Running credit reports inside of the RouteOne platform can optimize your sales process. Consider streamlining your F&I process by managing all of your consumer credit applications, credit reports, and compliance activities within RouteOne.
Some of the benefits of credit bureau integration with RouteOne include:
- Process and store credit reports and applications in the same system for maximum efficiency
- Integrated access to ADP’s Credit Check, Reynolds and Reynolds’ CoreLogic Credco, and other resellers
- Direct access to the three credit reporting agencies - Equifax, Experian, and TransUnion
- 60-day retention of credit reports pulled through RouteOne
- Credit Reports pre-fill the credit application for quick submission to designated finance sources
- Credit Reports pre-fill the credit score and consumer information on Credit Score Disclosure Notices (CSDN)
Who is your credit report provider and where do you run consumer credit reports?
You can access any credit bureau source through RouteOne by obtaining dealership account credentials (codes) from the credit bureau provider. Codes comprise a unique set of numbers and/or letters which provide your dealership with access to run credit bureaus. If you are unsure of your credit bureau codes, contact the company that invoices your store regarding credit bureau usage.
After you have received your credit report codes from the perspective supplier/vendor, you may enter the codes into the credit bureau setup in RouteOne. You will then be ready to view and run credit bureau reports – it is that easy!
Here is a list of consumer credit report providers for automotive dealerships:
TransUnion Client Services – (800) 730-0106
Experian – (800) 831-5614
Equifax – (800) 769-4073
CoreLogic Credco – (800) 694-1414
ADP Credit Check – (888) 424-6342
700 Credit – (866) 273-3858
NCC – (800) 709-7222
Pro Credit Express – (800) 942-0897
CSC Credit Services (800) 871-0196
For more information, contact the RouteOne Customer Support team at 833.933.0663 or email@example.com.
New functionality is available in RouteOne.
Key improvements include:
- Ability to Auto Generate Credit Score Disclosure Notices upon Credit Bureau requests
- Customer Score Graphing for Credit Score Disclosure Notices
- WebApplyOne enhancements
- Additional mobile security settings
- MaximTrak added to F&I Connection within RouteOne
To learn more, contact RouteOne Customer Support at 866.933.0663. Or, contact your RouteOne Business Development Manager for further information.
During NADA 2012, hundreds of dealers and dealership employees visited the RouteOne booth to catch a demo of the new RouteOne Compliance Dashboard. The Compliance Dashboard will be available to dealers in mid-February 2012. This free tool allows a dealer the ability to visually evaluate their compliance status within RouteOne, including assessment of Identity Verification, OFAC, Risk-Based Pricing / Credit Score Disclosure Notices, and Adverse Action Notices.
Dealers may view transactions at a dealership or individual user level, and may customize the categories they wish to track and monitor.
Compliance is a significant issue within the dealer community, and many dealers expressed concern regarding the growing complexity of rules and regulations within the F&I office, particularly how challenging it can be to manage compliance duties within the dealership. RouteOne was pleased to demonstrate to dealers its comprehensive compliance suite, designed to assist with managing compliance and staying ahead of government regulations. In addition to the Compliance Dashboard, RouteOne offers identity verification, electronic document storage, Adverse Action/Credit Score Disclosure notices, and more.
Dealers interested in personalized training on the Dashboard or other RouteOne features may contact their Business Development Manager or RouteOne Customer Support at 866.933.0663.
Many finance departments maintain a Finance and Insurance (F&I) Log. The F&I Log can serve as a high-level ‘score card’ for finance managers, as it stores important information about each vehicle transaction. The most common categories in an F&I Log can include:
- Sales Gross per unit
- Finance Reserve per unit
- Life Insurance
- Disability Insurance
- Service Contract
- Other Aftermarket Products
Maintaining an accurate F&I log is helpful when auditing pay plans, reviewing lender performance, and reviewing performance with F&I trainers.
