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

Innovative re-targeting technology keeps more car shoppers moving down the purchase funnel

IRVINE, CA - June 8, 2021 - eLEND Solutions™ and Orbee are partnering to help transform auto dealership websites into powerful deal generators, by moving more online shoppers down the purchase funnel through intelligent re-engagement technologies. eLEND Solutions is an automotive FinTech company focused on providing a simplified vehicle purchase process for the retail automotive industry and Orbee is a digital marketing technology company that provides analytics, data, and automation solutions.

The COVID-19 pandemic accelerated auto dealerships' adoption of digital retailing tools, as more and more shoppers began their purchase process by going directly to dealership websites. As this trend continues, powerful first-party data is available that can be harnessed to create continuity in the digital buying experience. The integration of Orbee’s platform - which leverages this data to provide in-depth, individual shopper profiles - with eLEND’s Express Credit App, a quick online finance application that delivers instant credit decision, offers auto dealership a solution that enables them to automatically re-target potential car-buyers who have started, but not completed, their credit application.

“Increased engagement leads to greater conversion opportunities for car dealers. Our partnership with Orbee further fuels Express Credit App’s already industry leading click-to-submit ratio, moving more car shoppers down the purchase funnel, and dramatically improving dealership shopper to sales ratios," said Pete MacInnis, CEO and Founder of eLEND Solutions. "This is another critical step in moving digital retailing closer to its potential, helping to transform the dealer’s website from lead generator into deal generator."

Nine in ten car buyers are payment buyers who want qualified payment information up-front and online, and eLEND”S Express Credit App helps car buyers do just that, enabling them to do more of the car buying process online upfront. Although eLEND’s Express Credit App has the lowest form bailout rate in the industry, its partnership with Orbee, whose platform enables intelligent retargeting automation – through email marketing, on-site personalized messaging, social media and search advertising – helps keep more car buyers in the purchase funnel.

“The high lead-to-sales conversion ratio of eLEND’s Express Credit App means that these applicants are serious buyers and, with Orbee, we are able to ensure that even more of these car buyers who start online with a car dealership stay on the path to purchase with that dealership,” continued MacInnis.
 

How It Works

If a car shopper on a dealership website clicks through to eLEND’s Express Credit App, but then leaves the app before submission, the integration with Orbee enables the re-engagement of that customer via automated retargeting. By leveraging shopper information Orbee has previously captured (e.g., via chat, trade-in tolls, price requests, etc.), it can retarget and lead the customer back to the Express Credit App. That customer submitted PII enables the dealer to negotiate accurate payment terms matched to fundable contracts with consumers remotely. 

“We are pleased to partner with eLEND to further empower dealership conversion rates,” said Peter Fong, CRO of Orbee.  “Our goal is to make sure dealers can continue engagement, initiated through Express Credit App, with those car shoppers who start the credit process, but do not finish it. Through our proprietary targeting technology, we are able to re-capture their interest, encourage them to complete this important step in their car buying journey.
 

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

About Orbee Auto:

Orbee provides digital marketing analytics, data, and automation solutions to the automotive industry. Franchise and independent dealers and large dealership groups utilize the company’s platform to make actionable decisions based on analytics of their campaigns, inventory, and consumer experiences, build comprehensive buyer profiles by connecting first-party data signals from their web sites and integrated partners and automate messaging across all paid and earned channels with personalization and segmentation. The company partners with dealer-centric media agencies, service providers, and OEM programs to expand the reach of its powerful technologies. Orbee’s core technology products include its proprietary data collection, processing, and reporting pipeline, its robust set of dashboards and APIs, and campaign and creative tools for email, search, social, on and off-site display, and video. Orbee was founded in 2015 and is headquartered in Irvine, California. Learn more at www.orbee.com.

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

Orbee Media Contacts:

Kimberly Vo, Corporate Marketing Manager, Orbee Inc. (949) 315-3933, kimberly.vo@orbee.com
Atul Patel, Chief Executive Officer, Orbee, Inc., (949) 316-3916, atul.patel@orbee.com
Peter Fong, Chief Revenue Officer, Orbee, Inc., (856) 571-4500, peter.fong@orbee.com

Survey: The Pandemic Accelerated the Adoption of Digital Retailing – is that a Blessing or a Curse for Auto Dealers?

