-
Creditor Insurances- Dealer Plan Financing
- Extended Warranties
- Non-Prime Financing
- Vehicle Protection Products
- Floor Plan Financing
- Road Hazard Warranties
- DMS Providers
- GAP Programs
- F & I Software
- Theft Deterrent Systems
- Menu Software
- Roadside Assistance Program
- Internet Solution Providers
- Nitrogen Programs
- Tracking Systems
- Accessories
- Presentation Videos & Tools
- Vehicle Insurance Carriers
-
Manufacturer Warranty
Refund Programs 
Why the Sales
Process needs to be different:
Let’s review a generally accepted sales
process as it exits today in modern sales
departments:
1. Meeting &
Welcoming
2. Counseling /
Qualifying
3. Vehicle
Selection
4. Vehicle
Presentation
5. Vehicle
Demonstration
6. Facility
Tour
7. Payment Based Financial
Proposal
8. Closing /
Negotiations
9. Turn Over to Financial
Services Office
10. Delivery & Follow
Up
It stands to reason that we need to
understand why this sales process might not be as productive as we
would like it to be when dealing with Non-Prime
prospects. If for
example, a credit challenged customer were led through this
process, they may be led into a vehicle that was out of their
payment range fueling false expectations or unfortunately, be
declined for credit.
The following represents the BEST
PRACTICES on how to deal with a Non-Prime
customer:
1. Meeting and
Welcoming
2. Qualifying
3. Credit Bureau Inquiry &/or Credit Counseling
4. Payment Call
5. Structuring the Deal
6. Vehicle Selection
7. Vehicle Presentation & Demonstration
8. Secure the Deal & After Market Products
9. Delivery
10. Follow up
It is crucial then to identify a Non-Prime customer as quickly as possible. A successful Non-Prime department cannot run autonomously but requires the assistance and understanding from all employees of the dealership including the receptionist and merchandising coordinator.
Identifying a Non-Prime custmer as quickly as possible is essential for improving results. Offering a 'PRE-APPROVAL' service for your customers is the easiest way to flush out a potentially credit challenged customer. Once identified, a credit application should be completed and a credit report should be pulled to develop a submission to a Non-Prime lender. A Non-Prime lender has an appetite for an individual who is past the through of their credit woes and are still not having difficulty managing their current obligations. This is were a knowledgeable Business Manager can make a huge difference; probing a customer's credit history and looking for resovle will allow for more deals to be approved. Reviewing a customer's credit history with them manages their expectations because you can build a brighter picture of their future if they elect to go with your solution. Most customers are told that they don't qualify for a Prime loan and are not shown why. This strategy will yield a higher customer acceptance of a higher interest rate solution.
2. Qualifying
3. Credit Bureau Inquiry &/or Credit Counseling
4. Payment Call
5. Structuring the Deal
6. Vehicle Selection
7. Vehicle Presentation & Demonstration
8. Secure the Deal & After Market Products
9. Delivery
10. Follow up
It is crucial then to identify a Non-Prime customer as quickly as possible. A successful Non-Prime department cannot run autonomously but requires the assistance and understanding from all employees of the dealership including the receptionist and merchandising coordinator.
Identifying a Non-Prime custmer as quickly as possible is essential for improving results. Offering a 'PRE-APPROVAL' service for your customers is the easiest way to flush out a potentially credit challenged customer. Once identified, a credit application should be completed and a credit report should be pulled to develop a submission to a Non-Prime lender. A Non-Prime lender has an appetite for an individual who is past the through of their credit woes and are still not having difficulty managing their current obligations. This is were a knowledgeable Business Manager can make a huge difference; probing a customer's credit history and looking for resovle will allow for more deals to be approved. Reviewing a customer's credit history with them manages their expectations because you can build a brighter picture of their future if they elect to go with your solution. Most customers are told that they don't qualify for a Prime loan and are not shown why. This strategy will yield a higher customer acceptance of a higher interest rate solution.
Once a payment call has been secured, a
deal needs to be structured in a way to find a vehicle that will
'book-out' under the advance limits of the lender while falling
with the maximum payment the customer has been approved for. Most
Business Managers will offer the customer a choice of vehicles and
then proceed to present and demonstrate their vehicle of
choice.
Most customers will be quite willing to
register an extended warranty and some form of payment protection
in order not to have any circumstances arise that may impede their
ability to maintain their newly established
credit.
Non-Prime customers are
very loyal and will be the first to send you referrals. They
are also likely repeat customers as most step out of their initial
solution for another vehicle within 3 years. Change your process
and you'll get more deals approved and more deals
delivered.
For more information about developing
your Non-Prime initiatives, contact Hector Bosotti, National
Trainer & Consultant for Wye Managemenet at hbosotti@wyemanagement.com .
