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Dealer Resources

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

auto dealers can soft pull credit score from equifax and transunion without impacting credit report

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.

know your customer's auto credit score by using soft pull technology from promax

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

Conclusion

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.

Attend my session at the Digital Dealer 23 Conference & Expo (Sept. 18-20 in Las Vegas). You'll learn soft pull technology best practices for both digital marketing and showroom traffic. Used correctly and compliantly, soft pull technology is an easy and low-cost method of supercharging lead generation and increased profits.

Topics: Credit and Compliance


John Palmer

ABOUT THE AUTHOR
John Palmer is CEO at ProMax ProMax. He can be reached at ceo@ProMaxUnlimited.com

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