Making Special Finance Score
Some dealerships have the Internet department work in concert with the Special Finance department. When this relationship exists it is very easy to fall into the cherry-picking trap. You will recognize this as obtaining the customer’s permission to pull their credit before they come in to the dealership. While it may seem like a good idea to pre- qualify your prospects, this screening practice actually does a disservice to your customers and the dealership. If a little knowledge can be a dangerous thing, it certainly applies here. If you know the score before you know your customer, you limit the possibilities for everyone.
From the Web . . .
The mission of your Website is to create interest in your dealership. The burning desire to own occurs when the customer can see, touch, sit in and drive the their vehicle of choice. If you depend on the Web to sell, all you have is price. The value of the vehicle is as shallow as the screen shot.
If the Web creates interest, it will generate contact. The next step is to get the customer into the showroom where you can conduct a true interactive interview to help the customer find a vehicle that satisfies their needs and fits their budget.
With the customer in the dealership, the urgency factor fully engages for customer and sales consultant alike. Eye-to-eye interaction makes the possible achievable. It is this extra effort that is lacking when a customer is cut loose based on a credit score without the benefit of a proper interview and demo.
To the Store . . .
Top-performing special finance departments maximize all their opportunities, regardless of the source. Whether it’s over the phone or over the Web, you have to get your prospects into the store to make the special finance score. There are no shortcuts to a special finance deal. Forget about the dream machine. Demo the real deal the customer needs and can afford.
Are there times when the customer will have a large cash investment towards their transportation? Of course there are-but they are rare. Most of your customers will have a small down payment and a low credit score. Many of them have survived some difficult times and are in need of dependable transportation to get to and from work. It is important to remember the customer’s situation is fluid and will likely change. This purchase, this lender, and these terms are all very temporary. They will look to improve their credit score and their future buying opportunities.
For a Winning Score…
The objective is to provide the credit-challenged customer with a fresh start. The success of the special finance department is largely a matter of attitude. Positive thoughts cause positive actions. Positive actions create sales opportunities, foster an environment in which the customer will return for additional purchases and refer the dealership to others in the interim.
Dealer Marketing Magazine, October 2005, p. 16