Credit Solutions

Multi-bureau Credit Solution

ProMax Multibureau

For over 20 years ProMax has been an industry leader in innovative Desking solutions and credit products, and one of the only resellers of all three automotive credit bureaus. Now we’re happy to announce our latest innovation: the Multi-Bureau Solution.

Last year ProMax conducted a groundbreaking 6-month study of over 700 new and used auto dealers across the U.S. We analyzed over 650,000 showroom visitors with over 1,000,000 credit bureau reports pulled and over 180,000 vehicle sales. The analysis of this massive data set is conclusive and unmistakable: pulling multiple credit reports per customer increases both the number of sales and your back-end profits.

See the results of this 6-month study including:

  • Variance on Scores
  • Effects on Sales
  • Effects on Reserve and Back-End Profit
  • Comparisons of dealerships

Download the Multi-bureau study here.

Download the Study

ProMax is the only company to offer the Multi-Bureau Solution. How can it help your dealership?

  • Take advantage of credit score and tier variances to increase the number of sales AND back-end profits
  • Streamline your process and get all the info you need with at-a-glance side-by-side bureau comparisons
  • Configure your lenders for maximum effectiveness
  • Training is free and compliance is built into the process

What does the multi-bureau solution consist of?


ProMax Lender Review & Submittal

The Lender Review and Submittal screen in ProMax gives you the tools you need to translate the multi-bureau report. At a glance you will be able to see 3 score models for each bureau pulled. The different score models can vary by up to 75 points or more and the scores can vary by up to 100 points or more. Viewing these discpencies side by side can show you opportunities you may be missing. It may be the difference between getting a deal approved or denied.

ProMax gives you the technology and traning you need to make the credit process fast and easy. Your ProMax Dealer Suppport Specialist can help you set up your Lender Review and Submittal screen to help you get the most our of your multi-bureau report. We will work with your F & I Director to make sure that your lenders are set up accurately. We will make sure that the appropriate bureau and score model is correct for each of your lenders. Getting this information set up correctly and working with your finance manager ensures that you will get the best combination of rate, reserve, payment and profit when you desk your deals. The Lender Review and Submit is the only application that after pulling all three bureaus will tell your managers instantly which is the best bureau and score to maximize your opportunity with each lender for each customer!

View our 8 minute tutorial video on the Lender Review and Submittal screen and process.

Lender Review and submit

A tri-bureau Credit Report

The industry’s only credit report that compares all the bureaus information in a side by side format to easily spot opportunities for you to use in working with your lenders! This new easy to read format has all of the pertinent information at the top of the report including:

  • Required Compliance Checks, Address and Employment information
  • All 3 credit scores side by side
  • Any bankruptcy history
  • A Credit Summary with quick links to detailed information:
    Including oldest accounts, total balances, total minimum payments, total past due, open accounts, closed accounts, automotive accounts, detailed credit summary, revolving accounts, installment accounts, mortage accounts, line of credit, open-end, public records, collections and inquiries.

Multibureau report header

Employment and Income Verifcation

ProMax has an integration with Equifax's Employment and Income verification product. If you have this service, a check will automatically be done and it will show up as a button on the top of the new Multi-bureau report if there is employment data on your customer who is applying for credit. This feature can help you reduce your dealership's risk and get instant access to current employment and income information.

Employment and Income verification

Debt to Income Ratio Analysis

This is also another great feature of the Mulit-bureau report. At the top of the bureau is a button that links to the Debt to Income Ratio. This screen shos all open abbounts, balances, minimum payments and interest reates on installment loans. With the correct income you can see the debt to income ratio. With this information, you are also offered the opportunity to use a closing technique of paying off a low balance, higher interest loan to pay off for the new loan, lowering the overall effective car payment and closing the deal at full gross.

Income and Debt Ratio

Proven Sales Procss

We will share with you proven sales processes from our most successful dealers in when and how they pull a soft pull and the credit bureaus. Focus is on compliance, customer satisfaction and dealer profit.

Training

We will provide your staff the training (including specific word tracks) to maximize the use of our technology, and best in class process to enhance your current sales process – not replace it! You will also learn ways to work your subprime customers far more effectively including getting more cash down and cosigners which will dramatically increase your subprime sales!

Senior Management Review

Finally you will receive a Credit Bureau Analysis and Sales Report that will automatically show you by credit tier how well your store is doing. There is nothing else like it in the industry, because nobody else has all this information in one platform.

Credit Bureau Analysis and review

If you have any questions about the Multi-bureau Credit Solution or would like to get set up, please contact us today.