Automotive Digital Marketing

Professional Community for Car Dealers, Marketing, Advertising and Sales Leaders

Loading... Be Patient!

J.D. Byrider Applies Equifax Ignite™, Increases Auto Buyer Approvals by 10 Percent

When J.D. Byrider, a  leading used car sales and finance enterprise, expanded geographically and organically, they began an engagement with Equifax Inc. (NYSE:  EFX), a global information solutions company, to better identify risk and streamline deal structures.

J.D. Byrider used Equifax Ignite™ to develop a configurable origination risk model that uses traditional credit data, augmented with alternative data sources such as telecom and utility information, to create a more robust profile on buyers.

  

Ignite allows for a more accurate and wider-ranging risk assessment on buyers with varied profiles as well, which helps to reduce write offs and improve efficiencies. J.D. Byrider’s results with the solution included a 100 percent scoring of their applicant population, including those with no credit file or a thin credit file – reducing the number of applicants evaluated only by outdated credit models. Additionally, once lower risk applications were powered by more than a credit-only scoring model, J.D. Byrider was able to increase approvals by 10 percent with the same loss rate.

  

“My main priority was to enable the strongest and most innovative capabilities to mitigate risk and increase financial inclusivity for our buyers who happen to be subprime or deep subprime borrowers,” said Gary Harman, Chief Risk Officer, J.D. Byrider. “Equifax Ignite has helped us better understand our customers and get more of them into the cars they need so they can proceed with their lives.”

  

Equifax Ignite helps businesses enhance customer acquisition, risk segmentation and decisioning, and improve customer relationships. The solution securely and comprehensively supports the full analytical lifecycle – from data access and transparency to visualization and deployment – using a single, connected suite of advanced analytical processes, technology and tools.

 

“Consumers are not one dimensional, and neither are their credit profiles,” said Peter Oburu, Vice President, Automotive Analytics, Equifax. “J.D. Byrider understands this and they have taken steps to ensure every customer who walks through their doors is looked at holistically and not just from one data set, but multiple datasets that can help them in their car buying journey and help all dealers and lenders make better business decisions and with fewer risks.”

 

About Equifax
Equifax is a global information solutions company that uses unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions.

  

Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs 10,300 employees worldwide.

Views: 82

Tags: 10, Applies, Approvals, Auto, Buyer, Byrider, Equifax, Ignite™, Increases, J.D., More…Percent, by

Comment

Oops... You need to stop "Lurking" on ADM and become a more genuine Automotive Professional by completing your membership registration. As a registered ADM Member, you can post comments, publish your own articles (be a star!) and start Forum discussions. Stop being an online "Peeping Tom" and JOIN ADM RIGHT NOW!

Join Automotive Digital Marketing

Automotive Professional Network and Resource Exchange for Car Dealers, Managers, OEM and Marketing Practitioners seeking Best Practices.

ADM Sponsor

Please Consider Automotive Marketing Professional Community Sponsors

ADM Badge

Loading…

Based On Your Interests...

ADM Consulting, LLC

Onsite/Offsite Combination ADM Consulting, LLC Professional Services
Select the maximum monthly investment you plan to make
$USD
Sign up for

Automotive Marketing Tools

Get ADM Toolbar

Click here to take the ADM Member Survey

ADM Events

December 2019
SMTWTFS
1234567
891011121314
15161718192021
22232425262728
293031
       

Getting too many emails from ADM? Click mailbox below to control which types of alerts and updates you are sent......


Instagram

Top Automotive Marketing Forum Discussions

Share the Best Content w/AutoMarketing Community

© 2019   Created by Ralph Paglia.   Powered by

ADM Badges  |  Report an Issue  |  Terms of Service