Car Loans Canada: Enhancing Loan Application Process with Chatbot-Powered Ads

Car Loans Canada is the oldest and top-rated online car loan service in Canada. Trusted by Canadians for over a decade, the company specializes in pairing applicants with dealerships based on their unique needs and financing requirements. As a financial technology company, Car Loans Canada is always on the lookout for innovative solutions to improve its services and enhance customer experience. The company's commitment to leveraging technology to meet customer needs is evident in its recent adoption of chatbot-powered ads to streamline the loan application process.

Car Loans Canada, a leading online automotive financing company, was facing the challenge of generating high-quality loan applicants in a cost-efficient manner. The company was seeking an effective ad objective that would not only raise brand awareness but also reduce the cost to acquire leads. The traditional method of acquiring leads through website forms was not yielding the desired results, with conversion rates hovering between 5-8%. The company was also grappling with a high cost per applicant (CPA) of $45 on average. The challenge was to find a solution that would streamline the application process, increase conversion rates, and reduce the CPA.

To address these challenges, Car Loans Canada decided to leverage Facebook ad technologies and the power of AI. The company tested Facebook ads that click to Messenger, where an automated chatbot, built using Customers.ai, would assist applicants in completing the loan application. The chatbot was designed to ask the same application questions as the website form, but with 5% fewer questions, thanks to the leads already being qualified by Facebook ad targeting, including location. The chatbot also received standard system info about every lead from the click-to-Messenger ad, further streamlining the application process. This innovative approach combined the power of targeted advertising with the efficiency and interactivity of a chatbot, creating a more engaging and efficient application process for potential loan applicants.

• The implementation of the chatbot-powered ads proved to be a game-changer for Car Loans Canada. The interactive and conversational nature of the chatbot made the application process more engaging for potential applicants, leading to a significant increase in conversions. The company saw a dramatic increase in conversions completed via the interactive Customers.ai bot compared to traditional website ad landing pages. An impressive 25% of leads from the Customers.ai chatbot converted, marking a 75% increase in conversions. Furthermore, the use of targeted Facebook ads and the chatbot's ability to qualify leads and gather user data resulted in a more efficient application process, significantly reducing the CPA to an average of $25.

• 44% decrease in Cost Per Applicant (CPA)

• 75% increase in conversion rate

• 2.3X Return on Ad Spend (ROAS)