January 26, 2018 – Dealer Marketing Services, Inc., the makers of ProMax, announced today the release of the Multi-Bureau Solution to its dealer-customers. The Multi-Bureau Solution is a multifaceted strategy for auto dealers which centers around pulling multiple credit reports for each customer in order to leverage the best credit score and tier into a better and more profitable deal.
The Multi-Bureau Solution comes as a result of a massive study conducted by ProMax over a 6-month period in 2017. Using a sample of over 700 new and used auto dealerships nationwide, over 650,000 showroom visitors with over 1,000,000 credit bureau reports pulled and over 180,000 vehicle sales were analyzed. “The analysis of this massive data set was conclusive and unmistakable” said ProMax Founder and CEO John Palmer. “Pulling multiple credit reports per customer increases both the number of sales and back-end profits. It’s that simple. So, we designed an easy to implement solution incorporating everything the study showed us.”
The study yielded two big innovations in the credit pulling process that are key to the Multi-Bureau Solution: a brand new multi-bureau credit report and major additions to ProMax’s already one-of-a-kind Lender, Review, & Submit functionality. The new bureau design improves both the look and effectiveness of traditional credit report displays, enabling dealers to compare multiple bureaus side-by-side and get all the information they need at a glance. The updated Review & Submit screen makes it easier than ever for dealers to configure lenders for maximum effectiveness. “The Multi-Bureau Solution doesn’t just draw on the landmark 6-month study, but on ProMax’s 20 plus years of experience” said ProMax CTO Darian Miller. “Credit and Compliance have always been two of our greatest strengths. ProMax gives dealers the technology to compare and analyze credit reports and submit the best deals to lenders.”
Studies show that up to 75% of auto buyers have credit scores that vary by more than 20 points across all three bureaus. The Multi-Bureau Solution takes advantage of this by always finding the best score and tier for the customer. “Savvy F&I Managers know that pulling more than one bureau can bump a prospect’s score and more importantly their tier” said ProMax COO Shane Born. “Even a bump of 20 points can mean the difference between closing the deal or losing the deal; 20 points could be the difference between a better deal or leaving gross profit on the table.”
The Multi-Bureau Solution and training is freely available to all ProMax dealers. John Palmer will be presenting the details of the groundbreaking study that the Multi-Bureau Solution was based on at the Digital Dealer Conference being held April 10-12, 2018 in Orlando, Florida.
Dealer Marketing Services, Inc. was formed in 1994 by John Palmer. In August of 1995, ProMax was introduced as a Special Finance software solution. In 1998, the software was expanded to handle all types of desking including new and used vehicle leasing, CRM, finance menus, inventory management, reports, and credit application submissions to lenders. In 2002, ProMax was introduced as the industry's first Internet-based full front-end solution and today is used by over 2,000 automotive dealerships. The ProMax internet application integrates with dealership DMS systems and can be used effectively in large dealer group situations as well as single-location dealerships. Dealer Marketing Services, Inc. also provides credit bureaus, website development and hosting, internet leads, and direct mail services to help dealerships increase traffic. Learn more about ProMax and Dealer Marketing Services, Inc. at www.ProMaxUnlimited.com.