Pete MacInnis, CEO of eLEND Solutions, reveals shocking data about payment accuracy in auto retail and the significant financial impact on dealerships when quotes don't match approvals.
• Only 1.6% of all credit applications are approved exactly as submitted by dealers
• Average payment on approvals is $32 higher than quoted on new cars, $36 higher on used vehicles
• 76% of survey respondents agreed with the payment discrepancy findings
• 55% of dealers report losing up to 5% of vehicle sales due to payment disconnects
• 86% of respondents stated front-end gross profit was reduced 5-20% to resolve payment friction
• 53% reported finance gross profit reductions of 1-10%, with another 34% seeing 11-20% reductions
• Current siloed approach creates poor customer experience when terms change after negotiations
• Solution requires bringing true lender finance approval terms to the front of the sales process
• eLEND Solutions offers connected retailing products to address these issues

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