Are you paying attention to the fundamentals of your Buy-Here Pay-Here business?
Here is a list of some of those fundamentals we need to pay close attention every day of the year.
|1 “Good Down Payments Do Not Equal Good Customers!”
There certainly is a customer for every vehicle and a vehicle for every customer. However, how many “Credit Criminals” have you put out on the street in your most expensive vehicle because they had a big down payment? Poor credit risk customers with large down payments belong in the units with the lowest risk, not the other way around.
2 “Our Customers Are Truly Captive.”
Take your time to be complete and accurate when taking your customer through the financing process. Don’t let your Sales Associates rush your credit decision because “the customer is about to walk and has been on the lot for hours…” Your customers are at your lot to obtain financing because they cannot find conventional or secondary financing elsewhere. Your customers will not walk out during the process if they know your dealership will finance them and that they will be financed today.
3 “There Is No Better Time To Gather All Customer Information.”
Of course, this is just a partial list of the fundamentals of Buy-Here Pay-Here, but these are the fundamentals that are the most commonly neglected.
Gemspring Capital has acquired Bobit Business Media, home of Agent Entrepreneur, Auto Dealer Today, F&I and Showroom, and P&A magazines.