And they’re one of the best ways to generate the highest-quality leads cheaply!
The mobile wave isn’t at a tipping-point, it’s tipped, hard. Sometimes I feel like I read as many new studies about the explosive growth in consumer mobile/smartphone adoption as there are smartphones in use in America today — that would be 170 million!
Here are a few choice, recent, mobile stats, because we can’t digest the new “mobile-first” consumer realities enough:
46 percent of consumers searching for local products/services (like dealerships) now exclusively use mobile as their research tool.
And 31 percent of consumers now use mobile devices specifically when car shopping, up from 24 percent the year before.We hear from so many dealer clients that mobile now drives over 50 percent of total traffic to their sites.
In the last year, most dealerships have really stepped up their mobile game: making their website mobile-friendly, engaging in various types of mobile marketing…even adopting a dealership app.
But one area where most dealers are still lagging is that they don’t have a mobile-optimized consumer credit app strategy. That’s a big, missed, opportunity and here’s why:
With 9 in 10 consumers now shopping online, it’s becoming increasingly difficult for dealers to determine who’s just looking, who’s seriously ready to buy, or whether that shopper is even USE qualified. When an online/mobile shopper fills out a credit app and puts their personal info online, it’s one loud, clear signal that they’re transitioning from the “just shopping” to the buying cycle.
While the majority of car shoppers now research financing online, 50 percent plan to get preapproved through a bank/credit union and only 34 percent at a dealership. Because most dealers and banks/lenders have a weak mobile credit app presence, you would gain a new advantage. And you’re reaching car buyers where they increasingly "live"…on their smartphones and tablets.
For many smartphone users, their smartphones are an “appendage” that’s with them 24/7. In fact, Americans now spend more than 2.5 hours daily on their smartphones/tablets, nipping at the heels of the time they spend with TV! (168 minutes daily).
Moving auto financing to the front of the sales process is increasingly critical for dealers and their customers, because it can slash the old, frustrating three-hour sales process to under an hour. Web and mobile-optimized credit apps, which, of course, get people preapproved, pre-test-drive, create significant, new efficiencies.
If a dealer wants to get their online credit app mobile-friendly (or they currently have an online credit app presence through lenders or vendors) there are certain key things to execute on:
Given the staggering growth in mobile adoption and time-spent-with-mobile, dealers using these golden rules for mobile credit applications should see their credit apps grow exponentially. And anyone serious about driving the highest-quality leads at a low cost needs to get serious about a mobile credit app strategy now.
Pete MacInnis, founder/chairman/CEO of DealerCentric has 34 years experience in automotive finance, including co-founding Onyx Acceptance which originated over $14 billion in auto loans, and was acquired by Capital One. He began his career with WFS Financial, helping grow the company from $100 million in assets to over $4 billion serviced. At DealerCentric, Pete oversees the creation of a more streamlined sales and financing experiences for the industry, including Mobile Get Pre-approved in Seconds.
 Nielsen data, 2012
 Pew Research Center, 2013
 MobiThinking data, 2012
 Google data, 2012
 eMarketer, 2012
 xAd-Telmetrics Mobile Path to Purchase Study
 Chrome Research 2012
 Kelly Blue book survey
 Flurry Analytics report, 2013
Join our newsletter and get news in your inbox every week! We hate spam too, so no worries about this.