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Jared Hamilton
From: Jared Hamilton
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Amy Taggart

Amy Taggart Marketing Manager

Exclusive Blog Posts

What People Are Looking For In An Auto Repair Shop

What People Are Looking For In An Auto Repair Shop

Those who have been involved in some sort of accident have the next step of finding an auto repair shop. These shops are not all created equal as some are …

One Price Selling – What Are You Waiting For?

One Price Selling – What Are You Waiting For?

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What Is Your Chemistry With Women Buyers?

What Is Your Chemistry With Women Buyers?

Wow, its December. Last month of the year. Now is the perfect time to begin to reflect on the customer processes, engagement and strategies you have in pla…

Want to Advance in Business? Here are a Few Ways to Stay on Top of Your Game

Want to Advance in Business? Here are a Few Ways to Stay on Top of Your Game

If it’s time for you to take the next steps in your career, there are some tried-and-true methods that can ensure your success. All business professi…

BDC training for 2017

BDC training for 2017

  We have a service and sales bdc team for each of our stores. One is a Hyundai store and the other is a Chevrolet store. We have Three sales Bus…

Lenders Approving More Auto Loans for Special Finance - Are You Taking Advantage?

Checking out data from CNW that came out last week -- they've got tons of data going back years and years, it's amazing.

There's one report in particular that caught my eye: "Approval Rates by FICO"  - document 1483 for those keeping score at home. Wish I could share it with you, but you have to subscribe to get the insider info. (Maybe Art Spinella will give us some sound bites in the coming weeks.)

What this Excel spreadsheet shows is the absolute destruction of the loan approval rate for the subprime segment  -- from a height of 46.29% in August 2006 to the crushing low of 4.16% in December of '08. The numbers are reflective of what we know, which is that lenders voted with their feet when it came to financing a car for anyone with a score below 620.

Fortunately, there's been a slow climb back up since then...all the way to a whopping 8.92% approval rate for car loan applications in the subprime category for September 2011.  The rate slid a little during Q3 from some months over 10% in Q2, but that 8.92% for last month is still a 28.9% increase over September 2010.

What does that mean for us, who cater to the consumers who fit that profile?

Lenders are still cautious about lending to anyone who qualifies for special financing. But they're dipping their toes back in the water and finding the temperature more and more to their liking.

My question to you is: what are you doing to take advantage of the lenders who are wholeheartedly getting their feet wet?

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