Accelerates the car purchasing process for buyers and cuts down on the paper chase
ATLANTA, March 23, 2018 – To empower online auto shoppers with access to their credit scores earlier in the loan process and make their time in the F&I office more efficient and productive, Dealer Marketing Services, Inc., the makers of ProMax, are using several auto products and solutions powered by Equifax (NYSE: EFX), the global information solutions company. Since 2016, ProMax has used the Equifax suite of auto products to generate high quality leads, target the right in-market shoppers, convert website visitors and service customers into buyers, speed up the sales process, and verify their employment and income. Last year, the union enabled ProMax’s dealers to convert more than 180,000 online visitiors into high-quality leads.
Additionally, ProMax is using The Work Number® from Equifax Workforce Solutions, a database that contains employer-provided payroll records, including more than 80 percent of Fortune 500 companies plus a large majority of federal government civilian employers – to improve the consumer experience by verifying borrower employment and income in real time, saving the need for borrowers to present paystubs and W2’s. The database also helps to instantly clear some bank stipulations, leading to quicker funding of contracts. In the first quarter of 2018 to date, ProMax has used The Work Number to verify income and employment for more than 25 percent of over 40,000 deals.
ProMax offers a full front end software suite to automotive dealers and a strong track record of innovative and award-winning credit solutions. With Equifax, ProMax is able to centralize requests for credit reports, scores, employment and income verifications and more with one partner.
“We’ve had tremendous success offering these Equifax products to dealers and subsequently consumers too,” said Shane Born, Chief Operating Officer, Dealer Marketing Services. “Generating and qualifying leads is the lifeblood of the auto business, and Equifax’s suite of consumer credit and digital marketing solutions makes the process easier than ever.”
“Consumers expect a better, more personalized shopping experience, and aligning the right vehicle to a consumer’s budget is an important, often overlooked piece,” said Lena Bourgeois, Equifax Vice President of the Enterprise Alliance Automotive division. “ProMax understands this and has taken the necessary steps to ensure they are an early adopter and innovator in the market. The process has become so simple that income and employment verification will become an industry norm.”
The Work Number database, managed by Equifax, database is the nation’s largest centralized repository of payroll data. In 2017, Equifax delivered double digit record growth to its database.
