700Credit: Transitioning Automobile Purchase into a Digital Environment

Follow 700Credit on :

Ken Hill, Managing Director
The typical automotive purchase process is undoubtedly complicated and time-consuming, especially for consumers who finance their purchase. To begin with, consumers have to find the right car, test drive several cars, and undergo sales discussions to select a car that meets their needs and budget. They are then directed to the finance office, where their credit reports are pulled numerous times to determine the best available offer based on their portfolio. Sadly, multiple hard inquiries can affect the consumer's credit score. Not only does this age-old process not guarantee a loan for consumers, but it also impacts the operations of dealers. As payment discussions happen only in the finance office, dealers find it hard to recover the sale if consumer expectations are not met.

With the ever-growing needs of consumers to have an enhanced buying experience, the automotive industry is obligated to embrace technologies that mitigate the challenges associated with the purchase processes. Spearheading this new wave of digital retailing with its state-of-the-art credit report solutions is Michigan-based 700Credit. "We pioneer in delivering credit, prescreen, and consumer pre-qualification solutions to the automotive industry," says Ken Hill, Managing Director, 700Credit. “Prequalification technology is changing how consumers buy cars and is a perfect fit for today’s digital retailing environment. Consumers can shop for cars, get accurate payment quotes on multiple vehicles, and not impact their score. The dealer benefits by receiving a full credit report with FICO score that is aligned with what is being utilized in the finance office today”.

Since its inception, 700Credit has been providing credit reports direct or through integration channels, giving dealers access to consumers' credit reports from multiple credit bureaus. Serving over 14,000 customers across automotive, RV, powersports, and marine dealerships for more than 20 years, 700Credit has developed credit report solutions that provide a pleasant buying experience to consumers while helping them reduce the time spent at dealerships. Further, the solution facilitates today's shift from the traditional hard credit pulls to a soft pre-qualification credit pull, eliminating the adverse effects on a consumer's credit score.

Considering that more than 90 percent of consumers today shop online before they go to the dealership, 700Credit's prequalification solutions are designed to be consumer-conducive that engage the consumer with high successful calls to action triggers for dealership web sites.


We pioneer in delivering the most robust, credit, prescreen, and consumer pre-qualification solutions to the automotive industry

Accurate payment quotes eliminate the headaches that occur in the finance office and minimizes the amount of time the consumer needs to spend at the dealership. 700Credit provides the dealership with an accurate picture of the consumers' credit profile by giving them access to the consumers credit report from the three national credit bureaus, information from credit grantors, collection agencies, and the FICO credit score.

In addition to credit reports and prequalification tools, 700Credit also offers a variety of PreScreen Solutions. These solutions integrate to the dealerships CRM and Service Lane applications and provide the sales representative a better idea of the customer's credit profile and FICO Score upfront in the sales process, helping them guide consumers to the right vehicle with the right finance product.

700Credit also helps dealers increase their car salesby delivering a web-based credit solution that turns their website into a powerful lead-generating machine. "Through digital transformation, we are successfully engaging more consumers and feeding the sales process," adds Hill.

As a company that looks for constant growth, 700Credit is drawing a comprehensive roadmap with new products and service initiatives that are potential game-changers in the automobile industry. The company is looking to enhance the digital retail experience by identifying new ways to improve accurate payment quote delivery with automated verification of consumer income and identity verification at the point of sale. "Our products and services have evolved over the years, as we continually collect feedback from our clients around the country. We consistently strive to meet our goal to create additional value for our clients by streamlining their workflow to help maximize their opportunity for growth," concludes Hill.

Company
700Credit

Headquarters
Farmington Hills, MI

Management
Ken Hill, Managing Director

Description
As a company that looks for constant growth, 700Credit is drawing a comprehensive roadmap with new products and service initiatives that are potential game-changers in the automobile industry. The company is looking to enhance the digital retail experience by identifying new ways to improve accurate payment quote delivery with automated verification of consumer income and identity verification at the point of sale.Since its inception, 700Credit has been providing credit reports direct or through integration channels, giving dealers access to consumers' credit reports from multiple credit bureaus. Serving over 14,000 customers across automotive, RV, powersports, and marine dealerships for more than 20 years, 700Credit has developed credit report solutions that provide a pleasant buying experience to consumers while helping them reduce the time spent at dealerships

700Credit