SAN FRANCISCO, Jan. 25, 2019 /PRNewswire/ -- Equifax Inc. (NYSE: EFX), a global information solutions company, announced today it is joining forces with DealerPolicy to help automotive dealerships enable digital retailing through a more streamlined car buying experience that saves car buyers and automotive retailers time.
According to Cox Automotive's 2018 Car Buyer Journey Study, fewer than half of consumers are happy with the average three-hour transaction time at the dealership today. 69 percent of automotive retailers recognize the need to create a better customer experience and a more streamlined sales environment like that offered by Equifax and DealerPolicy.
DealerPolicy's innovative technology platform allows car buyers to review competitive insurance quotes and speak with a licensed insurance agent while at the car dealership or after they return home with their new car. Given the opportunity to view competing quotes from a wide array of insurance carriers, car buyers save on their monthly premium, and gain an average of $3,200 more in buying power to put toward their new vehicle purchase. The company will use Equifax's unique technology to prepopulate much of the information needed to provide insurance quotes and submit a finance application, reducing the number of form fields a customer needs to fill out to two (date of birth and zip code). Dealerships at the elite membership level also receive the DriverIQ™ report, with crucial customer information like credit score, income verification, and employment verification, all enabled through Equifax.
"Today's competitive retailing experience can only appeal to car shoppers when dealers provide an experience above and beyond a good price for a vehicle," said Lena Aksan, vice president, enterprise alliances, Equifax. "Programs such as DealerPolicy's digital insurance platform create a retail experience that drives value for all the participants, from the car buyer, to the dealer, to the insurance carrier. This value proposition, kept safe through Equifax verification tools, creates a customer journey that saves time and builds trust and long-term possibilities."
"We're excited about this partnership and what it does to enable our dealer partners," said Mike Burgiss, chief product officer at DealerPolicy. Our partnership with Equifax will enable a lightning fast process for the car buyer, which is good for them and great for automotive retailers. DealerPolicy's DriverIQ™ report will offer accurate, credible data that's verifiable for each individual shopping for a vehicle, all powered by Equifax and its enablement of digital retail solutions."
DealerPolicy is continuing its national expansion plan with hundreds of dealerships across nine states. DealerPolicy is the industry's first all-inclusive insurance solution that provides car buying customers with speed, transparency, choice, and access to licensed agents for their insurance needs.
DealerPolicy is a leader in the emerging Insurtech sector. With its seamless integration into the car buying process, the company's innovative solution enables car-buying customers the opportunity to purchase insurance by connecting them with licensed insurance agents while at the dealership or after they arrive home with their new car. The company delivers these benefits through an industry-first combination of partnerships with car dealers, a growing insurance carrier network, and access to licensed agents. DealerPolicy is currently operating in nine states with plans to operate nationwide by 2020. For more information, visit www.dealerpolicy.com.
ABOUT EQUIFAX INC.
Equifax is a global information solutions company that uses unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions. Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 11,000 employees worldwide. For more information, visit Equifax.com and follow the company's news on Twitter and LinkedIn.
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SOURCE Equifax Inc.