The elephant in the room when shopping for car ๐Ÿš—

Post by
Andrew Lemoine
The elephant in the room when shopping for car ๐Ÿš—

Disclosure & Privacy Notice

By checking this box, I consent to the collection, use and disclosure of my personal information. I agree that the personal information provided above may be used and disclosed by YOUR DEALERSHIP and/or its agents or service providers (collectively, the "Dealer") as necessary to obtain a credit check, financial and related personal information (including a credit or consumer information report) about me from any credit bureau or credit reporting agency.

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"Whoa, Whoa, Whoa, Slow down"

" I'm just browsing for a car on your site, I'm not quite decided yet. I am wondering about my credit. I do want a new car, but I really don't want to have my credit score hit just to find out. I'll come back later ..... "

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These thoughts go through online car shoppers minds every single day, and rightfully so. Why is it in mostly all other industries you can research your credit & financial information online, in real-time, with no impacts to your credit.

However with the auto-industry, traditionally true credit is really only researched in the finance office at the end of the shopping & buying process.

WHY is our industry still so credit last, and what could we do to introduce credit much earlier, online & in-store.

๐Ÿ’ก It's estimated over 93% of automotive deals require some form of leasing or financing. Yet less than 2% of online visitors complete credit applications.


๐Ÿค” So most online shoppers require financing, but so little are actually engaging with credit applications

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At Autocorp we set out to solve this problem to help more car shoppers access credit information sooner, and allow dealers to introduce credit earlier in the online process.

There were a few key points we knew we needed to hit on:

  • ๐Ÿ‘‰ Consumers are sensitive to credit checks, we need to remove this barrier.
  • ๐Ÿ‘‰ When dealing with their personal credit information, trust & security is important to consumers with the brands they interact with.
  • ๐Ÿ‘‰ Most credit applications are intimidating, overwhelming, and archaic.
  • ๐Ÿ‘‰ Dealers need access to real credit info early on to best approach that shopper.
  • ๐Ÿ‘‰ Credit score is great, but dealers would also really benefit from additional key credit information like current auto loans & recent credit inquiries.
  • ๐Ÿ‘‰ Getting this information to consumers & dealers earlier sets up a much better tailored experience for both parties.
  • ๐Ÿ‘‰ There's a-lot of inaccurate credit data car shoppers may come across, dealers & consumers need the real accurate data that actually matters to auto lenders.
  • ๐Ÿ‘‰ We need to make sure this information is delivered instantly, in real time.

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AVA Credit

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It's exciting our team was able to solve all of these key problems consumers and dealers were facing and release a first of it's kind automotive soft-pull credit technology with our tool AVA Credit ๐Ÿ’ช

Everybody wins when credit is introduced much earlier in the car shopping process.

A special thanks to our friends at Equifax for working with us on this product for 2+ years.

If you're looking for a modern digital credit solution that will drive credit engagement, increase volume, and provide a new tier of quality. Then book a demo to see how AVA Credit can transform your dealership's virtual retailing today.

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This article was written by Andrew Lemoine. Andrew is the CEO of Autocorp Technologies, an automotive fintech company focused on providing modern automotive dealers with digital finance, trade & ID solutions to enhance their virtual retailing and delivery more cars.

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