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Language Translation Next Step in TCF and Revenue Generation, say Megdap

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Language translation of marketing materials and legal documents can provide benefits for lenders and dealers according to language technology experts Megdap.

Not only does it help to treat customers fairly, dealers could be missing out on additional revenue from sales due to potential customers dropping off at the point of entry, according to Meghashyam Karanam, CEO at Megdap, whose platform Texlang has helped businesses all over the world.

“It’s important that both dealers and lenders in the automotive space connect to customers in a language they understand,” said Meghashyam, a former Microsoft marketer.

Communication and interaction with consumers comes in many forms, from marketing emails, websites, social media, to legal documentation.  Dealers, lenders, brokers and insurers need to justify that a product or sale is in the best interests of the consumer.

“This can prove problematic if the consumer is not a native English speaker.  This grey area around what is and isn’t understood is removed by delivering documents in their native language” said Meghashyam, who will be speaking at DealTrak’s F&I Conference and Awards in Leeds on October 18th.

The benefits of language translation are not just regulatory.  There are more tangible benefits to dealers through increasing revenue through sales.

“Car purchasing is largely about trust, particularly when dealing with financial and other sensitive information.  To build trust, inventory, products and promotions all need to be in the consumers native language.  This also makes the buyer’s experience much easier and more fluid.  Removing barriers to purchase is the aim of any sales function” added Meghashyam.

“The onus for much of the legal documentation rests with the lenders themselves.  It would take a long time and would be logistically very difficult for dealers to translate the documentation at the point of purchase.  Lenders are taking the lead with this and that is welcomed.

“However, more could be done across the industry to ensure there is no ambiguity at any stage of the sales process.  This is the aim of the industry and we are delighted to be part of that.”

Hear more from Pradeep and his team at Megdap at the DealTrak F&I Conference and Awards on October 18th at New Dock Hall, Leeds.

There are only a few spaces left – to book your place, please visit www.fandiconference.co.uk

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