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Matching Leads, Lenders, & Inventory
Believe it or not, the majority of Special Finance Leads purchased or acquired never even get worked into an appointment because they don’t fit the “ideal” criteria. What a waste!
Ultimately, in order to maximize success with Special Finance Leads you must either procure the type of lead that matches your lenders and inventory, or adjust your lenders and inventory to match your existing leads. For example, if you only have units out on the lot with book values over $10,000 you wouldn’t want to procure a Special Finance Lead with an income of $1500. If your Special Finance lenders only buy deals that have applicant credit scores over 480 it wouldn’t make sense to procure Special Finance Leads with scores under 480…..and so on. With that said, if you really want to maximize your opportunity in the marketplace I recommend that you set yourself up to be successful with as many credit types as possible.
*Remember, there are lenders available that have solutions to almost any credit scenario. It is imperative to partner with the right lenders to advance your business.
*While Dealers tend to focus on buying inventory that is marketable and saleable, in order to accelerate in Special Finance, Dealers must also focus on buying inventory that is financeable with their Special Finance lenders as well as their Special Finance leads
Speed & Consistency
If it takes you more than 15 minutes to respond to a Special Finance Lead, you are not going to be able to maximize your opportunity…period!
With that said, if you are purchasing a Special Finance Lead from a company that deliverers the lead to you 24-48 hours after the customer has filled out their application…you are already fighting a losing battle. Could you image going to a website, filling out a credit application, being all excited, only to not hear anything for two days? On top of it you get a message stating “Your Approved” from some local Dealership. My guess is your response would be less than enthusiastic…
If you want to sell more cars you need to schedule more appointments. If you want to schedule more appointments you need to contact more leads. Every Special Finance Lead should receive a strategic and personalized email, text, and phone call where permitted.
Industry benchmarks are for every 10 Special Finance leads you should contact 7 applicants, schedule 5 appointments, get 3 applicants to show, sell and deliver 1 vehicle. These benchmarks can and have been surpassed by Dealers that have processes that yield the speed and consistency necessary.
Contacts to Appointments
It has been said that the goal of the phone call is to set an appointment. I disagree. It does not do any good to set appointments that do not show.
So why do customers not show for their appointments?
1: The customers did not believe you are going to help them. (No Credibility) After all, they heard they were “approved” from other dealers that didn’t help them…
2: The customer is not excited to show. (No Curiosity) After all, most dealers discuss so many details (vehicle, down payment, payment) over the phone there is nothing left to be discovered at the Store…
3: The customer never took the appointment seriously. (No Commitment) After all, many dealers never set specific appointment times like 2:10pm or 4:40pm, while other dealers ask for way too many STIPS.
Selling the appointment is the key to improving show ratios, and in order to sell the appointment, increase your show ratio, and maximize success with Special Finance Leads it is imperative that you complete the 3 C’s of a successful call.
1: Create credibility so your customer believes you can help them.
2: Create curiosity so that your customer is excited to show up for their appointment.
3: Create commitment for a specific appointment time with minimal STIPS.
Managing Customer Expectations
Questions can and will come up during the call, and how you respond to those questions could change the whole trajectory of the deal. Below are three common questions that come up, along with recommended responses:
1: What will I need for down payment?
Great question! One of the things that separates us here at _________ is we want to set you up for success. We want to get your credit working for you rather than against you. Therefore, we are going to do our best to work with whatever you have available. Keep in mind that the more cash down and/or trade equity you have, the more options that will be available to you.
2: What will my payment be?
Great question! One of the things that separates us here at _________ is we want to set you up for success. We want you to enjoy a newer nicer vehicle and an affordable payment. We want to see your credit working for you rather than against you. Therefore, when you come in, we are going to have a conversation about what you can afford, and that’s all we are going to work with.
3: What will my interest rate be?
Great question! One of the things that separates us here at _________ is we want to set you up for success. We want to get your credit working for you rather than against you. Unlike other dealerships, we do not have one set rate. In fact, we aim to provide you with choices. When you come in, you’ll select a vehicle, we’ll spend a few minutes gathering a little more information, the lenders will review the documents your bringing in, and I will be able to show you exactly how you can secure financing and drive home in your new vehicle.
Special Finance leads are money in the bank when you have the right systems and processes in place. To accelerate your success with Special Finance Leads:
Cornerstone Dealer Development, LLC
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