A new eLEND Solutions report shows widespread acceleration of Digital Retail adoption (80%) due to the pandemic, continued implementation (90%), a shift in perception from lead generation (47%) to deal generation (53%) and promising data on PVR – but challenges with process implementation may reduce positive impact

Irvine, Calif., -- February 8, 2021 – A new report from digital financing innovator eLEND Solutions reveals how the COVID-19 pandemic has impelled dealers to embrace digital retailing as a low-touch transaction alternative – and how this adoption of technology has changed traditional dealer process and perception.

Based on a survey fielded by eLEND Solutions among auto dealers in the fourth quarter of 2020, “The Pandemic Drove a Great Leap Forward in Digital Retailing Adoption” explores the shift in dealer acceptance and application of digital retailing, while also investigating whether this forced innovation has been a blessing – or curse – for dealers.

“Confronting change can be a painful challenge for dealers, which is understandable given the risk inherent to implementing a new process, retraining staff, and the application of technology which can cause significant upheaval and anxiety in a store…so I can see it could be viewed as a ‘curse,’ ” said Pete MacInnis, CEO of eLEND Solutions. “What this study reveals, however, is that while dealers were forced into change by the pandemic, they quickly saw the value and have embraced it as a blessing in disguise.” According to the report, among those digital retailing blessings is a trend towards higher profit-per-vehicle retailed (PVR) and reduced transaction times.

Digital Retailing and the Shift from Lead Generation to Deal Generation:

Perhaps one of the most important findings in the report is how dealer perceptions have shifted as a result of the change to digital retailing. According to the survey, 53% now see digital retailing as a deal generator – ‘the start of the deal’ – while 47% continue to view digital retailing as little more than enhanced lead generation.

“Old habits die hard in the auto industry, so this shift in perception is pretty extraordinary,” said MacInnis. “It’s inspiring to see dealers evolve to, and embrace, technology that will expand the power and value of their business model. “Getting to over 50% of auto dealerships viewing digital retailing as ‘deal’ versus ‘lead’ generation is huge.”

Dealer acceptance of digital retail as a “deal” maker is supported by their opinions about the actual steps in the experience: Only 14% of dealers see digital retailing ending at the first pencil, and almost 30% see its ‘relative finish’ as getting to a qualified deal structure – including trade and down payment. Twenty percent see the digital retail process going as far as contracting and remote delivery.

Digital Retailing Impact on Profit Per Vehicle:

Over 30% of dealers (31%) surveyed said that their digital retail-initiated transactions resulted in a higher profit-per-vehicle retailed (PVR). In total, 87% said that the PVR (front and back) of digital retail-initiated transactions has been the same or higher compared to pre-COVID averages. 

“The positive impact that digital retailing has on PVR is a clear myth-buster,” said eLEND’s MacInnis. “Dealers should view this as a signal that it’s time to rethink the common belief that digital retailing has an adverse impact on PVR, and realize that – pandemic or not – consumers now think digital retailing is a normal and necessary part of their vehicle transaction.”    

As a result of the accelerated digital retail adoption, 90% of dealers surveyed said that their websites are now more transactional – meaning that shoppers can get closer to a transactable deal online. The report indicates that a silver lining of COVID-19 has been the industry’s rapid adoption of digital buying experiences to meet consumers demands for a low-touch transaction. “The survey findings tell us that the pandemic was key to digital adoption,” continued MacInnis. “It’s entirely likely that the same level of adoption, without a pandemic,  could have taken up to five years.”

Challenges Remain with In-Store Process, CSI Results:

Just 23% of dealers surveyed said that CSI scores had improved – with 66% seeing no change at the time of the survey. One possible explanation is that digital retailing technology, and the required process changes, had not yet been widely implemented. Indeed, although most dealers ranked the transition to a digital-first sales process as ‘not extremely difficult,’ 56% said that the hardest aspect was process change. If so, the customer experience could well be hampered by online to in-store redundancies. “Customers don’t want to do what they did online at the dealership,” said MacInnis. “They have expectations that starting the deal online means that they’ll save time at the dealership.”

