Equifax and Team Velocity Partner to Drive Innovative Marketing Solutions for Auto Dealers
Equifax (NYSE: EFX) has partnered with Team Velocity Marketing to launch a subscription marketing service targeting automotive dealers. This service, known as Qualified Customer, uses Equifax's data to find credit-qualified individuals ready to purchase vehicles. Amid ongoing chip shortages affecting supply, this partnership aims to enhance dealers' ability to identify potential buyers, improving sales conversions with an ROI of 26:1. The service is designed for compliance with Fair Credit Reporting Act guidelines, enabling targeted marketing across multiple channels.
- Launch of Qualified Customer service aimed at enhancing automotive dealer marketing.
- Utilizes Equifax's differentiated data to identify credit-qualified buyers.
- Expected ROI of 26:1 for dealers using the service.
- None.
ATLANTA and STERLING, Va., March 11, 2022 /PRNewswire/ -- Equifax® (NYSE: EFX) and Team Velocity Marketing, a Data Driven Holdings company (DDH), have partnered to deliver an innovative new subscription marketing service for automotive dealers through Team Velocity's recently launched Qualified Customer offering. Using anonymized Equifax differentiated data assets, Team Velocity has developed a proprietary propensity score to identify and target "perfect-time" shoppers – the individuals who are credit-qualified and most likely to buy a vehicle now.
With chip shortages impacting automotive inventory supply for the second year in a row, competition is higher than ever for dealers to find the right shoppers who are ready to transact and can afford a vehicle. Team Velocity utilizes lease-end insight and information to best identify consumers who are most likely to transact next, helping dealers deliver offers and drive sales conversion to prospective buyers with an average return on investment (ROI) of 26:1.
As a sales agent for Equifax authorized to fulfill end-to-end prescreen programs, Qualified Customer can help dealers target and market to individuals who meet a variety of credit and financial requirements, including prospects with current or past automotive loans and leases in accordance with Fair Credit Reporting Act (FCRA) guidelines. The new subscription service enables dealers to target consumers in their geographic area with an offer across mail, email and online channels.
"Equifax has built its business with the understanding that more data powers better decisions. The company's differentiated data assets and extensive geographic coverage is invaluable to our dealers in a post-COVID sales environment," said William Reilly, Chief Operating Officer of Team Velocity. "Our campaign distribution combined with the power of the Equifax data has generated tremendous ROI for our customers."
"In 2021, our Qualified Customer programs with dealer customers not only helped increase ROI, but also helped improve inventory through trade-ins. By expanding our cross-media off lease and trade cycle strategy using Equifax data, we expect to build upon our success," remarked Scott Fletcher, partner at Team Velocity and founder of Qualified Customer.
"Equifax has a long history and tradition of working with our automotive partners to develop innovative solutions for the industry. We are proud to bring our unique and differentiated data assets to help dealers more efficiently market to in-market consumers and drive sales," said Lena Bourgeois, General Manager of Equifax Automotive Services from Equifax. "We are looking forward to helping Team Velocity bring this next iteration of omnichannel targeting to market with Qualified Customer."
Qualified Customer is available now. To learn more about this new subscription marketing service for auto dealers, view this video or visit thequalifiedcustomer.com. You can also visit booth #3507W at the NADA Expo 2022 on March 11-13, 2022.
ABOUT TEAM VELOCITY®
Team Velocity® is revolutionizing the automotive industry with cutting-edge technology to help dealers sell and service more cars. Made by dealers, for dealers, we serve our clients with a technology platform that empowers them to execute intelligent marketing across online and offline channels. We aim to deliver a frictionless consumer experience, from the initial engagement to a final transaction. For more information, visit www.teamvelocitymarketing.com.
ABOUT EQUIFAX
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 13,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.
FOR MORE INFORMATION
Kate Walker for Equifax
mediainquiries@equifax.com
Scott Fletcher for Qualified Customer
fletch@thequalifiedcustomer.com
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SOURCE Equifax Inc.
FAQ
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