Preferences for storage of these logs vary – some are kept on paper, in an Excel worksheet, within a web-based system or within the dealership’s DMS. If your dealership utilizes RouteOne and the DMS integration we offer, you can enjoy automated data population of your F&I Log, as the system will populate this report directly from accounting on all finalized deals. The automated F&I Log and Performance Report provides insight into a dealership’s profit (average profit per contract and profit per vehicle retailed) and penetration for each F&I Department, F&I product, F&I Manager, and/or salesperson. Dealers may compare segment performance between new/used/car/truck or retail/lease/balloon/payment call.
A free manual utility is provided for those dealers not utilizing DMS integration. Try using the F&I log within RouteOne to keep score of your Finance Department.
RouteOne will host two informative and educational webinars in December. Please join us December 6, 2011 for the first in this webinar series, focusing on bank fraud. Dealers and Finance Sources welcome.
The Realities of Bank Fraud: What a Dealer Needs to Know presented by Gil VanOver of gvo3 and RouteOne
Bank fraud at automotive dealerships has become a serious issue. From straw purchases to power booking, falsifying down payments to falsifying information on credit applications, these forbidden practices can jeopardize the health of your dealership.
Please join RouteOne and Gil Van Over, President and Founder of gvo3 & Associates, as we discuss the implications of bank fraud in the auto industry. Gvo3 & Associates specializes in developing and implementing compliance strategies within the F&I and Sales departments of automotive dealerships.
Gil will explain the four types of dealership bank fraud and its impact on a dealership. He will also share real-life examples of dealerships around the country that have experienced bank fraud firsthand. Finally, Gil will share best practices you can implement to help prevent bank fraud from occurring in your dealership.
After Gil’s presentation, RouteOne will offer a short presentation on security features and tools that may be used to help prevent fraud and theft within the dealership. We look forward to your attendance. Don’t miss out on this valuable session – register today
By Chuck Gucwa, VP Business Development
Increasing CSI while complying with industry regulations
The automotive lending community continues to be subject to increased regulatory scrutiny and enforcement, and there are no signs of this slowing in the near future. It’s the responsibility of every dealership to ensure their compliance with the laws – or risk expensive fines, penalties and increased analysis and inspection from the regulatory community.
Though these guidelines may require additional effort, time and resources on the part of dealerships to ensure compliance, there is an upside. These laws are designed for consumer protection – and that’s a message you need to be providing to your automotive customers. Look at it as a way to improve customer service while potentially growing your business and increasing profits in an ever changing market.
Navigating the credit maze with your customers
Much of the current regulation, including Credit Score Disclosure notices and Adverse Action notices, relate to the significance of a customer’s credit score in obtaining the most desired financing rates available. While an Adverse Action notice is used to notify consumers when they have been denied credit, a Risk Based Pricing notice is required for those that do receive credit, but on material terms that are less favorable than the terms offered to a substantial portion of customers (or, in the alternative, a Credit Score Disclosure notice may be provided to all customers). Either way, presenting these documents to the consumer offers you the chance to further extend the customer relationship by offering to discuss the customer’s score with them. Many consumers have questions about how their credit score affects their purchasing power. Embrace the chance to assist them with their questions and offer input on how to improve their score (especially with subprime buyers). You may want to develop a road map of sorts for improving credit scores, or providing industry references on the topic. Your customer may take your advice and return in the coming months to make their vehicle purchase with you – establishing their loyalty and hopefully, setting the stage for a long-lasting relationship with your dealership.
The identity crisis
Another high profile regulation is the Federal Trade Commission’s “Red Flag Rule”, which requires dealerships to implement and follow a written identity theft prevention program. This rule serves to protect you and your customers from potential identity theft resulting in loss of property and profits. Additionally, OFAC (Office of Foreign Assets Control) assists dealerships in screening customers to detect potential security threats. Explain these regulations to your customers, particularly when executing the steps within your identity verification program. Reassure them that the appropriate cautionary steps are being taken to protect both you and the customer from potential fraud.
Reassure your customers that you take cautionary steps within the dealership – steps not mandated by government agencies – to ensure the safety and security of customer data. Electronic document storage of all credit application materials and related information (credit reports, privacy notices, etc.) eliminates hard copy storage and the potential for lost or stolen documents at the dealership. Simple but effective policies such as a ‘clean desk ’and ‘acceptable use’ policy go a long way in protecting confidential and sensitive consumer data.
