Tag Archives: credit report

Auto Sales: April’s Big Winners

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Now that April is done and the sales numbers are finalized, the auto industry is seeing that April might not have been as strong as March, but some automakers finished up April feeling very happy indeed.

Among the best performers in April were Nissan with 80,003 units, Ram with 32,124 units, and Ford with 204,969 units sold. Compared to 2012, they had volume increases of 24.62 percent, 49.38 percent, and 17.77 percent respectively.

Nissan NA was the highest performing automaker overall, however, with a 23.16 percent increase over April 2012. They also saw an 18.23 percent daily sales rate increase. Chrysler Group had Ram’s strong sales in their favor, but it was brought down by Chrysler’s disappointing numbers, only bringing in 27,836 compared to 31,879 in April 2012.

Going into May, dealerships will be enjoying some of the best weather they will have all year. Americans will be thinking about getting out of town, going to the beach, or hitting the road for summer vacation, and if they don’t have a road-ready car, they will need to get one soon. Plus, consumers are still figuring out how to spend their tax refund. With the right marketing push, dealerships could make a lot of money in May.

If you are looking to move more inventory and boost foot traffic in your dealership, Special Finance Group is ready to assist you with their Complete Special Finance Solution. To learn more about what Special Finance Group can do for you, go to http://www.specialfinancegroup.com, and connect with Special Finance Group on Facebook, Twitter, and LinkedIn.

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Special Finance Education: Funding a Deal

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Properly funding deals is the most important part of a successful special finance department, and yet in a rush, it is often the most neglected part of the process. In a hurry to get the deal submitted, someone might miss a stip, something minor like a utility bill or their last pay stub. Missing these stips or any part of the deal, however, can lead to problems down the road.

On Special Finance Insider, they give an example of a problem that happens too often. The customer comes in on Tuesday, and the deal is shipped overnight, arriving on Thursday morning. The bank or finance company reviews it, and something is wrong with the stips. Tuesday’s work is out the window, and you might not know it until early next week unless the finance company gets to it right away.

Not every deal will have every single stip included when it is submitted. Sometimes a pay stub or a utility bill will get sent a day later, and many of those deals will go through with no problem. Still, no one ever succeeded in life or business by shooting for mediocrity. Always strive for better and try to submit better deals with every stip included. You will see a difference in turn-around time from the finance companies and spend more time closing new deals rather than trying to fix deals you already did.

If you are looking to move more inventory and boost foot traffic in your dealership, Special Finance Group is ready to assist you with their Complete Special Finance Solution. To learn more about what Special Finance Group can do for you, go to http://www.specialfinancegroup.com, and connect with Special Finance Group on Facebook, Twitter, and LinkedIn.

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Analysts: Record Profits for Ford in First Quarter

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Analysts at Morgan Stanley and JP Morgan Chase & Co. are estimating that in the first quarter of 2013, Ford has posted its highest first quarter North American profit ever.

Ford earned approximately $2.7 billion pretax profit in North America since the beginning of the year, and if those numbers are correct, it will be a new personal record for Ford. Some analysts are attributing Ford’s overall success to the success of the Fusion and the Focus compact as well as a generally strong overall line-up. The first quarter has also been extremely positive for the pickup market with an increased demand for the Ford F-Series and higher overall sales for full-size pickup trucks.

As more numbers are finalized and verified for the first quarter of 2013, dealerships and automakers should be ready to respond and continue the momentum of the first quarter, particularly with pickup sales. Full-size pickups are in high demand again, and dealerships should be ready to meet that need.

If you are looking to move more inventory and boost foot traffic in your dealership, Special Finance Group is ready to assist you with their Complete Special Finance Solution. To learn more about what Special Finance Group can do for you, go to http://www.specialfinancegroup.com, and connect with Special Finance Group on Facebook, Twitter, and LinkedIn.

Automakers Break Records with March 2013 Sales

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After 2012′s record-breaking sales, it seemed like the auto industry would eventually hit its peak and plateau. Now that March is over, though, it hasn’t happened yet. For nearly every automaker, March 2013 sales were significantly higher than one year ago.

Cadillac saw the highest increase in volume of sales with a 49 percent increase compared to March 2012, but Ram and Dodge also did extremely well with 24 percent and 15 percent increases respectively. Ford was the top seller overall with 229,335 units, though it was on the lower end of sales increases with a 6.86 percent increase.

Going into April, dealerships across the country need to dive in and realize that they could see some of their best numbers in years this spring. Now that auto loans are more accessible than ever, even to consumers with poor credit, dealerships simply need to focus on getting car shoppers in the door. Americans are ready to buy, and with the right promotion and customer outreach, they are almost guaranteed to do well.

Are you looking to move more inventory, increase profits for service and parts, and bring in more foot traffic to your dealership? Special Finance Group’s Complete Special Finance Solution can give you all that and more. Go to http:///www.specialfinancegroup.com to learn more, and connect with Special Finance Group online through Facebook, Twitter, and LinkedIn!

