We're continuing our closer look at our new eBook, "Special Finance Quick Start," this week with a peek at the checklist we've developed with DealerStrong for reviewing your operation's process.

Read through this list to see if your process is optimized for SF demand. The more elements you can check off, the better off your store is.

• Dedicated staff to work with SF consumers
• Tools to support consistent follow up: ILM or CRM; email marketing
• Focused on selling the appointment before selling the car
• Waiting to pull credit until the consumer is in front of you.

If you're not where you want to be, at least you'll know where you are.

Sound like something you'd like to take a closer look at? Download the new eBook here!

We're continuing our closer look at our new eBook, "Special Finance Quick Start," this week with a peek at the checklist we've developed with DealerStrong for reviewing your operation's process.

Read through this list to see if your process is optimized for SF demand. The more elements you can check off, the better off your store is.

• Dedicated staff to work with SF consumers
• Tools to support consistent follow up: ILM or CRM; email marketing
• Focused on selling the appointment before selling the car
• Waiting to pull credit until the consumer is in front of you.

If you're not where you want to be, at least you'll know where you are.

Sound like something you'd like to take a closer look at? Download the new eBook here!

We've collaborated with the executives at DealerStrong to put together a new eBook for you about working in Special Finance, all with the goal of helping you to SELL MORE CARS!®

The guide will walk you through the three pillars of a successful special finance (SF) operation to get you off to a fast start. The pillars are:

• Lending
• Inventory
• Process

We'll also take a look at what you can expect when you sign up for finance leads, as well as what a kickoff consulting session from DealerStrong looks like. And each pillar comes with a handy-dandy checklist for you to review your operation and check your progress.

If you're not where you want to be, at least you'll know where you are.

Sound like something you'd like to check out? Download the new eBook here!

We've collaborated with the executives at DealerStrong to put together a new eBook for you about working in Special Finance, all with the goal of helping you to SELL MORE CARS!®

The guide will walk you through the three pillars of a successful special finance (SF) operation to get you off to a fast start. The pillars are:

• Lending
• Inventory
• Process

We'll also take a look at what you can expect when you sign up for finance leads, as well as what a kickoff consulting session from DealerStrong looks like. And each pillar comes with a handy-dandy checklist for you to review your operation and check your progress.

If you're not where you want to be, at least you'll know where you are.

Sound like something you'd like to check out? Download the new eBook here!

If you're just joining us, we're still working our way down the list of the Top 5 Best Practices for Following Up on leads at your dealership. So far we've covered #1, "Make Contact Quickly", and #2, "Sell the Appointment." Today we're taking a closer look at best practice #3, "Don't Pull Credit First."

We know you want to winnow your leads to find the best ones, especially if you've got a lot coming in from your OEM, your website, and any 3rd party lead providers you've signed up with.

We get that. But...

The problem comes when dealers pull credit in order to cherry-pick -- meaning that they don't even talk to some prospects who are ready to buy because those consumers don't fit a specific profile. Don't be tempted to take that shortcut. Get them in the door. 

If you conduct that financial interview in person, not only are they already on your lot and more likely to fall in love with a car, but you will discover cosigners and down payments that are not reflected on the credit application.  You will get a better picture of their work history and other important details that will factor in to your ability to get a deal done. 

Couple that with the fact that you're more likely to tick them off if you pull credit before you've talked to them, and it just makes sense to wait.  (We covered some of the legal and other implications involved in our April post, "Consumer Consent and You -- When Should You Pull Credit?", if you want to take examine that piece of it. )

How does your operation manage their consumer information? When does the credit pull happen in your process? Examine your process to determine whether it's working for you...and if it's not, make a change. 

Which is a great segue into our next topic, Best Practice #4, "Work Your Process."

If you're just joining us, we're still working our way down the list of the Top 5 Best Practices for Following Up on leads at your dealership. So far we've covered #1, "Make Contact Quickly", and #2, "Sell the Appointment." Today we're taking a closer look at best practice #3, "Don't Pull Credit First."

We know you want to winnow your leads to find the best ones, especially if you've got a lot coming in from your OEM, your website, and any 3rd party lead providers you've signed up with.

We get that. But...

The problem comes when dealers pull credit in order to cherry-pick -- meaning that they don't even talk to some prospects who are ready to buy because those consumers don't fit a specific profile. Don't be tempted to take that shortcut. Get them in the door. 

If you conduct that financial interview in person, not only are they already on your lot and more likely to fall in love with a car, but you will discover cosigners and down payments that are not reflected on the credit application.  You will get a better picture of their work history and other important details that will factor in to your ability to get a deal done. 

Couple that with the fact that you're more likely to tick them off if you pull credit before you've talked to them, and it just makes sense to wait.  (We covered some of the legal and other implications involved in our April post, "Consumer Consent and You -- When Should You Pull Credit?", if you want to take examine that piece of it. )

How does your operation manage their consumer information? When does the credit pull happen in your process? Examine your process to determine whether it's working for you...and if it's not, make a change. 