Take the opportunity to explain to your customers that you are there to assist them, and that you want them to obtain the best financing possible in the safest environment possible. This is your chance to establish long-term loyalty and customer retention at your dealership. Good selling!
Charles Gucwa is the Vice President of Business Development for RouteOne LLC, a free web-based credit application management system that connects automotive dealers to their subscribed lenders within a single portal. More information can be found at www.routeone.com or by calling RouteOne Customer Support at 866.933.0663.
The internet has revolutionized the way we conduct business. While the evolution of technology has provided us with immeasurable value, it also comes at great risk. As an industry-leading online provider of credit application and other supporting F&I tools, we share your deep commitment to security, and to safeguarding the critical customer information with which we have been entrusted. As such, we’ve taken great care to build a secure system to provide you the peace of mind you need to conduct your business.
Here are a few of our recommendations for simple steps you may take NOW to help secure your customer information:
1 - Run anti-virus / anti-malware software to protect your dealership systems, and update these protections regularly on applicable networks and machines (including desktops, laptops, tablets, and servers.)
2 - Only utilize ‘trusted’ equipment. Do not login from home or any location where malware protection is not being utilized.
3 - Never share your password or user accounts with others, and avoid writing your password down or placing it where others can see it.
4 - Keep confidential customer and employee data inside locked metal cabinets that are not easily accessible by the public.
5 - Eliminate unauthorized access to confidential data by conducting an ‘exit checklist’ for departing employees, including terminating access to RouteOne and all other dealership systems.
We hope that you’re able to implement some or all of these best practices to better protect your dealership.
Tools for Dealers within RouteOne - creating Adverse Action Notices
RouteOne offers dealers a complimentary, intuitive solution which enhances the existing Adverse Action functions and capabilities previously offered.
However, it does require the dealer perform some simple configuration in the Admin…Dealer Info…Compliance dealership setup pages
Get started with the RouteOne Adverse Action Notice Quick Start Guide here: http://www.routeone.com/marketingmessage/docs/R1_AAN_QSG.pdf
Why RouteOne? We are a management tool that will help you to navigate the challenges you face. How can you optimize your business to be the most profitable? Take advantage of these eight easy steps:
- The core RouteOne system is FREE to your dealership. More than 22,000 dealerships have chosen to use RouteOne as their credit application platform. We’re contracted with more than 550 lenders – 98% of them non-captive, including prime and subprime lenders and banks. So it’s highly likely that the finance sources you currently conduct business with are connected to RouteOne.
- Credit reports. RouteOne will allow you to run credit bureau requests and view reports and scores directly within the system. Why is this significant? Because it makes for a quicker process. Running bureaus directly within RouteOne pre-populates the credit application, saving you data entry time.
- We’re available on just about every mobile device, including the iPhone, Android, and iPad. So you can manage your deals anywhere, in the dealership or out to lunch!
- We employ a talented team of business development managers nationwide whose job it is to serve YOU and your dealership. Additionally, our in-house customer support teams are on call, ready to answer questions and assist you with training. We have hired only the best business development managers to support you. They have been able to help dealers find ways to save money and grow profits.
- We provide a robust suite of subscription-based and FREE compliance products and services that are designed to help you meet regulatory requirements and stay within the law. These include credit score disclosure notices, adverse action notices, identify verification and electronic storage services, and user reports that help you keep an eye on activity within the dealership.
- We integrate with more than 60 dealer service providers. Our integration to these systems can help you reduce this data entry time tremendously!
- We offer some other tools to help build your brand and strengthen loyalty to the manufacturer. We provide exclusive access to several Credit Cards with special RouteOne programs.
- We issue no long-term contracts. You can cancel subscriptions at any time with no harsh penalties or fees!
This is the time to take action! Learn more by contacting our customer support center at 866.933.0663 or email firstname.lastname@example.org. Thank you for allowing us to serve your dealership!