Articles by Jennifer Murphy Bloodworth - Senior Assistant Editor

Having the wrong person in charge of special finance can cause everyone problems, which is a lesson Sharpnack Chevrolet Buick in Willard, Ohio, learned the hard way. Fortunately, the dealership now has the right person in charge—Mike Mandato, special finance manager.

Dealer Jill Merriam Dulitsky decided in late 2010 to take a closer look at her stores’ special finance departments. The steps taken to effect improvements in SF at Key Hyundai ultimately benefitted the dealership’s overall operations.

There are dealers who dug in, hung on, expanded and even some who are entering the new era of special finance for the first time. Their perspectives are as varied as their operations, but they all see the potential.

In Beaumont, Texas, more than eight years in the trenches coupled with smart decision-making has kept special finance at Kinsel Ford Lincoln Mercury Mazda alive and well. Much of the dealership’s success is a result of the special finance department’s strong foundation.

Twelve years ago, Tom Strickland came out of retirement to become an independent auto dealer. For most of his life, he was an investment banker, so to learn about the business, he worked at a friend’s buy here pay here (BHPH) dealership before starting a BHPH operation in Palatka, Fla.

The 2009 Special Finance Convention, held in Dallas, Texas, August 9 to 11, 2009, for the first time included breakout sessions on dealer controlled finance (buy here pay here, lease here pay here and rent to own). The highlight of these sessions was the dealer expert panel discussion featuring three dealers of varying scopes of operation.

Dealers who took the opportunity to attend the 2009 Special Finance Convention from August 9th to 11th in Dallas, Texas, came to the show with open minds and ears. They wanted to hear what people from all sides of the industry – finance company representatives, trainers, vendors and other dealers – had to say.

A topic that polarizes industry professionals still today. While some dealers are pulling out of the SF arena, several dealers think now is the opportune time to build a special finance department because they believe the future of SF is bright.

For more then 30 years, Willard “Bill” Davis has maintained two successful pre-owned operations on sound business practices. Davis’ roots in the automotive industry run deep. His career started on his brother’s used Jeep lot, where he worked for 13 years before beginning an 18-year career with Hertz.

It’s no secret; dealer-generated leads close better than purchased, third-party leads. Not only can third-party leads get expensive, but some in the industry are saying third-party leads aren’t what they used to be.