More efficient verifications enable faster financing
Summary
Optimizing verifications for the Michigan locations of the country’s largest “buy-here, pay-here” used car franchise
Director of Finance
Jay Lupoli
Faster verification times
From 45 minutes to seconds
Better conversion rate
50-60% with Argyle, up from 15% with previous provider
Significant savings
Argyle reduced Byrider’s verification costs by 44%
Lower risk
Argyle’s real-time data catches potential fraud more reliably than other verification methods
With Argyle, Byrider transformed its income and employment verification process, reducing average verification time from 45 minutes to seconds while saving money and improving fraud detection
Byrider, the largest “buy-here, pay-here” used car franchise in the U.S., combines vehicle sales and financing under one roof. To date, Byrider has helped one million customers secure financing and get into reliable vehicles, so they can keep their lives moving forward.
Challenge
Before Argyle, Byrider’s Michigan locations followed an income and employment verification process that was manual and time-consuming. Sales associates would ask customers to bring in physical documentation like pay stubs, bank statements, or 1099s, which the financing team would then verify manually by calling employers directly. It was a process that could take anywhere from 5 minutes (in the best of cases) to several days, with an average verification time of 45 minutes per customer.
This manual process created several challenges:
- Delays in deal completion while waiting for employer responses
- Lost sales opportunities when verification delays caused customers to leave
- Compromised staff efficiency due to time spent on manual verifications
On top of manual reviews, Byrider also ordered employment verification reports for every customer through The Work Number, but experienced only a 15% conversion rate.
Solution
After discovering Argyle through their franchise network’s “best ideas” program, Byrider’s Michigan locations implemented Argyle’s Income & Employment Verification solution, which automates verifications via direct data connections with customers’ payroll and/or employer accounts. In turn, it replaces the need for Byrider customers to bring in hard copies of their documentation.
With Argyle, Byrider benefits from:
- Instantaneous income and employment verifications
- Automated document retrievals, including paystubs and tax forms like W-2s and 1099s
- A secure doc processing fallback option for customers who choose to upload their documents rather than establish a direct data connection
- Greater operational efficiency
- Enhanced fraud prevention
- A streamlined customer experience
Critically for Byrider, the implementation process was smooth, with Argyle providing comprehensive training to all staff members and offering multiple connection options for customers, including a simple QR code system integrated into Byrider’s existing sales process.
Outcome
Dramatically reduced verification time
Byrider’s verification time per customer dropped from an average of 45 minutes to seconds, helping achieve Byrider’s goal of getting customers in a car within 2.5-3 hours.
Improved conversion rate
With Argyle, Byrider’s verification conversion rate increased from 15% to 50-60%.
Significant cost savings
Byrider experienced a 44% cost reduction using Argyle instead of The Work Number while also getting more comprehensive and timely data.
Enhanced fraud detection
The real-time nature of Argyle’s data helps Byrider prevent fraud. In one notable case, Argyle detected a customer’s termination within one business day of their termination, preventing a potentially fraudulent sale. Due to the discrepancy between The Work Number report and Argyle, Byrider opted to verify the information by contacting the customer’s employer. They were pleasantly surprised when the employer confirmed that Argyle’s real-time data accurately reflected the employment status as “terminated.”
The partnership with Argyle has positioned Byrider for continued growth, providing the scalability and efficiency the company needs to process more applications while maintaining high standards for verification and risk.
“Just like any car dealership, for Byrider to be successful, we have to close deals. That’s why having a time-saving solution like Argyle in our pocket is a huge advantage. I can’t even put into words how beneficial it is, especially as we continue to grow. It’s awesome.”
– Jay Lupoli, Director of Finance, Byrider
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