Most dealers are growing to be apprehensive due to discussions surrounding the UAW union strikes against the Big Three, interest rates, inflation, and a faltering economy. Even consumers are hesitant about how these challenges will impact their monthly car payments.
Yet at the 2023 Digital Dealer conference, Peter MacInnis, the founder and CEO of eLEND Solutions, joins Jim Fitzpatrick on the CBT stage to discuss how dealers are using transparency to close the trust gap with customers.
1. Regardless of the industry’s turmoil, MacInnis asserts, “Customers have shifted their priorities; these days, payment is a lot more important than price.” According to data from a recent study conducted by eLEND Solutions, the average monthly payment is $736. Ninety percent of the 350 dealership customers who participated in the survey, which promoted affordability, indicated a lack of trust regarding the transparency of their monthly payments.
2. Considering all the technological innovations that lenders are making, it’s no surprise that their artificial intelligence is focused on scorecards. Their attention has shifted from the traditional score sheet bulletins to digital quote engines that do not pull credit reports. MacInnis believes, “AI is aiding lenders to improve their portfolios, but it has little effect on the sales process.”
3. Dealers can catch MacInnis and Fitzpatrick at the Used Car Week Conference on November 6, 2023, where MacInnis will further discuss the industry’s finance and lender opportunities.
“Our mission is to educate the marketplace on obtaining the lenders without disrupting their proprietary scorecard models.” – Pete Macinnis