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Why Your Finance Application is Hurting Your Website

By April 18, 2019 April 19th, 2019 No Comments
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It’s 2019 and you’re trying to figure out how to increase conversion on your website, but have you stopped to think about what might be hurting your conversions?  If not, that’s ok.  This is an often overlooked strategy and for the sake of time (I know you would rather be selling cars vs. reading my article) I will focus on one area that can have the big impact on driving more conversions — your finance application.

You may not realize it, but over 90% of shoppers that land on your traditional long-form finance application never complete the application.  We did a study on our websites and found that shoppers were abandoning the form at the point where it asked for a Social Security Number and Date of Birth.  The reality is that today’s consumer is extremely concerned about privacy and are hesitant to provide sensitive information online.  Truthfully, the shoppers that give that information up without a second thought are probably not your target audience anyway…

finance application formOne solution to this is to implement a step-by-step form that allows the customer to input their information in stages so you can gather contact-worthy information like Name, Phone Number, Email Address and so on before you get to the sensitive information like SSN or DOB.  This way, if the shopper doesn’t want to enter that information and exits the form, you at least have the basic contact information needed to reach out.

Although this is a better option than a standard form, there is an even better solution.  Systems like the eCredit App have the ability to perform a ‘soft pull’ of the shopper’s credit without any sensitive details needed.  The eCredit App only needs the customer’s Name, Address, Phone Number, and Email Address to generate a “Real Time” credit score and Auto Summary Data.  When this system is implemented on the website, we typically see 8-10 times the number of shoppers that fill out the form over the long form solution.  The even better news is when we reviewed the credit scores across thousands of leads, the average score was 673 and I think we’d all agree that we would love to work with a high 600 score.  Using systems like eCredit App not only helps to drive more leads from your website, it helps to attract higher quality shoppers to boot!

finance application vehicle selection step

 

See how you can improve the quality and quantity of your finance leads with our Soft-Pull Credit App! Contact Dealer eProcess to schedule a demo today.

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