Survey findings show that dealers are largely meeting those expectations – at least in terms of time saved. Sixty-four percent of dealerships reported reduced transaction times compared to the pre-COVID average, with 38% claiming that at least 30 minutes had been reduced.

Key Highlights from the eLEND Solutions Digital Retailing Survey:

- 80% of auto dealers said the pandemic has accelerated their adoption of digital path-to-purchase experiences.  

- 90% say they expect to continue, or accelerate, digital retailing at their dealership 

- 53% see digital retailing as deal generation – ‘the start of the deal’ 

- 20% define digital retailing’s ‘relative finish’ as contracting and remote delivery

- 90% of say their websites are more transactional today than they were pre-pandemic.

- 87% report that digital retail-initiated transactions have resulted in unchanged, or higher, PVR (profit-per-vehicle retailed)

- 64% said they reduced total transaction times compared to the pre-COVID average

- 38% reported a reduction of at least 30 minutes off the transaction time 

- 56% of dealers said that ‘process change’ was the most difficult aspect of transitioning to a digital-first sales process

- 23% said CSI scores improved with digital retail adoption

To download the full survey report "The Pandemic Drove a Great Leap Forward in Digital Retailing Adoption," click here. To download the infographic, click here.

eLEND solutions will be at the 2021 NADA Virtual Expo, click here: http://bit.ly/3aJoEzt.

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

The effects of COVID-19 on our industry are overwhelming, as are the claims that Digital Retailing (DR) will be its savior.  The reality is that real Digital Retailing, including getting to a fundable contract - versus ‘enhanced Lead Gen’ masquerading as DR - has the potential not only to save our industry by helping auto dealerships start selling cars now, but also to accelerate the changes that can ensure a more efficient, more profitable future.

At eLEND we have been evangelizing for DR – true DR – long before anyone had heard of the novel Coronavirus.  We have fielded dealership surveys that have highlighted how DR, when done right, can increase dealers’ efficiency and profits – while ensuring dealers keep control of the sale. We have also worked hard to illuminate misunderstandings and disconnects when it comes to setting up a successful DR strategy.

A few months ago, at NADA 2020 (boy, that seems like a lifetime ago), eLEND released its Digital Retailing Report Card, a survey of auto dealerships which focused on the common challenges of integrating DR into the sales process. I thought it might be interesting to take a fresh look at those survey results with a “New Covid-19 Normal” lens. In this “new normal,” consumers’ desire to drastically shorten the time they are willing to spend in a dealership sitting in an enclosed space, like the F&I or sales office, has amplified. (Check out my recent blog that asks: “Will Social Distancing Be What Finally Shortens In-Dealership Transaction Times?”)

The Stage Has Been Set for Revolutionizing the Deal with Digital Retailing

In our pre-COVID survey, the vast majority of dealers (83%) agreed with this definition of digital retailing: “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 the dealership.”

With physical/social distancing still in place in most states, enabling customers to move themselves down the sales funnel online has never been more important. Combined with the fact that many OEMs are actively enticing consumers back into the market with new and better incentives (and commercials that promise an easy, touchless purchase process) and you have the loudest argument yet for getting your DR strategy right – RIGHT NOW!

Dealers who have avoided real, transactional DR are being forced to recognize that “enhanced lead gen” tactics such as…:

- ‘Get Your ePrice’ CTA’s

- Long-form credit apps that don’t return immediate/accurate credit decisions

- Trade-in tools that don’t return instant appraisal values

- Chat bots that function not to enhance the consumer experience, but mainly to collect customer data for the sales team

…have not – and will not - address consumers’ real need for change in the car buying process.

Lead-gen addiction - bolstered by the above tactics that actually make the experience worse, not better - has made it hard for dealers to adopt the kind of robust, online interactions consumers have been craving and now, because of the ‘new normal,’ actually require. Breaking that addiction is critical to a successful DR transformation, facilitating two-way engagement which is the fastest way to increase visitor-to-sales ratios.   Customers have long indicated that they prefer to spend less time at the dealership and that they would welcome opportunities to complete ‘buying’ steps online.  The ‘new normal’ has amplified this.

