Dealertrack Technologies and AutoTrader.com Partner for Digital Financing Tool
LAKE SUCCESS, N.Y., and ATLANTA — Geared to help ease the
transition from online shopping to in-store buying for both consumers and
dealers, Dealertrack Technologies and AutoTrader.com formed a strategic
partnership to bring dealer-driven (indirect) automotive financing to vehicle
shoppers online.
As part of this partnership, Dealertrack and AutoTrader.com
are piloting an innovative digital retailing finance tool called Deal Builder
in six select U.S. markets.
Officials explained Deal Builder, which incorporates
Dealertrack's PaymentDriver and FinanceDriver products, can allow online
shoppers to display realistic monthly loan or lease payments based on a
dealer's current inventory, lender programs, rates and incentives for a
selected vehicle, as well as allow them to complete an online credit
application for submission to the dealer.
The companies believe this tool will help simplify and
streamline the vehicle buying process for consumers while delivering more
qualified shoppers to dealers. They also think the tool will also provide
dealers with full control at all times of the specific deal terms, including
their lending margins, that are presented to online consumers.
During the Deal Builder pilot, Dealertrack and
AutoTrader.com said they are listening closely to dealer feedback and
monitoring consumer usage to ensure that the product is meeting market needs.
Over time, the companies will work to adapt and evolve the
product to optimize both the consumer and dealer experience.
"This partnership allows two industry leaders to enable
dealers to offer consumers a superior retail experience and set a new standard
for the future of automotive retailing," said Mark O'Neil, chairman and chief
executive officer of Dealertrack Technologies.
"Today's consumers are looking to complete more of their
vehicle shopping online, and this new Deal Builder tool will help extend the
reach of the dealer's F&I department to their virtual online showroom while
staying true to a dealer's business practices," O'Neil continued.
According to the 2012 AutoTrader.com Dealership Experience
Survey, which was conducted by Morpace, consumer satisfaction is lowest when
the vehicle shopping process moves from online to in-store.
In fact, new-vehicle buyers said they were least satisfied
with negotiating a purchase price (52 percent), filling out paperwork (47
percent), applying for financing (43 percent) and receiving a trade-in offer
(37 percent).
Officials highlighted the Dealertrack/AutoTrader.com
partnership brings together the largest network of lenders and dealers and an
awarding-winning technology provider with the largest audience of in-market
vehicle shoppers to give consumers access to dynamic online financing tools for
the first time ever. Thus, the two companies are helping to alleviate consumer
dissatisfaction with some of the financial aspects of the online vehicle buying
process revealed in the survey.
"AutoTrader.com's mission is to dramatically improve the way
people buy and sell cars, and this partnership will enable us to continue
delivering on this promise," said Chip Perry, president and chief executive
officer of AutoTrader Group.
"Dealertrack is the industry leader in providing solutions
for dealers and the lending community, and together, we are creating powerful
functionality that will enhance the financial end of the car buying process,"
Perry went on to say.
CarWoo Announces General Availability of Dealertrack's
Digital Retailing Tools
In other news associated with Dealertrack Technologies, CarWoo
announced that integration of Dealertrack's PaymentDriver and FinanceDriver
tools into its online marketplace is complete.
These tools are now generally available for dealers signed
up for CarWoo's Dealer Plus program and who are Dealertrack partners.
Consumers using CarWoo can see monthly payments in addition
to the total purchase price. They can also qualify for financing on a specific
vehicle.
"After an extensive period of successful testing, we are
pleased to make Dealertrack's PaymentDriver and FinanceDriver available to all
of our qualifying Dealer Plus dealers," CarWoo chief executive officer Tommy
McClung said.
"By continuing to extend CarWoo's online marketplace with
more tools and services for deep funnel buyers, we enhance the ability of the
dealership to conclude online transactions more efficiently and profitably,"
McClung continued.
Using a built-in payment calculator, PaymentDriver uses the
consumer's self-declared credit score and trade-in value, along with dealer
configured current rates, residuals and terms to deliver the range of payments
they can expect.
With FinanceDriver, the customer can be fully qualified
based on a credit application that is filled out online.
"We are delighted that our FinanceDriver and PaymentDriver
tools are now generally available to qualified dealers in the CarWoo
MarketPlace," said Amit Maheshwari, general manager of digital retailing
solutions at Dealertrack Technologies.
"Our digital retailing solutions and tools help streamline
the online buying process for consumers while integrating closely with dealers'
in-store practices. Increasing the availability of these solutions through the
CarWoo MarketPlace is great for dealers and consumers alike," Maheshwari went on to say.
CarWoo's Dealer Plus program, which is a prerequisite for
the integration of Dealertrack's PaymentDriver and FinanceDriver tools, offers
dealers the following benefits:
—Unlimited access to CarWoo buyers
—Buyers ready to purchase now
—The end to "secret shopping"
—Identification and removal of unethical salesmanship
—Online distinction and improved SEO
—Comprehensive training to achieve online excellence
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