qualities that make up a sleazy car salesman<\/a>. If they like you, they will trust you, and then they will buy from you. Subprime buyers are no different.<\/p>\nHow to close your special finance leads, maximize profit, and get quality referrals<\/h3>\n
The person who has shopped around looking for a deal is also looking for someone to trust. Buyers with marginal credit know they have little negotiating power.<\/p>\n
They know it’s easy for dealers to take advantage of them. So they’re guarded, choosy, and get pushed out of the way by most salespeople.<\/p>\n
Then, they find your dealership. The salespeople treat them with confidence and work with them to achieve their end goal of buying a car at the right price. They may need to go through some hoops to get there, but the salesperson and finance manager tell them exactly what they need to do.<\/p>\n
If you want to close more of your special-finance leads, here’s what to do differently with your next one:<\/p>\n
\n- Treat him like a king. Have the sales team make an extra effort to make him feel at home. He’s expecting to be treated like a problem, so give him the exact opposite experience.<\/li>\n
- Be transparent. Tell him exactly what his options are, how much your dealership can negotiate, and what next steps to take.<\/li>\n
- Spiff up the vehicle before the presentation. Really make it shine and smell brand new. Make it look like the best car he could possibly get right now.<\/li>\n
- Build up his confidence about payments. Make a point to discuss options and make suggestions as to how he can improve his chance to lower payments or receive a loan.<\/li>\n
- Keep questions cordial and respectful. Don’t ask how much money he has in the bank or why his credit to so bad. Maintain their dignity while discussing options.<\/li>\n<\/ul>\n
Once your salesperson has closed the deal and discussed options, you want to maximize the profit margins for your dealership and create more opportunities.<\/strong><\/p>\n\n- Ask the prospect to refer your dealership. Offer a discount or an add-on as an incentive to get his family, friends, and connections through the door.<\/li>\n
- Get them to protect their investment. Taking out an extended warranty is always a top priority for finance managers. Make sure they are getting special-finance leads to agree.<\/li>\n
- Up your profits with add-ons. Paint protection, VIN-number etching, and fabric protection all increase the overall profit from purchases.<\/li>\n
- Ask for a higher down payment. Don’t start with eh recommended or minimum\u2014start high and negotiate from there.<\/li>\n
- Structure your deals correctly. Don’t be afraid to back down on the price of the vehicle so you can fit in added protections. When working with payment restrictions, focus on offering back-end products.<\/li>\n<\/ul>\n
Special finance leads (that aren’t too deep subprime) offer great opportunities<\/h3>\n
If you\u2019re starting to put more focus on the special finance side of your business, remember to structure your deals correctly, and treat customers with respect. Your salespeople should see every customer as the same: a person who needs a vehicle. Treat them well, and they will treat you well. End of story.<\/p>\n
![\"Special](\"https:\/\/www.autoraptor.com\/wp-content\/uploads\/2016\/03\/photodune-11769209-close-up-of-handshake-in-auto-show-or-salon-xs.jpg\" "\\"\\"")
There’s a lot of money to be made in the subprime market. If you’ve allocated your marketing funds to focus more on attracting special-finance leads, you’ll want to raise your closing ratio, too. You may be purchasing those leads from third parties or simply spending advertising dollars to target a marginal credit audience<\/a>. Either way, you’re spending money. You want the best ROI possible.<\/p>\n