Given that we are living through the biggest social, economic and cultural shift in our lifetimes, now is the time to bridge the gap between ‘new normal’ consumer expectations and the ‘old normal’ sales process.  Now is the time to make - or at least consider making - the necessary technology, investments, process upgrades, and culture/staffing changes required for DR to be successful at your dealership.

Many dealerships are - by choice or force - preparing to accommodate the required shift to sell cars remotely.  This means having DR tools and workflows in place that streamline the process by enabling consumers to complete many steps of the transaction - including getting to a fundable contract – online and that eliminate any online to in-store information gaps or process duplications.

To view and download The Value of Making Your Dealership Website More Transactional Infographic, click here.

Digital Motors Integrates eLEND Solutions’ Digital Financing Into Automotive ‘Buy From Home’ Online Retailing Solution

Car buyers can instantly apply for financing directly from a dealer’s online store, finalizing transactions, including F&I, from the safety and comfort of their homes

Irvine, Calif., May 27, 2020 – Digital Motors®, which is revolutionizing the way car dealerships sell their vehicles online, today announced a strategic partnership with digital financing innovator eLEND Solutions™ to facilitate an integrated auto buying and financing experience.

The integration ensures that auto dealers get precise information about each customer’s credit qualifications and, therefore, can transact on the quoted vehicle payments.  This actively moves customers down the sales funnel, transitioning them from shoppers into buyers – all from the convenience and safety of their homes. Through this integration, buyers of new or used vehicles of all major brands can configure purchases directly from the dealership’s website and instantly apply for leasing or financing online.

“The integration of digital financing seamlessly extends online browsing into online car buying, significantly speeding up the sales and F&I process,” said early adopter Jon Gray, President of Orange Coast Auto Group (https://www.ocauto.com/), a major Chrysler Dodge Jeep Ram FIAT dealer. “This platform is key to our mission to get customers through the entire process in under an hour.”

Digital Motors provides state-of-the-art online stores for car dealerships as an extension to their existing websites. Car buyers are presented with transactable lease and finance offers on VIN-specific vehicles in inventory. With the help of eLEND Solutions, consumers can instantly apply for credit online and get access to the same lease and finance options presented at the dealership.

With more and more customers conducting their purchases remotely, dealerships need robust online stores that allow dealers to transact with customers rather than merely capturing leads.

“The partnership with eLEND Solutions provides our dealer clients with additional online store capabilities,” explained Andy Hinrichs, CEO of Digital Motors. “A fully integrated digital purchase and finance experience increases online sales conversion and drives efficiencies for the retailer.”

eLEND Solutions offers the retail auto industry a certified secured platform that enables consumers and dealers to exchange PII information such as credit application, credit report and compliance data, empowering dealers to structure and finalize all the details of a sale before heading out for the remote delivery.

“We are excited to partner with Digital Motors to help power their frictionless, digital path-to-purchase experience," said Pete MacInnis CEO of eLEND Solutions. "The integration of our digital credit and finance platform with Digital Motors’ digital retailing platform enables auto dealerships to quote qualified deal structure terms in a secure, contactless online environment, facilitating remote, fundable contract negotiations.”

Built by seasoned auto tech entrepreneurs, Digital Motors is quickly gaining recognition as an innovation leader throughout the automotive industry.

About Digital Motors 

Digital Motors Corporation is an automotive retail and financial technology (FinTech) platform that enables digital retailing for the automotive industry. With its state-of-the-art SaaS technology, Digital Motors allows car dealerships to transform the car buying experience – turning online car shoppers into satisfied buyers.

Based in Irvine, Calif., Digital Motors was founded in 2018 by an award-winning team of digital executives and entrepreneurs with a proven track record on a global scale. 

Website: digitalmotors.com

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.

