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.
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 can 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.
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. There isn’t any shopping around to multiple institutions for the best rate. Those loans belong to you and only you.
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.
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!