Special Finance Superstar - October 2008

How did you transition from world-champion boxing to the automotive industry?

I got married and had a couple kids and my wife said, “OK, time to get out of the ring and take care of the family.” A friend of mine was running Money Mart at the time. … So, I got in the car business.

Although you also have the duties of a GSM, describe your typical day as a special finance manager. 

Delegating leads, holding a sales meeting and conducting training. There’s training every day - familiarizing everyone on credit and the lending programs that are out. Also have employees contribute … make their calls, get people in, desk the deals and make sure we maximize gross profit. Realistically, you’re helping people out.  We know that bad things happen to good people, so we just try to focus on their wants and needs, and explain the requirements and what the banks will allow us to do.

What do you do to cultivate and maintain good relationships with finance company representatives?

You just have to realize that there’s a real person on the other side. They’re eager to acquire the loans for their bank. You also have to build trust. If you send clean deals to the bank, then they tend to trust you a lot more … Frequently banks will do more because they know my deals are clean. There’s not going to be any hiccups along the way. I’m there to help out the customer, as well as make sure it’s a good deal for the lending institution. If I have a customer default on the loan, it’s a reflection on me and my ability to put  people into the right loans and the right vehicles.

What’s the most important part of your job as a SF manager?

I think one of the most important things is being familiar with the programs and guidelines the banks put in place and realizing that they’re just guidelines. They’re not strict rules; there is some flex there because it’s more about the relationships you build with the bank than it is with the guidelines that they have set in place. What’s really important is being familiar with the types of rates and programs that are out there and which customer profiles will fit with certain banks. And obviously work ethic. If you’re familiar with the car business, you know you get out of it what you put into it. You have to work the hours to be able to make the dough.

What aspects of a SF department, other than personnel, make it successful?

I think the things that make it important are definitely the vehicles for special finance, and at the same time, the familiarity of the personnel with the different programs. I guess it all relates to personnel. And training—training is very important because people get stuck doing the same thing over and over again. You have to learn. If you’re learning, you’re earning.

Amid all your duties as a finance manager and GSM, how do you find time to pound the phone as much as you do?

You just have to make yourself a schedule. When I come into work daily, I make myself a to-do list, and I try not to vary from the schedule. Obviously, there are many different responsibilities, but it’s also my responsibility to make sure I make enough phone calls to be able to help the guys and myself get people in here. I generally average 80 to 100 calls a day.

Your current gross per SF unit is much higher than the average dealer’s. How do you maintain such high grosses?

Just hard work, training your guys and making them familiar with the way to make phone calls and appointments. The biggest thing  – whether its sales or special finance – create rapport with your customer … because there’s a lot of special finance places out there people can buy from. Most of the time, customers buy from an individual they like or somebody that’s given them information and knowledge.

How would you compare your past career as a world-champion boxer to the car business?

Well, being a boxer was the best career I ever had. It’s just the competitiveness. In the boxing arena, there’s nobody in there to help you win the fight … and it’s the same with commission sales … you have to rely on yourself … except I’m not getting hit. Sometimes mental bruising, but that’s about it.

Totally random question – What’s your favorite hobby?

I only have one hobby, and that’s spending time with my two beautiful children. I have a 16-month-old little girl and a 6-year-old son. Being in the car business, there’s not a lot of time for a lot of things, so my children spend a lot of time at the dealership hanging out with me. They are what drives me for everything. Realistically, they’re my hobby, they’re my life, they’re everything.