Website: elendsolutions.com

Media Contacts:

Digital Motors
Mike Geylin
+1 (201) 341-1099
mgeylin@kgpr.com 

eLEND Solutions
Melanie Webber
+1 (949) 307-1723
melanie@mwebbcom.com

Chances are good that as a result of the pandemic you’ve had to either furlough or lay off some of your sales team as you figure out what comes next. You’re likely operating with a skeleton crew of high performers and management folks that will be key to your success once the world gets beyond COVID-19.  Industry experts forecast that the annual vehicle sales pace in April will end at around 7.5 million — a historic low and down from 11.4 million in March. Compared to 2019, sales volume is expected to fall more than 50%.

Despite all the gloom and doom, business is out there, and slowly picking up. Many analysts see April as the bottom of the decline, with an uptick in sales expect with the turn of the calendar. People need to buy cars. And dealerships around the U.S. are beginning to open.

But what’s the impact of our “new normal” of social distancing and potentially on-again, off-again lockdowns? If there is one critical change that dealers must make to emerge from the pandemic, restart operations and thrive, it’s the adoption of REAL digital retailing (DR).

COVID-19 has really just accelerated the inevitable – finally pushing dealers who thought they were on board with DR to recognize that they had simply been pursuing an “enhanced lead gen” model.

Here are some tips to help your dealership sell cars right now:

#1. Make Your Websites More Transactional: For obvious reasons, showroom traffic has plunged to historic lows but your virtual showroom traffic has likely never been higher.  Our dealer customers are seeing record traffic to their dealership websites.  This shift has accelerated the demand for digital retailing tools.  You want to sell cars.  If most shoppers want to know what payment and finance terms they qualify for prior to making a buying decision, make it easy and convenient for shoppers to find the information they are looking for – starting with online credit applications offering instant credit decisions and payment calculators quoting qualified finance terms.  It almost goes without saying but live credit score leads are not just ‘clicking’ tires.

#2. Work on Lease Sales and Marketing: Even though most automakers are offering lease extensions, it may still be a good idea to focus on lease ends. It’s also effective to use marketing to entice lease customers to pull forward for the exceptionally good deals available now — especially with those automaker incentives.

#3. Connect Service and Sales: Turn to service-to-sales marketing and relationship building. There’s no better time to strengthen the relationship between sales opportunities and the service drive. As with leases, 0% offers and payment sweeteners make for a compelling enticement. Traditionally, this has been a tactic many salespeople have resisted — but today may offer up a different perspective, with few buyers in the showroom and plenty of automaker cash to toss around.

#4. Make Your Service Center Shine:  No matter the economic conditions, vehicle maintenance is always going to be in demand.   And with the majority of the population working from home during these unprecedented times – there may never be a more convenient time than the present to bring their cars in for service.  Now is the time to take a serious look at how you are marketing your dealerships’ service department.  Make sure your dealership SEO strategy is fully optimized for your service department.  Pay attention to your online reviews.  Promote your service specials and prepaid maintenance programs.  Even consider offering home deliveries.  You may also want to consider a temporary labor and parts discount for used cars.  Doing these is a good place to start making your service center shine.

#5. Be Part of the Community: You are in the business of selling cars AND positively affecting your dealerships reputation.  Consider pulling together a community outreach program focused on providing services for hospital workers and first responders.  Offering loaners, providing detailing services, or complimentary service offers are all powerful ideas to assist the most deserving while also building community awareness and preference for your dealership.

#6. Boost Sales With Virtual Customer Interactions: No matter how you do it (on Zoom, Facetime, etc.), enable video uploads for remote trade-in valuations and offer pre-test drive virtual vehicle walk-arounds.  And of course these same tools can be used to virtually interact with your shoppers. By leveraging easy to use video technology, your sales people can remotely facilitate important steps in the buying process and accelerate the path to purchase.

It’s true that times are hard. And uncertain. But that will change, and, while our “normal” may be different moving forward, those dealers who take advantage of their opportunities today — and prepare for a digital tomorrow — will be positioning to succeed.

