Harish Makam 21 Nov 2022 1 year ago Your dealership is likely always looking for ways to improve leads. Even a small uptick in the number of leads can have a large impact on your business. One way to improve your lead flow is to run soft credit checks on potential customers. This article will explore how running soft credit checks can help you improve your dealership’s lead flow. What is a soft credit check? Your dealership is likely always looking for ways to improve leads. Even a small uptick in the number of leads can have a large impact on your business. One way to improve your lead flow is to run soft credit checks on potential customers. This article will explore how running soft credit checks can help you improve your dealership’s lead flow. What is a soft credit check? A soft credit check is a type of credit inquiry that does not appear on an individual’s credit report. Soft credit checks are often used when companies are trying to determine whether or not to extend an offer of credit to an individual. Hard credit inquiries, on the other hand, do appear on an individual’s credit report and can slightly lower an individual’s credit score. When a dealership runs a soft credit check, they can see an individual’s credit history without the inquiry appearing on the individual’s credit report. This is beneficial for the dealership because they can get an idea of the individual’s creditworthiness without negatively impacting their credit score. In addition, soft credit checks do not require an individual to provide as much personal information as a hard credit check. How does a soft credit check improve leads at your auto dealership? There are several reasons why running a soft credit check at your auto dealership can improve leads. 1. Helps you determine if the customer is creditworthy A soft credit check will provide you with an indication of whether or not the customer is likely to be approved for financing. This can help you weed out unqualified leads and focus on those that are more likely to turn into a sale. 2. Gives you insight into the customer’s financial situation When you run a soft credit check, also known as a soft pull, you can view the customer’s credit score and history. This information can give you valuable insight into their financial situation and help you determine if they are a good lead. 3. Helps build trust with the customer When you run a soft credit check at your auto dealership, you are essentially telling the customer that you are interested in their financial history and want to know more about their ability to make payments on time. This shows that you are trustworthy and can be relied upon to provide accurate information. Additionally, soft credit checks help to improve leads by ensuring that you are providing potential customers with the most accurate and up-to-date information possible. This way, they can be more confident in their decision to do business with you. 4. Improves your dealership’s reputation By running soft credit checks at your auto dealership, you are demonstrating that you are committed to providing customers with the best possible experience. This can help to improve your dealership’s reputation and attract more business. 5. Positively impacts your bottom line At the end of the day, running soft credit checks at your auto dealership can help to improve your bottom line. By weeding out unqualified leads and focusing on those that are more likely to turn into a sale, you can increase your chances of making a profit. Additionally, by providing potential customers with accurate and up-to-date information, you can build trust and improve your reputation, which can attract more business. All of these factors can lead to increased profits for your dealership. Why are leads so important for your auto dealership? As the auto industry becomes more and more competitive, dealerships need to find ways to stand out from the crowd. One way to do this is by generating high-quality leads.Leads are potential customers who have expressed interest in your products or services. They are often collected through online forms, surveys, or other methods of data collection.The importance of leads lies in the fact that they represent a group of people who are already interested in what you have to offer. This makes them much more likely to convert into paying customers than people who are not familiar with your brand. By generating quality leads, you can improve your chances of making sales and growing your business. Therefore, it is essential to put effort into lead generation strategies if you want your auto dealership to succeed. Tips for running a soft credit check at your auto dealership 1. Understand what a soft credit check is. A soft credit check is a type of credit inquiry that does not impact your credit score. This is important to know because a hard credit inquiry can lower your credit score and make it more difficult to get approved for financing. 2. Get permission from the customer. Once you’ve decided to run a soft credit check, you must get permission from the customer first. This can be done verbally or in writing, but you must have explicit permission before running the check. 3. Use a reputable credit reporting agency. When running a soft credit check, be sure to use a reputable credit reporting agency. This will ensure that the information you receive is accurate and up-to-date. 4. Keep the customer’s information confidential. Once you’ve received the results of the soft credit check, it’s important to keep the customer’s information confidential. This means not sharing it with anyone else in the dealership or using it for any other purpose.By following these tips, you can run a soft credit check at your auto dealership without impacting your customer’s credit score. The Bottom Line If you’re not utilizing soft credit checks at your dealership, you could be missing out on a lot of important information about your leads. By understanding how running a soft credit check can improve the quality of your leads, you can take steps to ensure that you’re making the most of every opportunity. Implementing these changes can help you increase sales and build a better relationship with your customers. Do you run soft credit checks at your auto dealership? If not, why not start today? Harish Makam Share this: