Identity & Insurance Verification

Identity & Insurance Verification is a pain, but only if you are currently doing it the way that is needed. Gather removes that pain but are dealers really even caring? I mean, the odds are decent that if you just accept an insurance card and drivers license at face value then odds are good you will be fine, right? It's those stupid situations where the insurance is not valid or even worse the person is not who they say they are that makes Gather necessary. Those situations are increasing by the way. Of course having the insurance transferred to the new vehicle under the proper level of coverage is a rather large added benefit as well but let's drill in on just the initial process.

On the insurance side we know that dealers are pretty loose on insurance verification until the deal is done and the car is ready to leave. Then it gets serious. Dealers vary on what they do next with high line stores, rarely willing to take the risk where mid line dealerships vary. (The Gather Guarantee helps here)

On the identity i.e. drivers license side it is even worse. In a survey recently done by 700 Credit with dealerships this is what they found.

Around 20% said they did not know what the process was.

14% said there is no formal process and it is just done the same way as always

6% said they don't have time to make a process

5% said they do not see the importance of having a process

Of those who said they do have a process, 52% are only making a photo copy of the license

Roughly half said they only follow that process half the time

19% use a scanner to digitize the license to load into the deal jacket but with no verification (basically an electronic copy)

.6% scan the license and compare against the DMV (even then a serious fraudster can get around this having stolen the name and license number)

One third of the respondents say they see anywhere from 5 to 15 fraudulent attempts per month (that they know of)

And we wonder why fraud losses in automotive topped over 1 Billion last year. Gather makes the process WAY EASIER and protects against insurance and identity fraud.

It takes about 10 minutes to learn about Gather. Please let me know if you can fit us in.

Simply message me on LinkedIn or email ken@gather.technology

#identityverification #insuranceverification #insurancetransfer #GatherGuarantee

#automotive #dealerships