Even though NADA took place just a few short months ago, I think we can all agree that the Coronavirus pandemic makes it feel more like a decade ago. Writing this at the close of March 2020, I’m in the dark about what might happen next in terms of “stay-at-home” orders, dealership closures, and auto manufacturing plants being taken over with government orders to build ventilators and other urgent supplies required by our heroic healthcare workers, but there’s one thing I do know: this pandemic will change a lot. And I’m not talking about the economy and potential job losses – yes, there will be a lot of pain in the short term, but I believe in an America that will fight this off and get back to work sooner rather than later to rebuild.

What I do think will drastically change is the speed by which both consumers and dealers will begin adopting/utilizing the digital retailing (DR) tools that are available to them. And, to be honest, those dealers who have already taken the leap from old-school lead generation to a more integrated digital approach already have an advantage.  Those who have truly embraced DR – moving steps in the buying process from in-store to online – are no doubt already leading the pack. For example, in the embattled state of New York, Gov. Andrew Cuomo is allowing dealers to sell vehicles remotely – clearly those that can, will.

Why do I believe that now is when digital retailing will come into its own? Let’s talk about a post-COVID-19 consumer first. So much has changed in such a short time period of time. Consumers who hadn’t already embraced social media, online shopping or digital communications are now relying on their computer screens to deliver just about anything they want – including personalized workouts, social gatherings (have you tried a Zoom happy hour yet?), and, of course, online shopping/ordering for anything and everything.

This pandemic has turned us into a nation of digital-first shoppers and now that nearly every car-buying demographic has found a certain solace and connection in their screen time, it’s not likely to stop any time soon. This trying time in our history means that consumers are getting used to doing things differently – whether by choice or by force, they are becoming digital natives, and this is something that auto retailers won’t be able to ignore any longer. Also, they’re getting used to idea of “social distancing” and are well aware that this may be our “new normal” for the next 6-12 months. Perhaps not in every city and state, but in densely populated areas and for at-risk individuals.

What does this mean for dealers? Now is the time to look at how the digital experience you offer works for your online shoppers and begin exploring opportunities that insure a more seamless transition to  your desired in-store experience. In our recent report on Digital Retailing, based on dealership surveys, 92% of dealers said DR has a positive impact on sales and profitability (68%). However, they reported that the biggest challenges to successful DR were around training, leadership and process integration.

We reported that the majority of dealers (83%) agreed that “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.”  That being said, dealerships emphasized that not having the right in-store process, communication strategies and integrations were significant obstacles to DR fulfillment.

One of the things we’ve observed as we’ve rolled out our digital financing tools to our dealer customers is that it can be very difficult to wean them off their lead-gen addiction. Dealerships need to get their entire team on board – including the F&I department so that financing can also start online – making the necessary culture changes and putting training in place for personnel to get the most out of DR.

This forced lull in “business as usual” provides a unique opportunity to re-think the DR opportunity and to further train and engage your entire team so that you come back strong in a post-COVID-19 world!

https://elendsolutions.com/blog/digital-retailing-what-will-happen-in-a-post-covid-19-dealership/

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

Part Four: Summary - Digital Retailing, Done Right, is the Answer!

The automotive reality in today’s era of ecommerce is that Digital Retailing has become established as a part of the car buyer’s journey – and a requirement for a modernized retailing experience.  The popularity of the technology is driven, in part, by consumer demand for information and online tools that reduce the time it takes to complete a vehicle purchase in-store.

By shifting aspects of the deal online, retailers are finding a solution to changes in consumer preferences – shifts caused by todays ‘immediate gratification’ culture and the power and convenience of technology. According to FICO's 2019 Consumer Survey of Vehicle Financing, 63% of US car buyers opted for dealer financing in 2018 – down from 73% in 2017. And just 40% said dealership financing would be the first choice for their next purchase. So, while dealerships are still the top source, the convenience of technology is eroding that preference. The same study found online financing on the rise: the number of consumers acquiring vehicle financing online more than doubled in 2018 to 13%, up from 5% in 2017 – and 28% say online financing will be their first-choice next time.

Few statistics reflect the reality of Digital Retailing as clearly as the FICO report.

