Providing a “self-serve” model reduces call center volume, increases operational efficiency and drives a better experience for your customers. This simple yet strategic solution helps the entire industry streamline trade-ins and speed deal-making.
Greg Payne:
And we’re back.
0:06
I’m Greg Payne, Marketing Manager with Cox Automotive, and I’m joined today by my colleague, Andy Mayers, AVP of Dealertrack Lender Solutions.
0:14
Andy, it’s so great to see you.
0:16
Thanks for joining me again today to talk about lender solutions.
0:20
Now, in our last podcast, you touched upon some solutions that could help lenders engage car buyers early in the journey and streamline the contracting and funding process.
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That really was a big hit with our audience.
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So what I want to do today is actually break down each of those solutions individually to help better explain and understand their value and purpose to our lender clients, to our digital retailing partners, and to the industry ecosystem at large.
0:46
I want to start off our discussion by talking about the first topic in our series, which I’m going to collectively refer to as our “small bytes.”
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Now the first topic I want to talk about is Payoff Quotes.
0:59
Now, why is enabling dealers and consumers access to obtain payoff quotes on their own rather than going through a lender’s call center important?
1:08
And how, why and how can our clients implement this process?
Andy Mayers:
1:13
Well, thanks, Greg.
1:13
It’s good to be back and I appreciate everybody joining us for this small bytes session as we experience and talk about the financing journey that a consumer goes through.
1:24
Payoff Quotes is a great example of operational efficiency that we can do to help our industry.
1:30
Today we have over 300 lenders available on our network that allows a dealer to actually get a payoff quote.
1:35
And for those that are familiar, you know that payoff quotes are a critical part of structuring a deal.
1:40
You need to know how much equity a customer has when they’re trading in that vehicle.
1:45
The customer is typically trading that in and that dealer is buying it.
1:49
So they need to know how much they have to pay off a lender — and most importantly, how much equity they can use.
1:55
So when you think about the payoff quotes, we have it in two different flavors.
1:59
We have one that sits on the Dealertrack platform today.
2:02
Dealer goes in and there’s information about a consumer, maybe an account number, a VIN number, something unique.
2:08
They’ll get a real time payoff quote from the lender — and it’ll tell them how long that payoff quote is good for and how much is outstanding and things like that.
2:16
So that when a dealer structures the deal, they know that they have to collect, you know, $3500 in a payoff amount.
2:22
Or like I said, if there’s equity and they’re using our KBB tools, they can value that vehicle and figure out how much can be used towards selling new products.
2:31
It also works online and it’s important as we’re going through a digital retailing strategy.
2:36
When a consumer wants to buy a car online, in order them for them to properly figure out how much they owe in their vehicle, they have to get a real time payoff quote — and there’s no more efficient way to do that than by being able to automatically do that through our pay service.
2:49
So those two things, Greg, allow the dealer and the consumer to figure out how much they owe on a vehicle or potentially when they, you know, combine it with their vehicle valuation tools like KBB, how much equity they have so they can use that to restructure the new deal and help them in the sale of the new vehicle.
Greg Payne:
3:10
Wow, sounds like you’ve made a great case for why every lender and digital retailing partner can and should implement this simple but highly effective solution into their online experience.
3:20
And it sounds like you’ve also teed up our next topic for our Small Byte discussion.
3:25
Andy, thank you so much for joining us and thanks to all of those in the lender audience for listening to today’s discussion.
3:31
Join us next time as we talk about the next topic in our Small Byte series, payment services.
Andy Mayers:
3:38
And thanks, Greg, and thanks for our lender partners interested in payout quotes.
3:42
You know, if you need to know more about how to get on the payoff quote system with us, let us know and we will see you again soon.