August 8, 2017 By John Palmer
Dealers can 'soft-pull' auto credit score with no impact to credit report
Soft pull technology - an easy, low-cost method for boosting sales
Imagine that with just a name and address you could immediately know your customer’s exact credit score and all the information about their open auto loans including exact payment, payoff, and interest rate as soon as they enter your showroom, go on your website, or visit any of your social media feeds.
- Do you think this would increase the quantity and quality of your leads?
- Do you think it would greatly speed up the sales process?
- Do you think it would make it easier to put a prospect on the correct vehicle right away?
- Do you think it would lead to more deals at higher grosses?
The answer to each of these questions is a resounding “yes!” Soft pull technology, when used effectively, is an enormously powerful tool for generating leads and improving the sales process at your dealership. It has many benefits and virtually no downside.
How does soft pull technology work? Here are the basics:
A ‘soft pull’ on a consumer gives you their exact automotive credit score, but DOES NOT count as a credit bureau pull on their credit report. Soft pulls can be done either by you in the showroom, or initiated by the consumer from any number of online platforms. In all cases, a consumer provides only their name, address, phone number, and email; no Social Security Number or Driver’s License Number are required. Consumers are eager to do this because they get to see their credit score and often pre-approval rate and amount.
4 great places to utilize soft pull technology:
- In the showroom- As previously mentioned, one can’t-miss use of soft pulls is to perform them on every prospect that comes in the door. It can dramatically improve the sales process for both the dealer and the customer.
- On your dealer website- Place a flashy ad or banner on every page of your site (e.g. “Get Your Credit Score, No SSN Required”) and watch the qualified leads pour in.
- In a social media post or ad- A wonderful place to find customers who may not know they’re in the market yet! Offer them free information (their credit score) and get the ball rolling on their shopping experience on a platform they’re comfortable with.
- Through email marketing- A low cost way to reach a huge audience; tailor one message to prospects, another to previous customers whose credit scores may have improved recently.
Soft pull technology can be utilized in your showroom, on your website, on your social media platforms, and in email marketing campaigns. Used correctly and compliantly, it is an easy and low-cost method of supercharging lead generation and increased profits.
ABOUT THE AUTHOR
John Palmer formed Dealer Marketing Services, maker of the award-winning ProMax Unlimited software, in 1994 after over a decade managing car lots. ProMax has been at the forefront of the automotive software industry for 20 years and offers a full suite of products, including Desking and CRM/ILM modules, website hosting, compliance solutions, credit reporting, direct mail, and more. In addition to being President and CEO of DMS, Mr. Palmer’s standing as an industry pioneer makes him a highly sought-after speaker on automotive software and subprime best practices. Mr. Palmer holds an Honors B.S. in Finance from the University of Illinois.
He can be reached at ceo@ProMaxUnlimited.com