The elephant in the room when shopping for car 🚗

Post by
Andrew Lemoine
The elephant in the room when shopping for car 🚗

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.

"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 ..... "

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.

💡 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.


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

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:

  • 👉 Consumers are sensitive to credit checks, we need to remove this barrier.
  • 👉 When dealing with their personal credit information, trust & security is important to consumers with the brands they interact with.
  • 👉 Most credit applications are intimidating, overwhelming, and archaic.
  • 👉 Dealers need access to real credit info early on to best approach that shopper.
  • 👉 Credit score is great, but dealers would also really benefit from additional key credit information like current auto loans & recent credit inquiries.
  • 👉 Getting this information to consumers & dealers earlier sets up a much better tailored experience for both parties.
  • 👉 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.
  • 👉 We need to make sure this information is delivered instantly, in real time.

AVA Credit

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 💪

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.

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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