Your Dealership Loses Money Every Time Payment Quotes Change

Inside Automotive with Jim Fitzpatrick, powered by CBT News

Pete MacInnis, CEO of eLEND Solutions, reveals shocking data about payment accuracy in auto retail and the significant financial impact on dealerships when quotes don't match approvals.
• Only 1.6% of all credit applications are approved exactly as submitted by dealers
• Average payment on approvals is $32 higher than quoted on new cars, $36 higher on used vehicles
• 76% of survey respondents agreed with the payment discrepancy findings
• 55% of dealers report losing up to 5% of vehicle sales due to payment disconnects
• 86% of respondents stated front-end gross profit was reduced 5-20% to resolve payment friction
• 53% reported finance gross profit reductions of 1-10%, with another 34% seeing 11-20% reductions
• Current siloed approach creates poor customer experience when terms change after negotiations
• Solution requires bringing true lender finance approval terms to the front of the sales process
• eLEND Solutions offers connected retailing products to address these issues

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1. Introduction to Payment Accuracy Issues (00:00:00)

2. Finance Study Findings Revealed (00:01:46)

3. Finance Survey Initial Results (00:04:14)

4. Impact on Dealership Profitability (00:08:10)

5. Solutions for Connected Retail Experience (00:11:18)

6. Call to Action and Conclusion (00:13:22)