AE sat down with 700Credit’s vice president of business development, Bob Lettis, for the inside scoop on the finance company’s latest enhancements and insights into the auto finance industry following his appearance at the inaugural Technology Challenge at Industry Summit 2018.
AE: Bob, why did you participate in the Technology Challenge?
Lettis: To educate and increase awareness to the industry on the importance of soft-pull live credit data and how it is changing the dealer workflow, from beginning to end, in the sales process.
AE: What did you feel made your presentation stand out with the Industry Summit audience?
Lettis: It made the Industry Summit audience realize that a smoother upfront sales process will affect what happens in the F&I office. It also highlighted key reasons many consumers are gravitating to the online sales process versus going to the showroom. In the end, this could drastically affect their ability to sell F&I products if the F&I agent does not step up and enhance their dealer training.
AE: Do you believe this signals a growing interest in digital sales and F&I solutions?
Lettis: Absolutely. The F&I agent must understand all facets of the digital process, to be better able to service their dealers, but also protect their current base of business that can easily disappear with the transition to an online process.
AE: What’s next for your company?
Lettis: 700Credit is leading the automotive industry in current soft-pull products and new soft-pull enhancements to help drive this growing product segment for the dealer. 700Credit’s goal is to remain the industry’s one-stop shopping source for soft-pull credit data.
AE: Is there anything else you would like to add that may be of interest to agents?
Lettis: 700Credit also offers F&I agents a Residual RevShare program, utilizing our credit report cost savings and soft-pull products that will open doors and create stronger dealer relationships. And the best part? 700Credit does all the work for the agent!