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13 th March 2014. No means no… or does it anymore?. Equifax UK Ltd Working With Frontline Solutions. Rachel Knight. How many times does the customers dream car turn into a NO due to poor credit????. X. How does this impact?. Loss of average £8K -10K Per finance deal declined.

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13th March 2014

No means no… or does it anymore?

Equifax UK Ltd Working With Frontline Solutions

Rachel Knight

how many times does the customers dream car turn into a no due to poor credit
How many times does the customers dream car turn into a NO due to poor credit????

X

Commercial in confidence — No Means No –Equifax 2014

how does this impact
How does this impact?
  • Loss of average £8K -10K Per finance deal declined.
  • Loss of £1K to £1.5K profit per finance deal.
  • Over 30% of your trade may disappear in poor credit declines
  • Your Business
  • The Customer
  • Reputation
  • Loss of their ‘dream car’.
  • Lack of understanding why?
  • Embarrassed or angry.
  • Lost business
  • Do these customers ever come back?
  • How do they judge you?

Commercial in confidence — INSERT NAME OF PRESENTATION IN CAPITALS 2013

credit monitor
Credit monitor
  • PDF download button
  • Full credit history
  • Frontline Solutions Credit Monitor
  • Equifax UK Ltd

Credit Monitor

frontline credit monitor for your customers
Frontline Credit Monitor For Your Customers
  • The Customer is disappointed
  • Rather than sending them away empty handed how can you support them
  • Help them understand why they were declined
  • Support the customer
  • Build The Relationship
  • Improve The Score
  • Buy The car
  • Keep the customer engaged with your business
  • Is the decline a situation which can be easily fixed
  • Ensure they come back to your brand
  • Some customers will be able to improve their scores with simple actions
  • If you do not help them, they will go elsewhere.
  • The ultimate goal for the dealer is that some will fix and buy a car
  • The customer need for this car is still there

Commercial in confidence — INSERT NAME OF PRESENTATION IN CAPITALS 2013

what if you helped them turn it around 5 return to buy in one year
What if you helped them, turn it around (5% return to buy in one year)?

500 Declines Per Annum

5,000 Declines Per Annum

10,000 Declines per annum

25 come back to buy a car

Total sales income

£200K

Total profit

£30K

250 come back to buy car

Total sales income

£2M

Total profit

£300K

500 Come back to buy a car

Total sales income

£4M

Total profit

£600K

Calculated at £8,000 average sale with £1,200 profit per car

Commercial in confidence — INSERT NAME OF PRESENTATION IN CAPITALS 2013

the result
The result
  • The customer experience is better
  • Your business achieves more sales income and profit

The customer drives away in a new car

Commercial in confidence — INSERT NAME OF PRESENTATION IN CAPITALS 2013