Protecting Auto Dealerships from Identity Fraud: A Call to Action
Identity fraud is a mounting challenge for auto dealerships, threatening profitability and customer trust. A 2022 study by eLEND Solutions found that 79% of dealerships reported vehicle losses due to identity fraud in the past year. Similarly, the Federal Trade Commission revealed that nearly 80,000 vehicles were fraudulently acquired in 2023, underscoring the severity of the issue.
The High Cost of Identity Fraud in Auto Sales
While exact financial losses are difficult to quantify across the industry, the impact is undeniable. A single instance of fraud can result in tens of thousands of dollars in losses, along with intangible damage to dealership reputation. Fraudulent transactions often involve stolen or fabricated identities used to secure vehicle financing, leaving dealerships liable for unpaid loans.
This trend highlights the growing sophistication of fraud tactics, including synthetic IDs and counterfeit documentation, making robust preventive measures a necessity.
How Pacer is Fighting Back
Pacer is committed to helping dealerships combat fraud with Pacer Identity, a powerful ID verification tool tailored to the needs of auto retailers. Designed to streamline fraud detection without disrupting the sales process, Pacer Identity offers:
Real-Time Verification: Quickly scans and authenticates government-issued IDs, reducing manual checks and potential errors.
Fraud Alerts: Detects anomalies and suspicious patterns in transactions.
Seamless Integration: Fits easily into dealership workflows, whether in-store or online.
This solution empowers dealerships to catch fraud before it happens, ensuring safer, more secure transactions.
Supporting Dealers with Free Verifications
To encourage fraud prevention, Pacer is offering five free ID verifications per month to all dealerships. This initiative reflects our dedication to making advanced fraud detection tools accessible to every dealer, regardless of size.
Take Action Today
Identity fraud is a clear and present danger to the automotive retail industry, but with the right tools, dealerships can protect themselves and their customers. Pacer Identity is designed to provide peace of mind while enabling smoother, faster transactions.
Join us in the fight against fraud.
Visit Pacer.co today to claim your five free ID verifications and discover how our solutions can safeguard your business.
