UPDATE: How to work with CarGurus shoppers who prequalified for financing

Posted by Sarah Pekala on May 25, 2020

Update: “Dealer Fees” now available in financing offers

We’ve made an adjustment to the pre-qualification process for shoppers based on dealer feedback. Shoppers who are pre-qualifying for financing will now see “Dealer Fees” added to the offer, and this will provide them a penny-perfect offer to work with you. This feature enhancement will help our dealer partners set the right expectations and minimize shopper objections during the sale. For any dealers without a listed Dealer Fee, we’ll use a state average.

Call your CarGurus rep at 1-800-CARGURUS to add your custom dealer fee.

Original post:

Our product teams have been working hard to improve CarGurus’ financing feature, the latest way we’re helping you connect with low-funnel shoppers. With the improved financing feature, shoppers are able to prequalify for financing with lenders you already work with right from the VDP. Some reasons you’ll want to use the financing feature are:

  • Receive pre-qualified leads: These leads are motivated shoppers who took the time to fill out an online application in the lead submission process. They’re very ready to buy.
  • Close leads more confidently: With financing taken care of, your team will be able to streamline the in-person shopping experience to close these leads with more confidence.
  • Protect your profits: These loans originate from you and are subject to your agreements with lenders.

Learn more about how shoppers prequalify for your vehicles before submitting a lead in this short video.

Our team is dedicated to ensuring that the CarGurus Financing Feature is a valuable program for our dealer partners by continuously making improvements. Below are some exciting new changes to the program.

1. Dealers can now sort to view pre-qualified leads in the Leads tab of the CarGurus Dealer Dashboard, helping you prepare for the sale.

cargurus-dealer-dashboard-financing

2. Shoppers who have pre-qualified can easily inform you of their qualification status when submitting a lead.

cargurus-vdp-lead-submission-financing-feature

3. Shoppers who have completed a pre-qualification application can see loan rates directly on eligible VDPs, so they’re more likely to submit a lead.

cargurus-pre-financing-rates

 

4. Shoppers can now view “Dealer Fees” when pre-qualifying for financing, which will help set the right expectations and minimize shopper objections during the sale.

 

As we expect more and more shoppers to submit pre-qualified leads, make the most of your connections. When you receive a pre-qualified lead from CarGurus, whether you see it in your dashboard, email, or CRM, or the shopper makes a dealership visit, follow these best practices to close the sale smoothly:

  • Acknowledge the pre-qualification early to remove any confusion or concern.
  • Ask them to share a copy of the pre-qualification certificate, either digitally from their email or a physical printed version.
  • Treat them as a partner when you discuss vehicle and financing options, since they’ve invested themselves in the process.
  • Focus on the vehicle they’ve made the effort to get prequalified for, but also have vehicles of similar styles, ages, and mileage in mind to discuss.

At CarGurus, we look forward to continuing to deliver high quality shoppers. Stay tuned for more exciting updates to bring your dealership ready-to-buy leads.

 

Topics: CarGurus news, dealer dashboard, financing