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iVendi launches credit checker for dealer websites

Car dealer technology company iVendi has launched a new online credit checker which can prequalify a customer for credit.

The Car Finance Checker software creates a record for dealer to show the most eligible lenders.

James Tew, iVendi director, believe the new software will mean customers can find out online if they are likely to be approved for finance at the start of the sales process.

He believes getting credit checked at the start of the process fits with the way customers are now starting their buying process with nine out of 10 customers conducting their research for a car online.

Tew said: “In some franchise networks, the turn down rate for finance is as high as 40%.

"The problem is that this is not normally discovered until the very end of the traditional car buying procedure. A customer can look online, contact a dealership, go through the whole process of choosing or specifying a vehicle, and only discover that they can’t have it when they are checked for finance as a final step. The result is an annoyed potential customer and a dealer that has wasted a lot of time."

Car Finance Checker is iVendi’s first product launch under its new name since rebranding from Webzation in October.

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  • Colin Pearson - 05/12/2012 17:47

    Will the checker create a credit search on the potential customer?

    • James Tew - 05/12/2012 21:52

      @Colin Pearson - It leaves a 'soft' footprint which is only visible when the enquirer views their credit file. This is not visible to lenders, therefore doesn't impair their credit rating.

  • jms - 06/12/2012 06:30

    Um - not sure this is a great idea? The software whilst giving an indication the customer is a good for credit (or not) doesn't guarentee they will be underwritten by a finance company. Secondly, if this interfaces will the CRA it may register as a search and the individual needs to check if they use this service it is not used or registered as a search aginst the customer as this may affect thier credit score and not conjusive to TCF...The other thing if used within a franchised dealer network this "aid" wont fit within the OEM agreed sales process. Finally in my experieince the turn down rate is no where near this level for franchised dealers but I guess it may be for non franchised?

    • James Tew - 06/12/2012 07:37

      @jms - The prime objective is to convert unknown website vsitors into highly qualified leads. We cannot guarantee the customer will be approved but we give a great indication and can establish which of your lenders provides the best 'fit'. With regards the search, it doesn't impair the customer's credit profile, see comments below - in our opinion this fits better with the principles of TCF than the current model. If the applicant is not buying a new vehicle on a subventive scheme, then their application is typically sent to the lender that pays the most commission/VB. There is little to no consideration to the customer's credit profile as the dealer has no knowledge as to their 'real' circumstances. With regards the OEM'S sales process we initially see this working more effectively within dealer group websites, across used cars. As stated above, we see this as a more efficient way for both dealers and customers and an evolution to the current process. Our research has looked at franchised dealers and although new cars finance sales have a very high acceptance rate when we look across all finance sales we have seen a range of decline rates from 25-40%. How much time is wasted for both parties in this process? Feel free to call me to discuss further 07850 707530

  • Anonymous - 18/12/2012 00:11

    This actually isn't anything new. Many car dealers have been doing this with Equifax for a while now!