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Some dealers may argue that they get special finance customers in by the dozens, but aren’t closing deals! Should they have to deal with 10 special finance visitors to get a deal or is the number more like 100?
Like everything else, it is a numbers game.
How many customers do you need to see to deliver one car and what does it cost you? Some dealers I speak to say they have too much sub-prime traffic now and don’t want to “pay” for more of it. Whether you have a ton of special finance traffic or not, if you have the right basic lenders, inventory and people in place, you can be successful in the subprime arena and keep your cost per delivery below $300.
Here are some ways for dealers to ensure success, especially when dealing with special finance customers:
Think about this quote: “Everyone will buy a car. Question is, will they buy it from you?” Are you doing enough to make sure you’re the guy?
One thing I have found in my numerous, daily conversations with dealers across the country is: You either want to do subprime or you don’t. At the end of the day, you are either all the way in or you should stay out.
Mike Gray is an auto finance marketing consultant for Carloan.com. He has helped with dealers with their marketing programs in various roles for Carloan.com since 2004. You can reach Mike at 804-521-8578 or mgrayATcarloan.com.