OnlineDrive, an industry-leading marketing & conversion agency, announced today their partnership with marketing technology firm, CreditMiner. CreditMiner’s software combined with OnlineDrive’s incentive-based behavioral marketing system, ShowroomMagnet, will create CreditMagnet, the automotive industry’s first and only incentive based marketing system tailored to a specific customer’s real-time credit profile.
CreditMagnet will allow dealers to increase the targeting of their incentive-based marketing by tailoring the incentives offered to consumers based on real-time consumer credit profile using a “soft pull” method which allows dealers to better incentivize consumers without requiring a social security number and without the scoring showing up on the consumer’s credit report.
ShowroomMagnet, an incentive-based behavioral marketing program, targets online shoppers based on their behavior and delivers relevant offers which increase the conversion of online shoppers to shown appointments and test drives. Dealers on the program have seen an average 60% lead to show rate. CreditMagnet further enhances this to allow dealers the flexibility to offer incentives of different amounts to the consumers they want to attract most. “We know that a dealer’s credit application page is one of the most visited pages on their site. The problem is that, with all of the recent data breaches at retailers, consumers are becoming increasingly worried about providing personal information online. In addition, most online credit applications are lengthy and many consumers leave the dealer’s website without filling it out because of that,” said OnlineDrive president and CEO, Larry Bruce. “CreditMagnet enhances the proven results of incentive-based behavioral marketing by including consumer credit scores within the leads. The consumer’s credit profile is pulled in real-time without requiring the consumer to provide sensitive personal data or fill out a lengthy credit application which will increase the likelihood of conversion,” said Bruce.
Don O’Neill, V.P. of Sales and Marketing for CreditMiner feels the power is in the data. “The power of this relationship lies in the dealer’s ability to enhance the consumer experience. Consumers now will have the ability to get pre-qualified before they enter the showroom, and the dealer now has the ability to tailor a shopping experience that suits the consumers purchasing power and ability.” O’Neill went on to say “as the only Real-Time bureau pre-screen provider in our vertical, partnering with Online Drive was an easy proposition. Our goals are aligned in providing the Dealer with tools that can not only enhance the Dealers sales process, but to make the experience far more efficient and consumer friendly. This partnership made sense on every level, and we are extremely excited to see where this partnership takes us.”
“Let’s be honest. Most leads dealers receive contain erroneous information. The basic principle behind incentive-based behavioral marketing follows the law of reciprocity and gives consumers a reason to provide accurate information. With the addition of real time credit profiles, dealers now will have the ability to offer incentives based on the likelihood of that individual consumer to be in a “buying” mode. As an example, a Mercedes Benz dealer may want to offer a greater incentive to consumer leads that meets their brand profile, while a store specializing in special finance may want to target consumers in a more challenged lending category. With CreditMagnet, the dealer can accomplish that and increase conversions for the customers they most want sitting in their showrooms. We’re excited to partner with CreditMiner and be able to provide OnlineDrive clients with this solution,” said Ken Luna, V.P. of Strategic Partnerships for OnlineDrive.
CreditMagnet is currently in beta testing and is expected to be available to all OnlineDrive clients by mid-August 2014.
OnlineDrive is the first agency to focus specifically on inbound marketing and the conversion of consumer auto leads. Founded by 30 year industry veteran Larry Bruce, former Vice President of Managed Marketing Solutions for Reynolds and Reynolds and founder of AIMData, later sold to Reynolds and Reynolds to become Naked Lime, the company’s aim is to help dealerships not only build traffic, but also to cultivate their own first party leads and turn them into showroom visits.
CreditMiner is a cutting edge technology firm specializing in providing real time pre-screen sales solutions for Franchise Dealers nationwide. Leveraging our proprietary DMA CATAPULT® market mining software, VCC Virtual Credit Consultant interface, our BDC component, and event management expertise, we provide Franchise Dealers with the only Real-Time bureau pre-screen solution in the market space. CreditMiner provides dealers with a comprehensive bureau report that allows dealers to effectively communicate with consumers to meet their financing and purchasing needs. This results in incremental growth for our partners, allowing them to climb not only in efficiency and market rank, but in profitability as well. You too, can have the CreditMiner behind you! For more information, call 877.213.7042.