Inaccurate payment estimates are one of the biggest pain points for car buyers, sometimes ruining the dealership experience for consumers. Unfortunately, many dealers rely on outdated systems that prevent them from providing “penny-perfect” quotes.
To learn more about the frustrations tied to payment estimates, CBT News anchor Jim Fitzpatrick met with Paul Appelbaum, vice president of business development at OfferLogix, at this year’s Digital Dealer conference. Offerlogix is a platform enabling third-party vendors to provide better services to their dealership clients, ultimately improving the car buyer journey. Applebaum is a long-time digital retail expert with a deep understanding of consumer pain points and a proven track record of improving marketing efficiency.
Key Takeaways:
1. In today’s market, most car buyers are shopping based on payment estimates provided by dealers. While inaccurate data can negatively impact a dealership’s promoter scores, data shows that “penny-perfect” quotes can increase lead conversions by at least 30%.
2. Offerlogix allows dealers to implement accurate payment estimates on their websites with real-time data. This system gives retailers the opportunity to tailor incentives to the individual customer quickly and efficiently.
3. Offerlogix offers a payment calculator focused on electric vehicles, capable of incorporating tax credit qualifications and household income to provide exact quotes for EV buyers.
"The average person on the street is shopping by payment, and the inclusion of payments in that journey not only makes it more efficient and transparent for the customer journey but it also makes it more effective [for the dealer] based on third party adjusted KPIs." — Paul Appelbaum
