When a company partners with an outside organization, it should be beneficial and provide them with an array of services that will help them achieve new levels of success. The automotive industry presents several challenges, but fortunately, there are organizations dedicated to providing dealerships with the tools and information needed to remain profitable. Before selecting an independent lending partner, be sure they offer the following, as they are designed to set a business up for success.
Marketing cars towards adults that have imperfect credit is often a challenge, as many are leery of allowing a dealership to pull their credit. Partner with a company that offers a variety of sales training classes, which will give a sales team the resources and information needed to close every deal that walks through the door. Not only does it improve the customer service experience, but increase the overall bottom line of any size lot.
Internal Financing Opportunities
Some dealerships provide in-house financing, and while it is a great way to increase a company-wide conversion rate, it often comes with a high risk. A company that offers deep subprime lending will eliminate the worry by allowing a company to grant a loan without putting money upfront. Most also provide an easy to use online portal that tracks payments and gives a dealership full control over every transaction.
Consumers with a credit score in the high 600s and above will be able to obtain a loan quickly, but those with a credit score under 500 are often difficult to finance. If a person has a credit history that is full of late payments, repossessions, and evictions, it makes the application process even more harrowing. Work with a provider that has both low score and income requirements, as it will allow a dealer to say yes to more customers and pre-screen applicants before applying.
If a dealership is looking to expand its finance opportunities to a vast array of consumers, it is vital to research the various providers available. Consumer Portfolio Services has been offering prime and subprime lending services for more than 15 years and streamlines the process of financing a vehicle. Check out their site to learn more and take the first step in helping consumers of all backgrounds buy the car of their dreams.