Control on the Phone

Talking to strangers on the phone isn’t something that most people are comfortable with, but it’s a very important skill that should be mastered if you’re going to have a successful career in special finance. Remember, you are not selling a car over the phone! You are selling an appointment!

The telephone can be used as a tool to drive traffic to your showroom utilizing third-party special finance leads and leads driven through your own dealer Web site. These prospects will bring you the highest return on investment since they have already taken the time to submit their personal information online with the hopes of obtaining credit to purchase a vehicle. They are fully committed up to this point! Now it is time for you to do your part to get them into your showroom, so you can have the opportunity to sell them a vehicle.

When you receive a lead, the first thing you should do is pick up the phone with purpose and call every lead with a positive attitude and clearly-defined game plan so you can start laying the groundwork and gaining control immediately. If you call a lead and just wing it, you will not be nearly as effective because your show ratio will be low, and the prospects who do show up for their appointments will be more difficult to work with.

Control is something that effective special finance directors/managers establish on the phone right away and keep throughout the entire special finance process. If you don’t have control of your prospect when they arrive at your dealership, there are a lot of things that can and will eventually go wrong.

Here are some things that happen without having a detailed game plan to establish control over the telephone. The prospect will:

    • Tell you about a specific vehicle they are looking for.

    • Not set a firm appointment.

    • Not show up for their appointment.

    • Show up for their appointment without everything they were asked to bring.

    • Walk the lot and mentally accept or decline the vehicles in your inventory.

    • Tell you which vehicle in your inventory is acceptable to them.

    • Not test drive a vehicle that you can get them approved on.

    • Not accept a vehicle in your inventory that a finance company will approve them on.

    • Ultimately spend a lot of time at your dealership but will not buy a vehicle from you.

If any or all of the examples above are happening frequently in your special finance department, control probably is not being established during the first phone call on a consistent basis. Here is a list of things you do not want to do over the phone:

    • Never let a prospect take you off your scripted game plan. Let them speak and then bridge the conversation back to where you left off.

    • Don’t talk about or even acknowledge what the customer wants and specific makes or models.

    • Never ask for specific amounts of cash down.

    • Don’t discuss interest rates.

    • Don’t discuss terms.

    • Never guarantee approval.

    • Do not hang up the phone without setting a firm appointment.

    • Don’t make it sound like the prospect is doing you a favor.

Here is a list of things you definitely want to do over the phone:

    • Use a proven phone call script.

    • Always stay on script.

    • Remind the prospect that they contacted you for help.

    • Talk about vehicle needs and features.

    • Ask how much the customer has set aside for a down payment and move on; never press for more.

    • Discuss what would be a comfortable monthly payment with their current obligations in mind.

    • Ask what they are currently driving, if it’s financed and who it’s financed with.

    • Find out if they plan on trading a vehicle in.

    • Set an appointment on your terms, always giving two options (weekend or weekday, morning or afternoon, 10 a.m. or 3 p.m.).

    • Set the appointment within 72 hours of speaking with the prospect. The closer you set the appointment to the first phone call, the higher
     your appointment show ratio will be.

    • Always ask your prospect to write down the appointment time and date, your name and direct phone number, directions to your dealership,
     and all items they need to bring in with them (driver’s license, insurance card, paystubs, bank statements, complete phone bill, utility bill, 
    landlord name and number, and a list of eight references with name, address and phone number).

    • Ask your prospect to repeat everything you asked them to write down back to you.

    • Tell your prospect not to apply for any credit until after you have secured financing.

    • Have someone call and confirm your appointment about 24 hours prior to the actual appointment.