SOUTHFIELD, Mich., April 5, 2017 /PRNewswire/ -- 700Credit, the auto industry's leader in providing credit reports, compliance solutions and prescreen products and services, today announced a partnership to power soft-pull credit inquiries for CarNow's BuyNow online auto shopping tool.
CarNow provides customer engagement tools to help automotive retailers improve their online marketing and sales processes. The company's BuyNow tool resides on auto retailer websites and walks customers through the final stages of the online shopping process. 700Credit will provide soft pulls – pre-qualification credit inquiries that do not affect credit scores – allowing dealers and their customers to know the interest rate for which the customer will qualify. Knowing the interest rate is one of the most important elements in online auto shopping, as it helps establish a firm monthly payment.
"As online car shopping continues to evolve, it's important to provide as much accurate information to the consumer online as possible. Accessing credit information to provide an accurate interest rate is a key step in the online auto shopping process," said Ken Hill, Managing Director of 700Credit. "CarNow has an array of excellent tools that power online automotive retailing and we are looking forward to providing credit information to help CarNow and their dealers meet the online shopping needs of their customers."
Many customers today make their vehicle purchase decisions based on how the monthly payment will impact their budget. A fluctuation in interest rates can result in a significantly higher monthly payment. If a shopper has a certain price in mind, but learns at the dealership that their monthly payment will be higher than anticipated, it can lead to customer satisfaction issues, lost gross for the dealer or even a lost sale. Educating the customer online before entering the dealership puts the sale one giant step closer to completion.
CarNow's Vice President of Business Development, Aaron Baldwin, added, "We are excited to be partnering with 700Credit to provide this important step in the online car buying process. This quick and seamless tool will allow consumers the opportunity to more fully understand their estimated monthly payment, ultimately giving them more confidence and transparency as they move forward with their car purchase."
700Credit is the automotive industry's leading provider for credit reports, compliance products and prescreen services. The company's product and service offering includes credit reports, prescreen services, OFAC compliance, Red Flag solutions, score disclosure notices, adverse action notices and more. 700Credit exists to provide its clients with the highest quality data in a compliant framework in the most time efficient manner possible. For more information about 700Credit, visit www.700credit.com.
CarNow is a leading provider of live customer engagement solutions for the automotive industry. CarNow's live-assistance software platform revolutionizes the way dealers communicate and transact with online customers by integrating dealer data, industry data, and best-in- class technical integrations with elegant live-assisted workflows for digital retailing. Launching with its first customer in December 2014, CarNow has become one of the fastest growing technology providers in Automotive. Additional information on CarNow's products, features, and manufacturer certifications can be found at www.carnow.com.
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SOURCE 700Credit, LLC