Each day, Powersports dealers waste an incredible amount of time. Nowhere in the dealership is this problem worse than in the F&I department. The hours spent behind a keyboard submitting one customer’s name and contact info to multiple lenders is mind numbing. Credit applications come in from the website and customers on the showroom floor, and then the finance personnel must retype that data into the websites for multiple lenders, hoping for quick approvals, and doing their best to not make any mistakes. In one Saturday during April, a dealer we partner with received 97 credit applications. Are you prepared to handle this quantity of applications, while still offering exemplary customer service?
The results from many dealerships have been analyzed. Once the monthly number of units sold exceeds around 60 vehicles per finance employee, financial performance begins to trail off. At that rate, there is not enough time for the finance team to spend with customers, and not nearly enough time to build rapport. Credit submissions are not optimized for rate and reserve, and in many cases the loans are not shopped with multiple lenders, just the one who is most likely to approve the deal with the least amount of hassle. It’s no surprise that so many dealers are currently making less in finance than prior to the pandemic, even though the majority of dealers are selling more vehicles!
What is the solution to this problem? The future has arrived, and it is called Simple Dealer. The process is simple. We begin by replacing the native credit application on your website with the Simple Dealer credit application, where customer applications are collected and securely stored on AWS (Amazon Web Services). When new applications are received, dealership staff are alerted either by an email or by an on-screen notification that’s generated by our software. Simple Dealer automatically obtains the customer’s credit score, leaving the finance team to review the application, and then choosing the best lender(s) to submit the application to. With a few mouse clicks, the application can be submitted to a single lender, or multiple lenders. What used to take 3-5 minutes per financial institution, can now be accomplished in 3-5 seconds. And that is not just one lender, it is as many as the dealership chooses!
While a young company, Simple Dealer is already working with powersports dealerships across the country, and that includes some of the industry’s largest dealer groups. And, as a startup, we are fast and agile. Problems and issues are quickly addressed, and we have an aggressive plan to roll out new features that will continue to help our industry and the dealers we work with to evolve into leaner and meaner financing machines.
Simple Dealer leverages technology to increase each dealership’s productivity, efficiency, and profitability. Our application can help your team to move more customers through the process, with fewer errors, and improved compliance. If you would like to see how our system works, then register for a demo. The preview only takes 45 minutes, and we know you will be impressed. We are currently offering a one-month free trial of the software (even covering the cost of the credit pulls, compliance documents and OFAC checks). 77% of the customers who complete our 30-day trial sign up for the program. And, as one final bonus, we believe so much in our technology and the value we bring to the table, that we only offer month-to-month contracts. If you aren’t satisfied with the results, then we will gladly help you switch back to your stone age technology.