Dealer Verify and Dealer Rewards
Digital portals with advanced features correlate to improved JD Power and Customer Satisfaction (CSAT) Scores. Informed’s best in class solution, Dealer Verify, helps in the following auto lender use cases:
- Enhanced Customer Experience: Digital collection tools offer a smoother, more convenient payment process, improving the customer experience. When it is easy for customers to make payments, they are more likely to have a positive perception of the dealer and, subsequently, higher CSAT scores.
- Reduced Customer Complaints: With accurate and efficient digital tools, there are fewer payment issues and disputes. Dealers resolve issues promptly, leading to a decrease in customer complaints and higher CSAT scores.
- Increased Efficiency: Digital tools streamline collections, allowing dealers to allocate more time and resources to delivering excellent customer service. This focus on service positively impacts JD Power scores, which measure customer satisfaction with the overall dealership experience.
- Improved Dealer Performance: Dealer Rewards programs incent dealers to excel in their collection efforts and customer interactions. As a result, dealers provide a higher level of service, reflected in improved JD Power scores evaluating dealership performance.
Couple this with a Dealer Rewards Program…
Dealer Scoring System: Implement a robust dealer scoring system that evaluates dealer performance based on key metrics, including collection efficiency, customer satisfaction, and adherence to compliance standards.
Rewards Program Integration: Link the dealer scoring system with a rewards program. Dealers who consistently perform well in terms of capturing customers and meeting collection targets can earn incentives, such as financial bonuses, discounts, or access to exclusive promotions.
Benefits of Dealer Rewards Programs
- Incentives: Dealer rewards programs motivate dealers to meet or exceed collection targets. These incentives can include financial bonuses, discounts, or access to exclusive promotions.
- Engagement: Rewards programs boost dealer engagement and morale, leading to increased commitment to delivering excellent service and achieving collection goals.
- Competition: Healthy competition among dealers can emerge from rewards programs, driving them to outperform and enhance their customer interactions.
Implementing dealer rewards programs improves dealer efficiency, customer satisfaction, and overall dealership performance. These enhancements are likely to lead to better JD Power and CSAT scores by creating a more positive and streamlined customer experience while motivating dealers to excel in their roles. Contact us today for more info!
With more than 15 years’ experience in the financial services industry, including tenures at Santander Consumer USA and Visa, Jessica Gonzalez is now the Director of Lending Strategies at Informed.IQ.