Tag Archives: consumer

April Sales Forecast Great Year for Auto Dealerships

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Hey, Auto Industry! Forget your troubles, come on and get happy!

Not that long ago, there was gloom whenever the auto industry was mentioned in the news. Stagnant sales plagued the industry, and pundits droned on and on about how the bailout failed. The past few months, however, have boosted morale across the auto industry and, pundits are eating their words and changing their tune on the effectiveness of the bailout. So far, the sales in 2012 have been fantastic, and they don’t show any sign of slowing down.

April was full of good news for sales. J.D. Power and Associates published a report showing that the volume of sales are expected to increase by 8 percent. This is great news because April will be the fourth month in a row with a positive upswing in sales for the car industry, and insiders know it is truly extraordinary because of how notorious April is for poor sales. John Humphrey, the senior vice president of global automotive operations at J.D. Power and Associates says, “While April is typically a challenging month to draw comparisons with because the Easter holiday some years falls in April and other years in March, the signs of sustained growth are evident.”

One of the most noted results on the report comes from the luxury vehicle sales. The industry as a whole is up 10.8 percent, but luxury vehicles are down 12.1 percent from the previous year. The speculation being made here is that with gas prices on the rise, the onslaught of powers are looking for sensibly priced vehicles. For example, cars such as the Ford Focus are becoming much more popular.

Sales are continuing to grow, and they show no sign of letting up anytime soon. The auto industry is back with force, and people are flocking to dealerships to get themselves back on the road. That’s why you need Special Finance Group’s help with this new flow of customers. We help those buyers connect with your dealership. Take a look at the Complete Special Finance Solution to see just how we can help you. Like us on Facebook and we’ll keep you in the loop for the latest trends and news in the industry.

Record-Breaking Months for Special Finance Group

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FOR IMMEDIATE RELEASE

New York, NY – April 13, 2012 – Special Finance Group celebrated record-breaking months in February and March after funding over $1.5 million and $2.2 million in auto loans.

In February, 91 customers were approved for loans through Special Finance Group’s Approved Loan Store program, and in March, 124 customers were approved. These customers had an average income of $27,000 per year and an average FICO score of 545. Despite their clients’ less than ideal financial situations, Approved Loan Store found a way to work with lenders and fund $3,740,978 in auto loans for February and March.

Special Finance Group and Approved Loan Store work with auto dealerships in the New York tri-state area to bring in additional business while also helping car shoppers obtain auto loans. Most Approved Loan Store customers have challenged credit and are unable to get approval for a car loan at their local dealership. With U.S. auto sales continuing to rise, car dealerships partnered with Special Finance Group will get to work with a wider range of car buyers and bring in higher sales and profits than their competitors, benefiting both customers and dealerships.

Located in Midtown Manhattan, Special Finance Group helps connect qualifying customers with dealerships willing to work with them through their website ApprovedLoanStore.com. ApprovedLoanStore.com also provides financial resources, educational materials, and the latest news from the auto lending industry, helping consumers make better informed financial decisions.

Contact:
Rachel Godfrey
info@specialfinancegroup.com
Phone: 877-217-2217

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Consumers With Low Credit Scores Dominate Auto Loan Market

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Car dealerships that aren’t offering car loans to consumers with challenged credit are missing out on significant business.

According to research by J.D. Power & Associates, consumers with credit scores between 0 and 649 now make up a whopping 15 percent of sales for new-vehicle buyers. To clarify, this does not mean that 15 percent of car shoppers have sub-prime credit, it means that 15 percent of actual sales are for people with sub-prime credit.

Analysts have attributed this trend to the fact that credit standards for auto loans are not as restrictive as they used to be. They have also pointed to the rise in auto sales as proof that lenders are willing to work with consumers regardless of their credit situation.

Special Finance Group is in the business of helping car shoppers connect with dealerships that want to work with them and get them into a new or used vehicle. Customers with challenged credit can get approved, and customers with good credit can find a better deal. Go to http:///www.specialfinancegroup.com to read more about Special Finance Group’s Complete Special Finance Solution and how it could benefit your dealership. You can also like Special Finance Group on Facebook and follow Special Finance Group on Twitter.

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Sub Prime Marketing Experiencing Lending Boom

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Just a few years ago, having some bad dings on a credit report would have made getting something like a credit card or even an auto loan an impossibility. That was then, but things are starting to change. With the recession on the rebound, lenders are starting to eye ball the very people they turned away just a few years prior.

