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Contain BHPH Delinquencies with Multiple Follow-Ups

Simone Somekh

May 6, 2024

Buy Here, Pay Here car dealerships need to reach all of their active customers frequently and effectively. Conversational AI can help them do so in a scalable and cost-effective way.

Artificial intelligence is transforming the way car dealerships communicate with borrowers. Thanks to the use of interactive virtual assistants, dealerships are now able to automate intelligent, two-way conversations over multiple channels—voice text, email, and chat. This technology is emerging as a game-changer thanks to its cost-effective and scalable nature.

Based on data from our customers, we have seen that connectivity for a given set of accounts increases proportionally with retries. In other words, to boost connectivity, you should perform multiple follow-ups using Conversational AI.

Connectivity tends to peak at around 5 retries. The frequency and spacing of the retries can be programmed in compliance with TCPA requirements and state regulations.

The graphic below from a collection agency shows that, with 5 retries, the connectivity rate doubles.

Here are our tips to maximize your connectivity performance and boost revenue recovery:

  1. Perform at least 5 contact retries per campaign, in compliance with federal and state regulations.
  2. Leverage multiple communication channels, all automated with AI: phone calls, SMS, email, and chat.

Curious to learn more about how Conversational AI can enhance your collections strategy? Book a free demo with one of our experts.


Resources

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