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New Dealership Technology and Keeping Your Customers’ Information Safe

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Not that long ago, car dealerships didn’t have to worry about customer information being compromised or stolen. Applications, insurance information, and other sensitive documents would get filed away and locked up, and there was no way to get the information unless someone broke into the dealership. Nowadays, paper filing is more and more going by the wayside, and it is happening for good reason. Looking through filing cabinets can get tedious, and if someone makes a mistake in filing, it can take hours to find what you are looking for. Plus, paper documentation can get torn, worn-out, or destroyed.

Nowadays, computer networks are taking the place of filing cabinets, and dealerships use the internet to pull credit applications, check lead information, manage insurance records, and much more. Unfortunately, not every dealership has taken the necessary steps to protect this sensitive information that is shared between computers and over the internet, and some dealerships’ privacy notices are so outdated that the dealership could be vulnerable to a lawsuit.

In a recent write-up for Special Finance Insider, Mark Bross detailed how Franklin Budget Car Sales got in trouble for this scenario. Franklin shared customer information on a peer-to-peer network without putting the proper security measures in place, and they did not provide consumers with an opt-out so their information would not be shared with third parties. Franklin eventually settled with the Federal Trade Commission and agreed to biennial data security audits from a third party for twenty years as well as numerous other measures meant to correct their security flaws and warn other dealerships not to make the same mistake.

Take a lesson from Franklin Budget Car Sales, and don’t make the same mistakes. Update your privacy notice, and make sure it reflects the latest consumer protection laws. If you use a peer-to-peer network, take the steps to make it secure and properly train employees how to use it so you don’t put customer information at risk. New technology is great, and peer-to-peer networks can be a useful tool to any dealership. Problems arise, however, when dealership jump in without understanding it first.

Have you heard about Special Finance Group’s Complete Special Finance Solution yet? Go to http://www.specialfinancegroup.com to learn more, and connect with Special Finance Group on Facebook, Twitter, and LinkedIn!

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Chrysler – Banco Santander Partnership Likely to Finalize Soon

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Last year, it was reported that Chrysler’s contract with Ally Financial would be ending in April 2013, and there was speculation as to who Chrysler would choose to take over their in-house financing. While nothing has been finalized yet, it is looking very likely that Chrysler will be partnering with Banco Santander to manage their in-house financing.

According to the Wall Street Journal, sources who have been part of the discussions say that a deal could be solidified by the end of January or early February. Wells Fargo, GE, U.S. Bancorp, and JPMorgan Chase were also supposedly considered to take over for Ally Financial, but it is possible that Chrysler favored Santander having worked with them previously on sub-prime auto loans

Prior to their partnership with Ally Financial, Chrysler handled their financing through Chrysler Financial. As part of their agreement with the U.S. government, though, Chrysler partnered with Ally Financial and ended Chrysler Financial.

This is great news for Chrysler Jeep Dodge Ram dealerships looking to boost their special finance department. As mentioned above, Chrysler worked with Santander on sub-prime auto loans, and considering that there were more sub-prime auto loans in 2012 and lower delinquency rates for those loans, it looks like a Chrysler partnership with Banco Santander would be advantageous to dealerships and car buyers alike.

Are you looking to boost your special finance department in 2013? Contact Special Finance Group today, and learn more about their Complete Special Finance Solution. You can also connect with Special Finance Group on Facebook, Twitter, and LinkedIn.

From Online to On the Lot: An Easier Car Buying Experience

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The internet has unquestionably changed the way we shop for cars. Customers start shopping long before they walk into a dealership, everything from researching makes and models online to reading dealership reviews on Google and Yelp. More than ever, car shoppers will walk into a dealership with a clear idea of the car they want and the price they want to pay.

A recent survey from Accenture shows, however, that car dealership websites are not effectively helping potential car buyers to move forward through the car buying process. Instead, 73 percent of respondents said that browsing dealership websites made them more likely to turn off the computer and use other sources in their car search.

Overall, the results of the study showed that car shoppers want to complete most of the work before they go into the dealership. They want dealerships to make the process from online researching to purchasing the vehicle in-person as seamless as possible, and they want consistent customer service every step of the way.

The great news is that with the help of Special Finance Group, any dealership can streamline their car buying process and give customers the seamless internet-to-dealership experience that they clearly want. Special Finance Group’s Complete Special Finance Solution includes a dedicated website www.ApprovedLoanStore.com where car shoppers can fill out a secure online auto loan application and read glowing testimonials from real customers. Within 24 to 48 hours, the applicant is contacted by a representative and set up with an appointment at an associated dealership. It simplifies the car buying process, increases foot traffic in the dealership, and gives a nice boost to the parts and service department, and this is only one part of the Complete Special Finance Solution!

You can read more about the benefits of Special Finance Group’s Complete Special Finance Solution by going to http://www.specialfinancegroup.com or connect with Special Finance Group on Facebook, Twitter, and LinkedIn.

