What You Can Do for the Dealer

With the mortgage market in turmoil and rumors of how it will effect our lending institutions, most of us are seeing customer traffic flow dwindle. During times like this special finance managers, need to ask themselves “What can I do for the dealer?” not “What can the dealer do for me?”

The dealer provides us with our office, inventory, advertising and all other support systems to do our job. So, with that in mind, have we really done what it takes to move the needle in times like this? Have we been proactive?

When was the last time you pulled your sold customer files and called them just to say hello and ask them if they know anyone in the market for a vehicle? (Don’t forget to mention the bird dog you will pay them for a sold referral.)

When was the last time you pulled your sold customer files and called those who had short-term loans or whose credit should have drastically improved in the last 12 months?

When was the last time you pulled the references from your sold customer file and called to say hello, thanking them for allowing their friend to use them as a reference for the bank and offering assistance or a great deal when they are in the market for a vehicle the next time?

When was the last time you took a decline and turned it into an approval, instead of asking for a co-signer or a large down payment?

When was the last time you sent a letter to all of your unsold, approved applications?

When was the last time you asked the regular finance office for their declines? Maybe you could get something done on a lower rate, a longer term or a larger loan to value to put the deal together.

When was the last time you searched the Internet to purchase a unit you needed to sell to a selective customer, instead of saying “this is what we have for you to choose from”?

When was the last time you walked out and sat down with a customer to do a customer interview and uncover facts that allowed you to put a deal together?

When was the last time you made a follow-up call to a customer and they informed you they purchased? Did you ask them what they purchased? If they purchased an older vehicle for cash, offer to trade them out of that vehicle, or ask them when they think they might be in the market to trade in the future and set a reminder for yourself at that date.

When was the last time you went through all of your unsold and declined applications in search of another option?

If your dealer has a buy here pay here lot, when was the last time you asked them for their year-old files? You can probably trade them out now, if the dealer reports the pay history to the credit bureau.

People like familiarity. Those old files make you a familiar face, which takes the barrier down for honest communication. Don’t be afraid to pick up the phone and talk to these clients – yes “clients”. We need to transform them from a “customer” (a one-time sale) to a “client” (multiple sales).

None of these should have been new ideas to you, but it is always good to be reminded of what to do when sales slow down (instead of playing solitaire on the computer).

Most of us probably have applications we can sift through. In the summer months when we are overrun with leads, we do all we can each day but it’s often not enough, so we probably have things left in those old files we can go back and revive. This doesn’t apply only to unsold customers, but the sold previous customers as well. They could be on a short term loan, or they might have a spouse or child in the market for a vehicle. Get that backhoe out and dig! I bet you find deals in those files that will help your dealer.

Vol. 1, Issue 5