Dealer Benefits
The DealTrak123 system is being used on a daily basis in dealerships across the UK. The system is helping dealers to close more deals and make more money by speeding up the F&I process.
To find out more about the benefits available to dealers please click below.
Dealer Benefits
Administration Benefits
Less paperwork
Validation means less errors
A central resource for all your proposals
A secure store for all your customer details
Submit multiple proposals with a few clicks
Search and find a proposal within seconds
Sales Benefits
Increase PPU- Increase penetration
- Increase Acceptance Rates
Remarket existing customers
Easy to generate sales reports
Finance Benefits
Ensure accurate data is sent to your lenders
Validate addresses, postcodes and car details
Quick stats panel to keep you up to date
Lenders responses straight to your PC
Speedy printing of finance documentation
Insurance Benefits
Easily integrate insurance products into deals- Print FSA compliant key facts
Sell GAP, PPP, MBI & and other products- Increase profit per unit
Offer a better service to your customers
Reporting Benefits
Build detailed F&I reports
Report on individual lenders acceptance rates
Report on individual lenders conversion rates
Keep track of your insurance penetration
Build custom reports
Management Benefits
Easy to generate F&I reports- Monitor penetration rates
Knowledge that PPU is being maximized
Report on individual lenders performance- Monitor staff F&I penetration
Lender Benefits
Our system speaks to all of the top lenders in a highly sophisticated way when processing a customer's application. DealTrak123 collects all of the information lenders require quickly and easily, saving the lenders hours and hours of admin time when processing orders.
To view further benefits available to lenders please click below.
Lender Benefits
Processing Benefits
- Reduce processing costs
- Ensure accurate data is received
Receive proposals by XML
Payout Benefits
Less admin errors on documents
Pre-validated customer information
Faster communication with dealers
Accurate vehicle and asset details
Business Benefits
Powerful feature to offer a dealer
Dealers can send proposals quickly and easily- Reduces business costs
- Increase dealer efficiency rates
Partner Benefits
Do you have a unique product aimed at motor dealerships? Why not speak to us about integration? We currently deal with some of the biggest partner brand names in the motor trade. We employ cutting edge technology to enable a seamless integration of your products with our system - resulting in a simply and easy centralised point of sale system for the dealer.
To view the benefits available to partner please click below.
Partner Benefits
- Reduced cost of acquisition
Exposure to a larger dealer network
Service is delivered straight to the dealer
Easy accessibility of your product- Easy reporting tools
- Minimal cost
- Great ROI
The Consumer Credit Directive 2011
The CCD has been created to try and harmonise the way credit is offered and governed throughout the EU. Although UK credit has been regulated using the Consumer Credit Act since 1974, it was decided that the CCD should be integrated into the mainstream for unsecured credit. This means that various elements have changed in the way credit is governed, affecting the entire chain from consumer through motor dealer and lender. The main points can be summarised as follows.
To view the full Consumer Credit Directive please click below.
The Consumer Credit Directive 2011
Responsible Lending
Lenders must ensure a borrower has been properly assessed for suitability and affordability before offering credit. Some lenders will now insist on more rigorous proof of income and may request expenditure information to assess disposable income.
If a lender refuses credit to an applicant for reasons related to credit information, then the lender must make this information available to the applicant along with details of the credit reference agency used.
Standard European Consumer Credit Information (SECCI)
This may also have the title of Pre Contract Information.
Information to be presented to any applicant after an offer of credit has been made detailing the exact terms and implications of the credit offer.
The applicant is entitled to take the SECCI away for consideration and cannot be asked to proceed until they have had what they consider to be a satisfactory period to consider the terms.
Should any terms change pre-signing then the SECCI must always be reproduced to reflect this.
Adequate Explanations
It is also the responsibility of the credit intermediary to ensure that the applicant is made aware of key information prior to signing which is additional to the SECCI.
This usually takes the form of a document that must be orally explained to the applicant.
Different lenders have different names for this and some will ask for written confirmation that this task was completed, others won't.
Right of Withdrawal
Once the agreement has been signed and executed, the borrower still has the right to withdraw from the agreement within 14 days of the date the agreement is executed.
This allows the customer to exit the credit agreement but does not affect the purchase of the vehicle and therefore under normal circumstances the customer must then find an alternative way of funding the purchase.
The lender is entitled to charge daily interest until settlement is received.
Partial Settlement
The borrower is now entitled to make lump sum payments towards their agreement at their discretion.
The borrower must make it clear that this is a partial settlement and then the lender will offer to reschedule the term or monthly payments to reflect the payment.
Please appreciate that these are merely summarised points of interest from the directive. The full document can be accessed here from the Department of Business Innovation and Skills:
