Imagine that, with just a name and address, you could immediately know a customer’s exact credit score and all the information about their open auto loans, including exact payment, payoff, and interest rate as soon as they enter the showroom, go on your website, or visit any of your social media feeds.
Do you think this would increase the quantity and quality of your leads? Do you think it would greatly speed up the sales process? Do you think it would make it easier to put a prospect on the correct vehicle right away? Do you think it would lead to more deals at higher grosses?
The answer to each of these questions is a resounding “Yes!” Soft pull technology, when used effectively, is an enormously powerful tool for generating leads and improving the sales process. It has many benefits and virtually no downside.
How It Works
In the most basic terms, a “soft pull” on a consumer gives you their exact automotive credit score, but does not count as a credit bureau pull on their credit report. Soft pulls can be done either by your dealer in the showroom or initiated by the consumer from any number of online platforms.
In all cases, a consumer provides only their name, address, phone number, and email — no Social Security number nor driver’s license number are required. Consumers are eager to do this because they get to see their credit score and, often, their pre-approval rate and amount.
There are four great places to utilize soft pull technology:
- In the showroom: As previously mentioned, one can’t-miss use of soft pulls is to perform them on every prospect that comes in the door. It can dramatically improve the sales process for both the dealer and the customer.
- On your dealers’ websites: Place a flashy ad or banner on every page of your site (e.g. “Get Your Credit Score, No SSN Required”) and watch the qualified leads pour in.
- In a social media post or ad: Social media is a wonderful place to find customers who may not know they’re in the market yet! Offer them free information (their credit score) and get the ball rolling on their shopping experience on a platform they’re comfortable with.
- Through email marketing: Email is a low-cost way to reach a huge audience. Tailor one message to prospects and another to previous customers whose credit scores may have improved recently.
Used correctly and compliantly, soft pull technology is an easy and low-cost method of supercharging lead generation and increasing profits.