Drivrz Financial CEO Jon Lamb shares how the company’s leasing technology can helps dealers close deals faster, and their customers will drive away happier.
For more information, visit drivrzfinancial.com.
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Jon Lamb: Drivrz Financial is the premier used car leasing solution that’s available to car dealers today. We approach things very unique, and similar to traditional retail financing, all the technology, systemic to what you’re currently already doing at the dealership. Dealers really like that; they don’t have to change any of their processes. We integrate into whatever desking solution that you’re currently using. It’s easy to deploy and scale out and offer up to customers.
The uniqueness of the program is in the actual funding technology, and there’s also value creation on both sides. So, it’s incredibly profitable for dealerships. We offer up to seven points of max participation, which is kind of unheard of in an F&I product. And then at the same time, there’s no balance sheet risk and we fund the dealer in real time. So, all of the problems that plagued used car leasing in the past, we fixed those, eliminated that and treated it similar to like a captive finance deal has all the features and benefits, but the customer benefits more because you’re getting out of a shorter loan cycle and alleviated negative equity.
And it’s also an inherent retention solution that everyone always overlooks, because the customer feels like the perception is they have to bring the car back to the participating dealer. Customers like choices, right? Customers like the options and this is very transparent, right? Because the way that we render the callbacks is you’re providing the typical retail installment contract, the term loan and you’re also doing used car leasing at the same time. So there’s transparency in the numbers.
It also expedites the process because we take a standard credit application and structure a used car lease on every vehicle in stock in your inventory. So, if you do have to move a vehicle, if you do have to move a customer to another vehicle, we’ve already rented your call back and payments on everything in stock. So, it expedites the process makes everything easier for our customer.
We’re being embraced by the dealer community. We have over 1300 retailers on the platform currently. We’ve been originating loans for about 13 months now. The rate of adoption is far more than we ever anticipated. Dealers that are embracing the program are receiving higher or PBRs average used car profit. Everyone embraces it. We don’t have any issues. They love the ease and functionality of integration. They love the real time financing payment that they receive back from us. There’s no contracts and transit issues. There’s no delay in funding. And the most important thing is it’s incredibly profitable for the dealer. It’s a win for the consumer and it’s systemic to what your currently doing. So it’s easy to integrate.
Just go into drivrzfinancial.com and submit an inquiry. We have reps in most major markets in the country. We deal with probably the majority of the publicly traded groups out there and the larger aggregation groups and also independent platforms and leasing companies. We power all those platforms.