Dealer technology supplier iVendi has launched an integrated credit checker for dealer websites which allows retailers to pre-qualify a customer.
After taking customer details, the Car Finance Checker will return a probability of a customer being accepted for credit with a list of the most suitable finance providers, based on a dealer’s panel of lenders.
The company, which rebranded from Webzation in October, claims the technology is the first of its kind and will move the credit checking process to the start of a car purchase, rather than the end, at a time when industry experts have called for a need to qualify customers both more accurately and earlier in the retail process.
Potential recovered
James Tew, director of iVendi, 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."
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By GlobalDataTew, whose company supplies more than 600 dealers with software, expects Car Finance Checker to be compatible with the websites of all strata of retailers.
richard.brown@timetric.com
