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2011 Auto Finance Survey Results Published – Special Finance Segment Growing
Auto Dealer Monthly published the results of their field survey this week, and it’s more evidence that the great automotive subprime numbers we’ve been reading about in the paper are being seen in the street. We’ve been seeing it on our side too, with a jump in the number of people applying for car loans through our sites.
The article has a great chart that gives a five-year overview of Special Finance activity for both franchises and independents. You can see the dip for the recession and see how the numbers are recovering, particularly in the grosses.
Here’s my favorite part of the article:
Over the last three months, compared to the same period in 2010, 55.5 percent of franchise dealers said their subprime credit volume is better or much better, and 30.1 percent said it’s about the same. Among independents, 75 percent said their subprime credit volume is better or much better. This indicates the subprime market is growing and is wide open for those who know how to capitalize on it. (my emphasis)
Straight from the horse’s mouth, since it was the dealers themselves who responded to the survey.
Why do I like to see that?
It means that the members of the Carloan.com Dealer Network are going to continue to get the volume of finance leads they’re looking for to help them sell more cars. Couple that with the start of tax season, and Q1 2012 looks to be a great time to get involved with special finance.
Not a member of the Network yet? Check out our FREE Volume Estimator to see what we have available in your area.