Which is a great segue into our next topic, Best Practice #4, "Work Your Process."

If you work in a car dealership, you are privy to some of the most sensitive information about person's life. Where do they live? How much money do they make? How long have they been employed?

And the biggie: what is their social security number (SSN)?

Imagine yourself in their shoes. Wouldn't it concern you a little bit to have someone else know that much about you? 

There's an easy way to repay their trust: handle their personal information as if it were your own. It's as simple as that.

Whether it's on your computer screen or on a hard copy of a loan application, the principle is the same. Lock it down when you're not using it and destroy it when you're done. 

Looking for more on this topic?

Download our free eBook, "7 Best Practices for Protecting Consumer Privacy". It will help you review your current process and makes recommendations for ways you can improve your data handling -- all with an eye to avoiding a violation of the Red Flags Rule and a run-in with the FTC. 

We think you'll find it useful -- and it's just another way we're working every day to give you the right information to you help you SELL MORE CARS!®

Got questions? Feel free to drop us a line. 

If you work in a car dealership, you are privy to some of the most sensitive information about person's life. Where do they live? How much money do they make? How long have they been employed?

And the biggie: what is their social security number (SSN)?

Imagine yourself in their shoes. Wouldn't it concern you a little bit to have someone else know that much about you? 

There's an easy way to repay their trust: handle their personal information as if it were your own. It's as simple as that.

Whether it's on your computer screen or on a hard copy of a loan application, the principle is the same. Lock it down when you're not using it and destroy it when you're done. 

Looking for more on this topic?

Download our free eBook, "7 Best Practices for Protecting Consumer Privacy". It will help you review your current process and makes recommendations for ways you can improve your data handling -- all with an eye to avoiding a violation of the Red Flags Rule and a run-in with the FTC. 

We think you'll find it useful -- and it's just another way we're working every day to give you the right information to you help you SELL MORE CARS!®

Got questions? Feel free to drop us a line. 

It's always interesting to see what the latest numbers from Experian have to say about how the automotive finance market is doing, and Tuesday's presentation was no exception.

Here's a great quote from the recap on SubPrimeNews.com:

"During the first quarter of 2012, car shoppers definitely found more favorable conditions for their vehicle loans," said Melinda Zabritski, director of automotive credit for Experian. "A reduction in average credit scores, lower interest rates and a lengthening of loan terms are all very good signs for the market and offer great opportunities for consumers looking to make a deal on a new or used vehicle."

That just about sums it up.

Some other highlights:

• Year-over-year (YOY), the overall risk distribution of auto loans shows a 5.9% increase in Subprime, bringing the total percentage of open loans for the Nonprime, Subprime and Deep Subprime segments to 44.38%
  • In new vehicles, Q12012 Subprime was up 11.4% YOY vs. Q12011
  • In used, Q12012 Subprime was up 4.04% YOY compared to  Q12011
• Banks in particular are taking more subprime: up 21.22% YOY in Q12012 vs. Q12011
• Average credit scores in new and used financing continue to decrease
• Finance amounts for new and used increasing

[For access to the full presentation and recording, visit Experian Automotive's webinar page here.]

We're really excited for what this means for both the consumers who apply for loans through our network of websites and for our partners in the Carloan.com Dealer Network. They both look to be getting ready for a fantastic summer of car buying.

In the meantime -  if you want to see how special finance might fit in at your store - check out our Volume Estimator to see what we have available in your market or hit us up with your questions on Twitter using our handle @carloanco. Look forward to hearing from you!

It's always interesting to see what the latest numbers from Experian have to say about how the automotive finance market is doing, and Tuesday's presentation was no exception.

Here's a great quote from the recap on SubPrimeNews.com:

"During the first quarter of 2012, car shoppers definitely found more favorable conditions for their vehicle loans," said Melinda Zabritski, director of automotive credit for Experian. "A reduction in average credit scores, lower interest rates and a lengthening of loan terms are all very good signs for the market and offer great opportunities for consumers looking to make a deal on a new or used vehicle."

That just about sums it up.

Some other highlights:

• Year-over-year (YOY), the overall risk distribution of auto loans shows a 5.9% increase in Subprime, bringing the total percentage of open loans for the Nonprime, Subprime and Deep Subprime segments to 44.38%
  • In new vehicles, Q12012 Subprime was up 11.4% YOY vs. Q12011
  • In used, Q12012 Subprime was up 4.04% YOY compared to  Q12011
• Banks in particular are taking more subprime: up 21.22% YOY in Q12012 vs. Q12011
• Average credit scores in new and used financing continue to decrease
• Finance amounts for new and used increasing

[For access to the full presentation and recording, visit Experian Automotive's webinar page here.]

We're really excited for what this means for both the consumers who apply for loans through our network of websites and for our partners in the Carloan.com Dealer Network. They both look to be getting ready for a fantastic summer of car buying.

In the meantime -  if you want to see how special finance might fit in at your store - check out our Volume Estimator to see what we have available in your market or hit us up with your questions on Twitter using our handle @carloanco. Look forward to hearing from you!