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Special Finance Leads Homework for NADA 2012
No doubt you’ve seen the recent news about a resurgence of auto lending to sub-prime car buyers. Everyone from credit bureaus to banks to trade associations are reporting higher car sales to special finance consumers. We hear it every day too as more and more dealers inquire about returning or even starting secondary departments for the first time.
Whether you’re returning or entering special finance, it’s important to understand recent trends, particularly when it comes to third party auto sales leads.
There’s much that has changed within the past three years while you’ve been away. Some activities are even more critical than ever.
Online consumer behaviors are evolving.
Online car loan applicants are more trusting of the web today than four years ago. We’ve seen duplicate applications increase as consumers shop interest rates, get price quotes, and look at inventory. Consumers expect you to compete for their business, even in the sub-prime space. Prepare your sales process accordingly.
Selling Process is everything.
More than likely, a consumer is talking to your competition too. They’ve inquired about inventory from a classified site, completed an application with a local bank, and completed a car loan application online too. They’re buying and want it now. Your special finance process needs to match the consumer’s urgency and be persistent. Dealers who respond to leads quickly often are the ones who close the sale.
Where do the leads come from?
Because consumers are web site hopping today much more than in the past, understanding online marketing terms such as “affiliate” and the types of leads are important. For instance “call center verified” leads are often consumers who have responded to a non-auto loan offer and are converted as an after-thought by telephone.
Probe this question with your vendors.
Know your compliance.
Online marketing technique and government regulation is evolving. Understanding and implementing compliance best practices not only reduces your legal risk but provides a better consumer experience. As always, consult your attorney on compliance practices and procedures.
We look forward to seeing you this year in Las Vegas at NADA 2012. Be sure to stop by booth 968 and meet our new sales and dealer managers. Whether you’re a current customer, new dealer, or an old friend we would love to see you. Giveaways this year include TaylorMade burners, a Amazon Kindle Fire, Super Bowl party tickets, and various other Vegas themed goodies.
Safe Travels!
Nicely written and well projected Article i have shared it on my twitter profile
Oxford Motors
Canadian Auto Group