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3 min read

Partner with Dealerships to Bring in More Loans

Partner with Dealerships to Bring in More Loans

Recently my husband convinced me to go and look at cars. Our Ford Escape is on its last legs, so I agreed. His main push was either a new 4-door Bronco or the Bronco Sport. I’m frugal by nature so we started our search with a used, one-year-old Bronco Sport. (I was hoping to cut a few thousand dollars off the brand-new price.) However, come to find out, that one-year-old Bronco Sport with 10,000 miles and a minor accident on its record was being sold for the same price as a brand-new, customized-order Bronco Sport that would be available in four months due to demand.

Long story short, I learned two things that day. One, it’s a great time to own a car dealership. And two, I’m too frugal to pay that much for a car. Sorry, husband.

Dealerships are on a tear right now and that’s great news for the lenders that partner with them. At GOLDPoint, our system is connected to over one hundred thousand (yep 100,000) dealerships (or dealers as we like to call them). We make those connections using our impressive Dealer System and eGOLDTrak Dealer website.

Dealer Partnerships

Many of our client lending institutions work with dealers to bring in additional business, and it’s a great system. Dealers do all the work to find people who want to buy their inventory. The lending institutions make it easy for those people to finance their purchases through various loan offerings (90 Days Same as Cash, 28 Due Day, etc.). And both sides end up happy. The Dealers are able to sell their products and the lending institutions open new loans. It’s a beautiful relationship.

And it’s a growing relationship. More and more dealers are popping up all over the place with a greater variety of inventory. From the traditional (vehicles, water sports, ATVs, and appliances) to the innovative (taxes, pets, and plastic surgery), dealers are offering more and more products, which can translate into more and more loans.

eGOLDTrak Dealer

At GOLDPoint Systems, we want to help you create more and more loans, which is why we created our dealer products in the first place. Our products include an entire suite of services to help you easily partner with dealerships, including eGOLDTrak Dealer.

eGOLDTrak Dealer is an impressive website which enables dealers to help customers apply for a loan for one of their products directly through your institution. In addition, eGOLDTrak Dealer allows dealers to track loan applications, offer special rates on loans, calculate a projected loan payment, search loan applications, and more.

And, once a loan application is submitted, all your institution needs to do is approve or deny the application…and then take over the loan. Plus, unlike other third-party, web-based applications (I’m looking at you RouteOne and DealerTrak), eGOLDTrak Dealer sends all loan applications directly to your institution. There isn’t any shopping them around to multiple institutions for the best rate. Those loans belong to you and only you.

eGOLDTrak Dealer Features:

  • The Dashboard: Each dealer has access to their own dashboard and can view all the applications submitted through their dealership. They can also resume and edit applications before they are submitted or when they are under review. Plus, our sorting and filtering options make it easy for dealers to find whatever application they’re looking for.
  • Message Center: The message center allows you to communicate directly with dealers.
  • Announcements: Your institution can post announcements to the Dashboard of all your dealer partners to quickly get the word out about a new loan plan, special rates, promotions, etc.
  • Sign, View, Upload Documents: Customers can electronically sign documents either in real-time at the dealership or via a unique link that is emailed to them. They can also view and upload important documents.
  • No Competition: Like I said earlier, loan applications submitted through eGOLDTrak Dealer go directly to your institution and aren’t shopped around.
  • Customization: You have the option to assign unique plans and application types to the various dealerships that you work with. Plus, the loan application itself is extremely configurable, enabling your institution to choose which fields are required or hidden, the minimum or maximum loan amounts, even what text is shown to ensure you get exactly the loan application you want.
  • Branding: Your institution’s logos and colors appear across eGOLDTrak Dealer so that your dealers know who their financial partner is. Plus, it just looks so pretty.

The Dealer System

With all the dealerships that are going to be flocking to do business with you, you’ll need a way to keep track of them. Enter, the Dealer System. The Dealer System enables you to completely manage all your dealer partnerships.

At the beginning of the partnership, the Dealer System allows you to view, review, and approve dealer registration applications. (Dealers register to become dealers through a link on your website.) Once a dealer has been approved to work with your institution, an email is automatically sent to the dealer notifying them of their approval.

Throughout the partnership, the Dealer System allows you to:

  • Create specific lending plans for dealers (e.g., 90-days Same as Cash promotions)
  • Set up the manufacturers and distributors associated with dealers, so payments can easily be sent via ACH to those manufacturers or distributors
  • Establish connections with third-party ancillary products, such as insurance, so the amount of the added insurance can automatically be rolled in with the cost of the loan
  • Create announcements for new lending products or promotions that are automatically displayed to all your dealer partners, a group of dealers, or a single dealer

The Dealer System provides you with everything you need to maintain and manage those important dealer relationships in addition to helping you maximize your loans.

By now I hope you’re genuinely excited to either start working with dealerships to increase your lending power or to maximize the dealer relationships you already have. To learn more about how we can help you create lucrative dealership partnerships, request a demo today!

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