3 Steps To Subprime Success
Operating within the subprime auto space is a challenge unlike any other in the automotive industry. It requires a unique skill set and a special type of expertise to make sure you’re catering to these customers and helping them achieve their car ownership goals.
Regardless of your level of experience with subprime buyers, there are a few steps you can take to ensure success with this audience. From funding deals, to protecting customers and frequent communication, you have the power to be the driving force behind your subprime success.
- Find Reliable Lending. Depending on what you read and when you read it, the level of trepidation around subprime lending can vary. And while some big names might be distancing themselves from the space, it’s creating opportunity for reliable regional and national subprime-specific lenders to fill the void. Working with other vendors to seek out these types of partners or simply searching for them yourself could prove beneficial for long-term subprime success.
- Protect Customers From Out-Of-Pocket Costs. Just like any other type of customer, subprime buyers will spread the word about their experience at your dealership. Just because their credit may be lower doesn’t mean their voices are any quieter online or in the community. Protecting these customers with a vehicle service contract helps ensure a positive post-sale experience and increases the likelihood of repeat and referral business. And if you’ve sought out quality subprime lenders, including a service contract on the back end should prove to be a minor obstacle.
- Communication After The Sale. Recurring communication after the sale is a great way to help guide your customers toward the experience you’d like them to have. Whether it’s service reminders, VSC renewal notifications or solicitations for reviews or referrals, keeping in touch with your customers can only help your chances for hitting a subprime home run.