As more customers come into dealerships with credit challenges, BHPH dealers are taking more loans at potentially higher risks. To offset this risk, it’s vital to perform due diligence when verifying customers’ home addresses and employer information.
Typically, STIP verification requires your staff to devote hours of their time making multiple phone calls to verify addresses and workplace information. These are hours that they could be spending serving customers and selling vehicles instead. What’s more, your customers don’t always appreciate calls to their employers and landlords asking to verify information they have provided. It’s intrusive and instantly sets up a tone of distrust.
At Spireon, we’ve heard dealerships talk about the pain, cost and resource-drain surrounding STIPs verification. And we’ve come up with a time-saving solution. Spireon GoldStar GPS comes with our Reference Genie™ feature, which automates the entire process.
Here’s how the Reference Genie works:
- Address and Employer Automated Verification: Instead of calling around to check if Joe Smith indeed works at the local gym and lives at 123 Main Street, you now simply enter the addresses you need to confirm. Reference Genie automatically conducts background analysis based on defined reference criteria, and then auto-generates the results. References that pass can be filed, allowing you to focus your time only on those references that raise red flags.
- Faster Loan Processing: Reference Genie will make it easy for you to close out STIPs much, so loans can be sold or processed more easily. Faster loan processing means faster cash flow. And that’s always a good thing.
- Track Home Address or Employer Changes: If your customer moves or changes jobs, they may not always remember to update their information with you. Reference Genie helps to identify location patterns that clue you into these types of changes so you can touch base with customers and keep your information current.
- Location tracking: You’ll be able to identify potential locations for each GPS-installed vehicle. For example, if Reference Genie identifies a frequently visited location, you can be pretty sure that he/she will be visiting that place.
Of course, Reference Genie is just one example the many innovative features designed to simplify your life and allow you to focus on selling cars. Visit our GoldStar GPS page for more information or call us at 800.557.1449 to schedule a free demo.