How do pick a special finance lead vendor to provide you with quality finance leads? What is a fair cost per lead?

Tracy Gell

Our special finance department gets good traffic but is looking for some more quality leads monthly to consistently hit their objectives. How do you pick a good finance lead provider from so many vendors? What is a fair per lead price to pay for quality leads that are not being sold/sent to a variety of dealers? Any tips or feedback is welcome.

Thanks,

Tracy

mark rask

We had good success with promax.......very labor intensive though

Tracy Gell

Thanks Mark. When you say labor intensive do you mean policing duplicate or bad leads? Are you all still using Promax?

 

Amanda Gordon

Great question Tracy. We have used several sources and all seems to be true as far as the labor intensive part is concerned. Job and income verification is hit or miss, apt show rates are certainly skewed and money down is always fun. Try out Auto Friend Leads, you can set your own criteria and they call and confirm validity prior to sending your team the lead.

AG

 

Elle Amadeus

I believe your dealership should be able to handle Special Finance.

I also believe your dealership shouldn't actively seek it.

Very labor intensive.

Mostly because Special Finance types have very difficult to prove income and other challenges.

Getting approvals through lenders like Westlake is the easy part.

It's what's required that makes it challenging.

Large Lender fees that can be as much as $3,000 or more ( need to add it to the price).

20%-30% or more down (customer doesn't have it).

Proof of Income (customer doesn't have it or works for Uber/Lyft)

Proof of Residence (sometimes challenging)

10 References (easy)

Insurance (sometimes easy, sometimes not at all).

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