The Reality of Digital Retailing Sinks In

Indeed, just 43% of dealers in our own survey report that they are unable to flip the majority of pre-financed customers into a dealership financing option. Dealers, though, have responded. Today, it’s fair to say that the vast majority of dealerships offer some level of Digital Retailing in order to facilitate the online-to-showroom process. Of dealers we surveyed, most intended to make their website more transactional by adding more digital retailing tools; they agreed that consumers should be able to start and stop parts of the purchase process where they want to online – and pick it up again at the dealership.

Of course, not everyone agrees with that perspective. Just 12% of the dealers we surveyed were opposed to making their website more transactional due to a perceived loss of control over online tools. The consensus view – at least from our survey – is that dealerships who ‘power’ up with technology (e.g. digital retailing tools, e-menus, deal configurators, etc.) are more able to simplify the process to run more volume at higher profits, benefit F&I managers and their customers. The automotive transformation at play here is a literal redefinition of the sales function, in ways that benefit dealer and consumer. As technology allows the customer to move themselves down funnel and closer to the sale, the dealership salesperson becomes a guide in the process.

New Opportunities in Profitability

Ultimately, the desire of consumers to have more control, and speed (According to JD Power, 91% of consumers would consider an instant vehicle loan if that meant they could avoid dealing with a bank or doing extra paperwork) has created a mutually beneficial solution. In fact, our survey revealed that 60% of dealers using Digital Retailing said average profitability of digital retailing-initiated transactions is equal to, or higher than, non-DR initiated transactions. Consumers get speed and transparency, while dealers get speed, greater chances at profit…and transparency as well. After all, technology and data enable both sides of a vehicle transaction to come together more quickly. As a result, deal transparency may increase finance penetration, grow PVR and improve CSI.

Fact is, however, discovering new opportunities in profitability through Digital Retailing is more complicated than flipping a switch or signing a subscription agreement. Digital Retailing done right requires three key areas of focus:

1. Understand Digital Retailing leads are different:  Many dealers treat each customer the same.  Don’t do this!  A digital retail customer is so much more informed – and valuable - than a cold walk-in.  In an era of transparency, why would you treat a customer who’s done hours of research and completed steps of the process online as if they had no knowledge or information.?   Assume every ‘up’ has done research.  Make sure you’re taking advantage of these premium “super leads’ by prioritizing them and adjusting your sales process and style accordingly. Remember, a buyer who has taken the time to do the work for your team will not be happy if the salesperson starts over – or if they miss out on provided details.  Eliminate this mistake and your window of sales and profit potential will open wide. 

2. Remember, it’s a conversation:  More than ever before, consumers are buying into an experience – and each customer and each deal is different. Transactionally motivated sales people are not what your customer wants or needs.  Don’t be in the business of ‘selling’ the car.  Be in the business of helping your customer buy the car.  Your objective should be their objective. They will want unbiased guidance to navigate their many choices in a very complex transaction.  Be engaging.  Connect authentically.  Add unexpected value.  Becoming a ‘relationship’ seller creates profit opportunities – and helps you attract/retain customers for life.  Customer expectations are higher than ever and word of mouth travels fast!  If you want positive word of mouth, be sure the sales/transaction experience you offer stands out.

3. Make Finance information easily available:  People buy from people they trust.  Remember, 90% of shoppers are payment buyers – so make it easy for them to find the information they are looking for.  If Digital Retailing is the beginning of the deal, don’t withhold information.  What you want to do is trade information.  The “financial candor’ makes the customer more comfortable.  And the more comfortable they are, the more willing they are to buy. You want to sell cars.  The two-way transparency is a trust multiplier – and a sales accelerant.  In our survey, 62% of dealers report that ‘quoting consumer qualified payment terms online’ is the top opportunity to improve the customers online to in-store transition.

More than one-price shopping or direct online transactions, Digital Retailing has made a significant impact to the landscape of automotive retail. Making the deal is different, today, than ever before. And that requires dealership sales and finance teams to adjust, optimize the technology, and find new areas of profitability. In time, Digital Retailing as that first step toward desking and dealing will become as much a part of the retail landscape as test driving.

This is the final installment of Digital Finance SOS – Is Digital Retailing the Answer? For a complete look at the numbers, click here.