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November Auto Sales Surge, Set Up Strong End to 2012

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November might have gotten off on the wrong foot with Hurricane Sandy and Nor’easter, but it ended with a bang, bringing in bigger sales and shocking auto industry analysts.

Overall, auto sales in the United States were up 15 percent in November to 1.14 million, and the annualized industry sales rate was 15.56 million compared to 13.6 million last November. As predicted, many of the car shoppers who were planning to buy their car in October but were prevented by weather conditions still made their way back to dealerships in November.

Some of the big winners of November were Honda with sales up 39 percent, BMW up 45 percent, VW up 29 percent, and Toyota up 17 percent. Honda’s Executive Vice President of Sales John Mendel called November’s numbers “a true sign that our business has recovered” and predicted that they would see a “strong finish” in 2012.

Going into the last month of 2012, dealerships have the potential to move a lot of inventory and post record sales numbers, and Special Finance Group can help your dealership bring in even more business with its Complete Special Finance Solution. A highly-trained telemarketing staff, better leads, and social media outreach to find more potential customers; these are only some of the tools available to Special Finance Group’s associated dealerships. To learn more about Special Finance Group’s Complete Special Finance Solution, click here or go to http://www.specialfinancegroup.com.

Want to learn more about Special Finance Group? You can like Special Finance Group on Facebook, follow Special Finance Group on Twitter, and connect with Special Finance Group on LinkedIn!

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When Disaster Strikes: Special Finance in the Wake of Hurricane Sandy

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Hurricane Sandy just hit the New York/New Jersey area a little over a week ago, and dealerships are struggling with lower sales, customers who are displaced or strained financially, or just now getting their dealership’s power back on. The New York Times is predicting that the timing of the storm at the end of October could have long-reaching consequences for the auto industry. Even though it is tough to be optimistic in these times, though, pessimism cannot show through in your work. Here are a few tips for giving your customers a positive buying experience in the weeks following Hurricane Sandy.

  1. Get Back to Normal
    Strive to give your customers a normal, positive car buying experience. For most dealerships, business as usual will be a challenge in itself, but try to go that little bit above and beyond.
  2. Don’t Push Too Hard
    You are probably feeling antsy and want these customers to just buy a car already, and it is fine to feel that way. Many dealerships have been shut down since last Monday, over a week’s time, and you want to make up for lost time. Do not project those feeling to your customers. They will pick up on it and believe that you see them as merely walking, talking dollar signs.
  3. Be Patient
    Now, more than ever, you need to listen to customers, be patient with them, and show them respect. Treat them the way you want to be treated, especially if they can’t get approved. They took the time to come into your dealership, and they might still be recovering from the storm. Even if they don’t leave with a car, make sure they still walk out the door feeling good about the experience.

There is good news for dealerships that have Special Finance Group’s Complete Special Finance Solution. Other special finance departments have had to divide their time between getting customers in the door and helping customers in the dealership, but Special Finance Group’s call center was scheduling appointments for their dealerships right away. Less than a week after the storm, we had customers ready to buy walking into our associated dealerships. In the aftermath of a disaster like Hurricane Sandy, Special Finance Group’s Complete Special Finance Solution can make all the difference and put a dealership back on the path to normalcy.

Do you have the Complete Special Finance Solution yet? Learn more at http://www.specialfinancegroup.com, and be sure to like Special Finance Group on Facebook, Twitter, and LinkedIn.

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Special Finance: Why Your Call Center Matters

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A special finance department is nothing without customers. Great inventory, a perfected pitch, and rigid compliance don’t mean much if people aren’t walking in the door, and the most effective way to get potential customers in the door is by simply picking up the phone.

A call center devoted exclusively to setting appointments is absolutely essential to any special finance department. It isn’t enough to double up the sales team’s responsibilities and put them on the phones for a few hours a day. They need to be working with customers and worrying about selling cars. Besides that, sales people tend to get too in-depth and try to sell the person over the phone.

A good phone rep will leave a sense of mystery and get the customer excited about the appointment instead of going overboard with interest rates, down payments, and other details. This isn’t just our opinion. In a recent article, Special Finance Insider Greg Goebel wrote, “I have proven over and over again that a well-managed call center/BDC will deliver better results with a better ROI.”

With Special Finance Group’s Complete Special Finance Solution, your dealership will get our highly trained call center that will set and track your appointments while instilling a sense of urgency and excitement in the customer. Our call scripts are written by a telemarketing veteran, and every day, we listen to our phone reps and our customers’ feedback to tweak and improve those scripts. Customers will show up to their appointments with all their proper documentation and ready to get a car if they are approved. It streamlines the car buying process, helping your sales team sell more cars.

Want to learn more about the Complete Special Finance Solution? Go to http://www.specialfinancegroup.com, and get the latest news from Special Finance Group by liking us on Facebook, following us on Twitter, and connecting with us on LinkedIn.

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