• July 2, 2019

DealerSocket Enhances Its CRM Product

DealerSocket a software provider for the automotive industry, enhanced its CRM and independent-serving Dealer Management System (iDMS) products to seamlessly integrate and simplify workflows related to the credit application process.

"Our latest enhancements take two historically separate workflows and seamlessly integrate them to provide visibility and a simpler user interface for our dealers, resulting in a better consumer experience," said DealerSocket President and CEO Sejal Pietrzak in a statement. "DealerSocket's new enhancements are designed to help dealers better manage and control credit applications, save time, and improve their customers’ experience, while fully complying with their regulatory obligations."

Dubbed SocketCredit, DealerSocket's new credit workflow enhancement for its CRM allows both franchised and independent dealers to manage the entire credit application process from within this front-end operations tool. SocketCredit also lets users text or email secure credit applications to consumers directly from the CRM and prequalify customers for vehicle financing via a soft credit pull.

Once completed, SocketCredit's customizable online credit application seamlessly passes directly into the CRM as a sales opportunity, with line-by-line credit application details populating customer profiles within the CRM. The app can pull the credit information within the CRM and return the customer's credit report and score, as well as results from the compliance checks.

New compliance checks aid dealers in complying with the Federal Trade Commission's Red Flag and Risk-Based Pricing rules, adverse action notice requirements under the Equal Credit Opportunity Act, and requirements set forth by the U.S. Treasury Department's Office of Foreign Assets Control. Dealership managers can also access within the upgraded CRM digital audit logs containing timestamps and user names. They can also track online consent, identity verification, and whether required disclosures were made.

DealerSocket's iDMS also received several upgrades, one of which is designed to streamline the finance process for independent dealers. Now, SocketCredit credit applications completed online get passed into the software's deals module.

DealerSocket's iDMS also received enhanced credit reporting and interactive voice response technology that allows borrowers to make loan payments over the phone.

"SocketCredit enables our CRM users to more quickly and readily capture consumer credit information during the car research and shopping process, while iDMS now offers a more streamlined credit workflow and improved dealer-processing enhancements," said DealerSocket Co-founder and Chief Product Officer Brad Perry in a statement. "With these new enhancements, DealerSocket gives both franchise and independent dealers simple and valuable improvements in critical workflows for credit and finance that is centralized, transparent, easy to use, and compliant."

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