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:
- Perform at least 5 contact retries per campaign, in compliance with federal and state regulations.
- 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.
