When it comes to buying a car, most people today turn to the internet for help. According to research from J.D. Power, 83% of buyers start their search online – and that number is only going up. With so many people looking for information online, it’s no wonder that car dealers are turning to digital retail as a way to reach new customers and sell more cars. But what about banks? Are they missing out on a massive opportunity by not embracing digital retail?
Yes or yes?
Here’s the thing, when consumers choose direct lending from a bank, they are able to take advantage of far better rates than what dealerships offer. This means that more money stays in the lender’s pocket and there is no risk for them since all loans will be secured by a car as collateral!
The only thing keeping lenders out of this market is a digital presence, and/or a bridge between them and the dealers.
The relationship between Leasly and banks is a perfect example of how we are able to help the banking industry evolve into an online-only business. By offering direct lending more people are able to access loans, which ultimately benefits consumers by giving options in buying vehicles that best suit their needs – all while increasing sales opportunities at dealerships across America!
Ok, let’s talk about all the benefits that banks and credit unions get by partnering with a digital retail platform like Leasly.
Creating a Tighter Loop for Car Dealerships
What Leasly offers is a unique bridge between lenders and dealers that provides customers with the most personalized and convenient experience. This is something that potentially can run on autopilot, as our revered AI learns to utilize the data from dealerships and banks to present new leads for both parties.
When it comes to modern car buying, bank lenders have the potential to operate as an arm for dealerships. You can capitalize on data that dealers don’t have access to, and, therefore, create a tighter loop for the dealer.
The only thing that’s needed is some guidance, as lenders don’t have a platform to enter this process in a seamless fashion. And that’s where Leasly comes in.
In addition, these types of financing options benefit those looking at buying their next vehicle because it provides transparency into exactly how much a buyer can afford before even meeting with a salesman or going through paperwork- something not always clear when dealing directly through a dealership.
A 21st Century Car Buying Process
Right now, many lenders aren’t fully aware of how connected they can truly be. Leasly wants to not only reveal this potential, but put it into action and make direct car lending more accessible and pronounced than ever before. This is through real-time information being shared with broader data sources, and assessing that data more efficiently and effectively.
When banks or credit unions partner with Leasly, loans and leases will have less delinquency and more life-cycle stability for consumers as we provide personalized options which best fit their needs. This benefits both dealerships by increasing sales opportunities while also producing retentive leads thanks to AI technology.
Moreover, a personal touch from talented employees makes all difference when it comes down to how well your dealership does financially; we know this because our team has been able to gain insight into each individual’s spending habits through deep understanding of consumer behavior.
Banks have been missing out on a massive opportunity in the digital automotive space. Thankfully, by partnering with Leasly, banks can expand into auto and grow their banking business.
Leasly is the perfect partner for banks because we’re the first to market with a lending marketplace and a seamless online experience for consumers. If you’re interested in learning more about how to get involved in the auto lending industry, contact us today! We would be happy to discuss partnership opportunities with you.