BOCA RATON, Fla. — In an effort to cut down the amount of time customers need to spend in the F&I office, as well as generate stronger leads for dealers, Black Book this morning announced a new Credit Activator offering that supplies online Web surfers with a four-step process to get a general idea of their credit profile.

No credit bureaus are tapped for information; it all comes from the customer. After two pilots, one last year and another this year, Black Book discovered the information customers submit is generally accurate when stacked up against average FICO trends.

This can help dealers see who might need more help getting an auto loan, and allows the dealers to better gear their lead response to each customer, explained Mike McFall, president of Black Book Online.

Basically, Black Book commissioned Harris Interactive to complete a study, which found that nine out of 10 (or 91 percent) of car buyers want the information provided by dealerships in response to leads to be both more complete and more accurate. Meanwhile, 75 percent of those financing cars believe it's important to know where their credit score falls when preparing for a car purchase. The company questioned 1,063 adults 18 and older who think they are likely to purchase vehicles over the next year.

And while customers want to be more informed, they aren't always comfortable submitting their Social Security Number or date of birth in an online credit application or in a lead form.

"The study also informed us that 75 percent of consumers think credit scores are important when buying a car, but only 21 percent are willing to give their social security number on a car dealership website," said McFall. "The addition of Activator Complete not only helps car shoppers become more empowered buyers by providing them with an estimate of their credit score, but also provides dealers with actionable information to help turn those shoppers into buyers."

According to McFall, the four-step process, including 12 questions, will generate a credit score range, usually within about 50 points. He calls it more of a "reference point" for both the dealer and customer.

And if the online surfer also uses Trade-In Activator, which can appraise how much his current ride is worth, the dealer gets even more information on the lead. Black Book has dubbed this type of lead as a "super lead."

"The clear majority of dealers are concerned about asking for personal information. I'm not suggesting a credit application is bad, just that there might be another solution," McFall said this morning. "We want to give customers free, truly free, not free for the first month, then you pay after that, but a free estimated credit score. It doesn't even require access to the bureaus. Dealers can use this offer on dealer websites, it can be used on manufacturer websites. … It's a way to get customers to engage more," explained McFall.

"Many come to a website and they are silent surfers. They don't reveal themselves to the dealer. We want to bring them into the buying process and into the showroom," he added.

Furthermore, the customer also feels more informed when he steps into the store, the executive noted.

"Ninety-seven percent of dealers feel this is a superior lead," McFall stressed.

Ultimately, the executive said Black Book will be helping to double dealer leads. He said this is based on the results of the pilots.

"We're not giving a guarantee every dealer will double their leads, but that's what we found in the pilot," McFall pointed out.

And in analyzing the pilot, about 530 customers were asked about the online process and 87 percent responded that it was easy to use. Ultimately, more than 40 percent of customers went on to purchase a vehicle. While not all of these buy at the dealership using Credit Activator, McFall said the important point is that the product can help give dealers "first crack" at that lead.

The closing rate generally is in the 10 to 14 percent range, the executive said, which matches other industry benchmarks.

"What makes the product work is that it is simple. It requires very little adjustment in the way dealers sell cars," McFall said.

"For years, customers have been getting information online from less credible sources," said industry expert David Kain, of Kain Automotive. "Finally, they can now turn to a company that understands the dealer automotive retail environment for real insight on their credit situation."

Tom Cross, president of the Black Book Automotive Group, added, "This extension of our brand is fully aligned with our goal of helping dealers and OEMs convert anonymous website traffic into actionable prospects with high conversion rates. As one would expect, we have rigorously tested our credit scoring models and are confident that the accuracy of the ranges generated are worthy of the Black Book name."

Two of the dealers involved in the pilots also spoke out.

"With car buyers doing their research prior to visiting our dealership, they come in more informed and ready to buy," said Butch Watson, of Chuck Fairbanks Chevrolet. "It is a definite value-add to our business."

Mike Maher, of Weber Chevrolet in Missouri, is seeing more than a lead a day using Credit Activator.  

"Dealership sales managers need to make the best use of their time and resources, which is why we often rely on leads. But, they have to be the right leads," Maher said. "By using this new product, we have received 65 leads and sold 6 cars to date. It helps us by directing us to the right car buyers. This is a great product for your Internet department's tool box."

For more information, or to see a demonstration of how Credit Activator works, visit www.BlackBookCreditScore.com.