DriveTime
Cracking the credit-challenged consumer was our mission.
DriveTime is one of the nation's largest used car auto dealership networks that markets to the credit challenged. Their success is based on generating traffic to the dealership which, in turn, will convert to approved applications for auto sales.
The Segments: Serial Credit Challenged, Credit Challenged, No-Credit Challenged.
So how do you convince consumers who have been rejected for a car loan at multiple dealerships that you will approve them? Let's see.
Success
Our success measures were clear. In order to increase sales for DriveTime, we had to increase the pool of applicants which had been decreasing by 5% the past two years.
Our goal was to increase applications by 2%. Get Appy. Our client called it, "Get Appy."
Reveal
Our research revealed that consumers were so bombarded with "bad credit, no credit, no problem" messages that they were skeptical about going to a dealership like DriveTime without being pre-approved for a loan. We had to change that model. And we did. Our big "aha"? We realized DriveTime was in the Loan Acceptance business rather than the Auto business. Sure, people wanted a car but more than that they wanted acceptance of the loan to get the car and would go to any lengths to go online to be accepted.
Transform
So, we drove customers to an online website to apply for acceptance and then go to the dealership. Now when they went to the lot, they felt confidence instead of fear.
This new strategy allowed the real estate to choose locations that weren't in high-rent areas. Another significant savings.
Engage
These are the integrated channels that lead to our success.
Through a series of ads, TV spots and other effective channels, we drove prospects to DriveTime's website to apply for the loan. Showing them that is was so easy they could apply in their underwear.
Success
All of this wonderful thinking and engaging work, worked.
Based on the changes we made, applications increased by 5% nationally. Applications in various individual markets increased by 30-59% at given times throughout the year, making the clients extremely "appy."
