When lenders go online to purchase auto loan leads, they have to choose between numbers of options to decide on which leads they should buy. The common lead types include direct mail and exclusive leads. These are explained in detail below:
The direct mail leads are the cheapest form of leads available with the lead generation portals. These leads only include the email address of the consumer and usually are sold at a price per lead varying from 60 cents and 95 cents. The leads which are rented or are sold to multiple lending institutions over time are sold at even less cost. These leads can be used by sending an email blast to the whole list. The mail can include the best loan offers provided by the dealership or can provide a link to the lender’s website. The response rate of these leads is low but the conversion rate of the responses is quite high.
The exclusive auto loan leads, as their name suggests, are the leads sold exclusively to a single lender. These are usually one of the costliest leads because of their exclusive nature and also because they contain specific information regarding the consumer. For example, some of exclusive leads include credit report of the consumer, income, loan amount preferred etc. This knowledge can be used to provide them with the best offer. Because of the aforementioned benefits that the leads carry, the conversion rate of these leads is quite high. Moreover, as a single lender gets to talk with all the leads, chances are that most of the leads can be converted easily.
Tags: Auto Loan Leads