Equifax has released a new report called the “National Consumer Credit Trends.” This report shows that new credit issued to consumers grew more than 10% to $782 billion. This was really due in part to the subprime borrowers. There has been significant growth in the amount being loaned out to that sector. Banks are starting to see that there is real money to be made here and their lending habits are reflective of this.

A lot of this is due to the banks realizing that the recession set many people back, the same people that are now paying back their loans. Amy Cutts, Equifax’s Chief Economist, says that, “Subprime today is not the same that it was five years ago. There are a lot of borrowers out there that have some pretty big blemishes now on their records” but “are in a better position than the ones we lent to a few years ago.”

People who were being denied loans are now starting to find themselves at an advantage. Every dealership should be definitely looking to capitalize on this opportunity. Special Finance Group is here to aid dealerships. To read more about how our Complete Special Finance Solution and see how it can do to help your dealership, take a look here. Be sure to like us on Facebook, that way you can see the latest trends in the industry and just how SFG can assist you.

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Subprime Auto Loans in an Upswing

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Recent studies are showing that dealerships that are not putting their resources behind special financing are missing out on a prominent and steadily growing market.

According to Automotive News, there has never been a better time to get in on special financing. Interest rates are dropping, even for high-risk loans, and 41.5 percent of auto loans are subprime auto loans. Only a few years ago, subprime auto loans were closer to a third of all auto loans, and now they are creeping up to half. Besides that, Standards and Poor has estimated that subprime loans in general will be higher this year. In 2011, subprime loans were 24 percent of all loans, and in 2012, they are expected to make up 25 to 30 percent of all loans.

With these numbers, putting resources into special financing is a no-brainer for any car dealership, and Special Finance Group can help dealerships make the most of their special finance departments. Special Finance Group brings years of experience as well as the latest in internet marketing and social media tools to bring in new clientele and hundreds of thousands of dollars in additional revenue.

Read more about Special Finance Group’s Complete Special Finance Solution here and find out what it could do for your dealership. Also, keep up to date on the latest from Special Finance Group by liking us on Facebook here.

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Shoppers Flock to Fuel-Efficient Cars

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Last month, the American auto industry continued its momentum into one of its strongest sales months in quite some time, shocking analysts, and the reason for its continued comeback might surprise you.

In the past few months, gas prices have been on the minds of millions of Americans with prices recently as high as $3.70 per gallon. High gas prices might seem like an odd reason for a surge in car buying, but when you consider that these car buyers are looking for more fuel-efficient cars that will cost less in the long run, it makes much more sense. During the month of February, 15.1 million vehicles were sold, and a good portion of those vehicles were compact cars like the Chrysler Fiat 500, the Ford Focus, and the Chevy Cruze.

The rising interest in fuel-efficient vehicles can be attributed to a more educated public (and thus a more educated first-time buyer) and long-time car owners getting fed up wasting money at the pump. Still, 15.1 million car sales in one month cannot be solely attributed to high gas prices, especially in a time when many people don’t have solid credit or money for a large down-payment, so what is driving car sales?

According to industry analysts, credit availability is also improving, and with many dealerships offering special finance options, more and more consumers are able to afford a car. What Special Finance Group can offer to dealerships are cutting-edge ways to connect with new customers and get those customers into a car. From the quality customer service offered by their call centers to their extensive knowledge of new media and social networking, Special Finance Group consistently brings in new business to its associate car dealerships.

To learn more about Special Finance Group’s tested and proven program, click here, and check out Special Finance Group on Facebook here.

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Increase in Car Sales Spurred by Special Finance Group

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It is easy to forget that just a few short years ago, the auto industry was really struggling, enough so that the government had to step in. Despite the criticism it received at the time, even the people against the government intervention have a hard time denying that the industry has been doing a good job of bringing things around. Auto sales for the year of 2011 were some of the best in a long time, and January should see more improvement. They are improving so much, in fact, that it’s starting to cause a problem with keeping up with the demand.

In order to meet this new increase in sales, auto makers are adding more shifts and hiring thousands of workers. Having already added 38,000 jobs in 2011, they are looking to add another 13,000 this year. The auto makers have been cautious of their hiring. However, and wanted to make sure they don’t over-reach and put themselves back in the hole.

