Octane enhances Prequal Flex digital soft pull tool
Octane Lending Inc. has enhanced its digital soft pull tool, Prequal Flex, with the launch of personalized marketing kits that dealers can use to drive consumer applications.
By embedding a prequalification tool within ready-to-use marketing assets, the new, downloadable kits give powersports and outdoor power equipment dealers a fast, easy way to market their products and help consumers understand their buying power while they research vehicles. Each Prequal Flex kit is tailored to the specific dealership and includes creative assets that are formatted for key marketing channels, such as digital and social media advertisements as well as print materials like hang tags, stickers, and in-dealership and at-event signage. All assets in the kit include a personalized QR code tied to that specific dealership that consumers can scan to fill out a short, fast financing application and receive an instant credit decision from Octane’s in-house lender, Roadrunner Financial, Inc.
“Prequal Flex has made it easier to market our dealership. We use it in paid ads, on social media, and on our inventory detail pages,” says Ben Hoffman, sales manager at Offroad Motorsports & Cycle Sales in Jonestown, Pennsylvania. “Prequal gives my buyers an instant decision without hurting their credit, so it’s always the first thing I ask buyers to do when they reach out.”
“Powersports dealers are always looking for ways to maximize the impact of their marketing efforts and reach more qualified customers,” says Mike Dushane, chief product officer at Octane. “Our innovative, custom marketing kits make it even easier for dealers to leverage the power of Prequal Flex, which gives customers a fast, simple way to prequalify for financing, streamlining the buying process and getting them onto their dream vehicles faster. 65 percent of prequalified buyers say they bought within one week of an Octane prequalification.”
Octane rolled out Prequal Flex to all powersports dealers in May 2023. Prequal Flex is an extension of Octane’s award-winning suite of soft-pull e-commerce tools, Octane Prequal, which is used by over 700 dealers nationwide. Dealers using Octane Prequal saw qualified applications increase by two times and funded loans increase by eight times.
Prequal Flex helps dealers expand their reach by attracting customers outside of their local market. For example, Offroad Motorsports & Cycle Sales saw applications within a 50 and 100 mile radius increase by 134 percent, applications within a 150 to 200 mile radius increase by 96 percent, and applications within a 200 to 300 mile radius increase by 133 percent. The dealership saw total applications increase by 58 percent since they began using the Octane Prequal suite of tools.
Enrolled powersports dealers can find their Prequal Flex marketing kit as well as their dedicated Prequal Flex link on the homepage of their Octane Dealer Portal. Prequal Flex leads appear in the dealer portal alongside applications from other channels, providing a fast, easy financing experience for dealers and consumers.
