information and upload any required documentation (i.e. Driver License, Proof of Insurance, Income, etc.), while also tying their vehicle of interest, trade, cash down and desired payment terms to the actual credit application process. It streamlines the experience and enhances continuity by integrating with platforms involved in the sales and finance deal flow, including DealerTrack & RouteOne, securely moving critical information between the dealership’s CRM, Inventory and F&I platforms.

“Missing or problematic integrations create information disconnects and inefficiencies, which is directly related to consumers’ #1 car buying complaint: it takes too long to purchase a vehicle. Customer Gateway makes the entire buying experience easier and more efficient for buyers and sellers. It is focused on facilitating consumers’ and auto dealers’ common goal: Sell the car as efficiently and transparently as possible,” continued MacInnis.    

In the first month of Customer Gateway’s soft­ launch, 99% of the nearly 5,300 customer documents uploads were customer-initiated, unsolicited by the dealer – offering compelling evidence that consumers crave opportunities to do more of the sales process remotely.

Customer Gateway is a plus for dealers because it makes more information about the customer’s buying power transparent, earlier in the engagement - enabling the dealer to work closely with their potential buyers right from the start, quote realistic payment terms, structure more profitable deals faster and improve closing ratios.

Dealerships who have piloted Gateway confirm its benefits: Said Rob Gonzalez of Rush Chevrolet Texas: “eLEND Solutions is a core component of our Digital Retail strategy, with almost 500 customers monthly getting pre-qualified upfront in the sales process with their online tool. The Customer Gateway feature takes it to the next level with a good percentage of those customers updating their information and uploading documents to speed up the process.

Tony Klarakis of Dan Cummins Chevrolet Buick – KY- agrees: “eLEND Solutions generates almost 800 online credit apps per month for us. When they turned on the Customer Gateway, our customers started uploading documents on their own, helping us get deals done much faster and more efficiently. This is Real Digital Retailing for Dealers!”

How Customer Gateway works:

• Once a customer has raised their digital hand with intent to buy through one of eLEND’s Credit or Identification solutions, or through API’s from other digital retailing sources, the Customer Gateway reaches out to the customer via text or email to begin the process.
• Upon secure login, the customer can upload as well as re-access and update, information and documentation. This, in turn, ties their vehicle of interest, vehicle trade-in, cash down and desired monthly payment to the actual credit application process.
• The customer can choose to pre-qualify online or to digitally update their current credit app with co-signers, co-buyers and references, along with additional digital consent/signatures, to send application to lenders.
• Documentation that the customer can securely upload includes driver license, auto insurance card, recent paystubs, utility bills and any other documents requested by the dealer in the negotiation process.
• The platform preserves a consistent, certified and secure flow of the consumer’s information across the entire transaction, from online to instore with a progress bar showing the customer how much of the sales process information has been completed. The dealership can configure any information that needs to be completed remotely by the customer. This information progress bar is also displayed on the dealership dashboard.

Customer Gateway enters the market as auto dealerships continue to struggle with shortening transaction times: the time spent in dealerships by consumers has decreased by only five minutes in the past five years, Cox Automotive[1] reports, in spite of the pandemic and accelerated digital retailing adoption. Dealers, meanwhile, overwhelmingly agree that there is disconnect between online shopping and instore buying and that it must be solved to shorten transaction times and improve customer experience[2].

“The biggest barriers to digital retailing’s ability to improve transaction times, PVR and customer satisfaction, are the chronic information and process disconnect from the online to instore process. Customer Gateway can solve this, shifting the information pendulum back towards the auto dealer and helping to transition Digital Retailing from a Lead Generation model to a Deal Generation model – and that is a game-changer,” concluded MacInnis.

The company will be demonstrating Customer Gateway at the 2022 NADA Show at booth 4307W.

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] https://www.elendsolutions.com/press_release/survey-auto-dealers-disconnected-about-solving-digital-retailing-disconnects/

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