Financing is one of the core departments to the success of any dealership, whether automotive, RV, trailer, or marine. It is important that the dealership make acquiring financing as quickly and stress-free as possible and with the best terms possible. So, when evaluating the power of dealership management software, you should take into account not just the system's financing module, but who is available to make the module more powerful.
LEARN MORE: EverLogic Financing
One of EverLogic's integrators, 700Credit, can make the financing process easier on both your dealership as well as your customer, saving you loads of time in the process.
Integration with 700Credit: Enhancing Efficiency and Compliance
Using 700Credit, dealerships have a powerful and flexible ally in their corner. First, 700Credit will help give dealerships access to a customer's credit information within the EverLogic software, making finding a customer's options far easier. It will also help match customers with the best financing solutions their credit will allow.
"If I'm a customer, I'm able to apply for financing with the dealership, and the dealership then has lender relationships that they can find the most successful terms of a loan and offer that to me, and then I can go ahead and sign at the dealership," John Warner, 700Credit's Vice President of Business Development and National Accounts, said. "And when that happens, having 700Credit within Everlogic is a real assistance because it's all in one integrated system."
LEARN MORE: 700Credit and EverLogic
Another major benefit to using 700Credit is its tools to ensure the customer is compliant with any regulations. Not only will 700Credit offer adverse action notices, but they will also help resolve any red flags that pop up during Office of Foreign Assets Control (OFAC) checks. These actions not only protect the lender and customer, but they also help protect your dealership.
"The dealer needs to have an OFAC check, which is enabled by us, 700 credit, through the Everlogic platform," Warner explained. "We have complete automation, and with the everlogic system being the 700 credit system, compliance is 100% failsafe."
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Because of these protections, you can be confident 700Credit will avoid any possible fraud that might put your dealership at risk.
Empowering Customers with Seamless Financing Solutions
Not only is 700Credit beneficial for the dealership, it also improves the customer's experience at your dealership. First, customers will appreciate the added transparency 700Credit brings to your dealerships. When you explain how financing works in your dealership, they will be confident in knowing that 700Credit is working for them as well as you. They will appreciate 700Credit's speed and accuracy.
"When a dealer has lenders, and all lenders have a little bit different lending guidelines, what the dealer wants to do is to have the ability to know which lender is more likely to offer some acceptable and beneficial terms to my customer," Warner.
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Additionally, the customer will also appreciate how quickly 700Credit can identify potential problems with financing and offer the right solutions to resolve those issues before receiving financing. Overall, this builds trust between the dealership and the customer.
Maximizing Sales and Compliance with EverLogic
For dealerships, the integration between EverLogic and 700Credit isn't just about efficiency and compliance—it's also about maximizing sales opportunities while mitigating risks. By automating the financing process and providing actionable insights into lender preferences and credit profiles, EverLogic empowers dealerships to make informed decisions that drive revenue and profitability. Dealerships can leverage EverLogic's comprehensive reporting capabilities to gain valuable insights into their financing operations, identifying areas for optimization and growth.
RELATED: What's in EverLogic dealership management software: Sales & Finance
"EverLogic dealers have the ability to completely automate the entire process through the 700 credit products and services," Warner said.
Moreover, by ensuring 100% compliance with regulatory requirements, EverLogic eliminates the risk of costly fines and penalties, providing dealerships with a fail-safe solution for their financing needs. With EverLogic, dealerships can focus on what they do best: Giving the customer the best experience possible while maximizing sales opportunities.
Conclusion
In conclusion, 700Credit is a great opportunity for dealerships seeking to streamline their financing processes, enhance customer satisfaction, and drive sales. And because 700Credit is integrated with Everlogic, many of the core functions you can find directly in the EverLogic software, saving you hours of time and frustration over the course of a year.
If you are curious to learn more about 700Credit, you can visit their website here. There you can fill out an interest form to be eligible for a free trial to see if 700Credit works for you.
If you would like to see EverLogic in action, you can click the button below to check out our free demo.