Automakers are doing everything they can to get as far away from their bankruptcy and bailout as they can. The increase in demand is why Special Finance Group is successful with their program. They bring people in who are struggling with credit issues and help them drive home in the car they want. The sales spike being enjoyed as a whole by the industry is because more and more people are looking to get back on the road. Consumers with challenged credit are SFG’s specialty.

Sign up today and you can generate additional traffic into your dealership. Give SFG a call at 212-239-7270 and visit them online for any additional question. Follow on Facebook to stay up to date on the latest news.

 

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Car Sales Increase Continues into February

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Last year saw the resurgence of the auto industry in records sales.  January continued this trend and it looks like that trend will not be stopping anytime soon.   J.D. Power and Associates have come out with a report stating that new vehicles sales in February are going to surpass them.  How much exactly?  Retail sales are projected to in at 857,400 unites.  That comes out to an increase of 5 percent from the previous year.  That’s also more than a million unit increase in the sales from just last month.

“Retail light-vehicle sales in February are strong, which makes us modestly optimistic about the growth of sales going forward,” said senior vice president of global automotive operations at J.D. Power and Associates, John Humphrey. “More so, we’re increasingly confident that the fundamentals are in place to continue to support an upbeat sector outlook for the coming year.”

J.D. Power and Associates also detailed that 72 month leases accounted for 23 percent of all the sales done in February.  That’s the highest level it’s been in five years, which is an increase of 19 percent from 2011.

 The news keeps coming in that the tide has finally turned for the better.  With all the auto companies posting positive sales in the previous year and January, it looks like the trend is definitely going to continue into February.  Now is the best time to take advantage of this increased demand.  Contact Special Finance Group at 212-239-7270 or visit us online for any questions.  Be sure to also like us and follow on Facebook and you’ll stay up to date on all the latest news and offers

Auto Lending in High Demand as Market Improves

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The economy really did a number on credit loans. According to an article on Autonews.com, just three years ago, during the height of our current economic recession, even someone who had a salary of $400,000 and a good credit score of more than 700 wouldn’t be able to walk out of a dealership with the financing for the car he wanted.

Michael Mosser is the general manager of Chevrolet and Cadillac stores in Ann Arbor, Mich. He added to the conversation, “The world is upside down compared to then. Today, somebody with a 500 credit score I can get approved and in a Malibu.”

Lenders were forced to cut back on extending credit when the collapse happened. This in turn was a driving factor for the reason why the major car companies, such as General Motors and Chrysler, saw sales that were the lowest they had seen in about 3 decades. It didn’t take long after that for both companies to file for bankruptcy.

As the economy improves however, so does the demand for cars. Due to this increase, bank lenders such as Bank of America and Capital One Financial Corp, are working to get car buyers approved fast and with great rates to keep up with the market. In the US, vehicle sales have risen 10 percent to 12.8 million last year. January turned out to be the one of the best sales month automakers have seen since the cash-for-clunkers program in 2009.

With lending seeing such an increase and banks doing everything they can to keep up with subprime borrowers, now is the best time to sign up for Special Finance Group’s program. Contact us today at 212-239-7270 for any questions. Make sure to follow on Facebook as well so you can stay up to date on all the latest news and offers.

Image: Stuart Miles / FreeDigitalPhotos.net

Lack of Used Cars Drives New Cars Sales

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CNBC has put out an analysis of the used car market. It’s findings did not bode well as the used market was hit hard by the collapse of 2008. Due to the economic downturn, many vehicle manufacturers cut their production on a large variety of makes and models to keep their doors open. While the economy is starting to come back to better times, car owners that have seen harder times due to the recession have been deciding to keep their cars rather than trading in for a new ridge.

How much exactly? Well, the amount of three and four year old cars for sale on the market is down by about 19 percent. That comes out to a total of around 5.7 million used cars that would’ve been on sale or available. Since this supply has taken such a hit, it’s no surprise to see that used car buyers are now looking to the new car market instead. Thankfully, it was a good winter for the auto companies. Even January sales showed a vast improvement over the previous year with about 13.5 million. Ford and Chrysler have already been putting out some good numbers for the month as well.

There’s definitely a high demand out there for vehicles and for the buyers with challenged credit. There is no better time to sign up for Special Finance Group’s Complete Finance Solution than right now. You can view the program here and go to the main website to see just what SFG can do for you and your dealership. Don’t forget to also follow them on Facebook.

Image: Stuart Miles / FreeDigitalPhotos.net