Tag Archives: economy

Press Release: Special Finance Group Brings On Garden City as New Partner

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Long Island, New York, April 17, 2012 – This week, Special Finance Group announced that it will be partnering with Garden City Jeep Chrysler Dodge Ram to help sub-prime customers in the New York tri-state area, particularly in the Long Island area.

Special Finance Group’s ApprovedLoanStore.com gives consumers with no credit or poor credit another chance at getting a car. People with good credit will also have a wider selection of vehicles and rates available to them. On average, Special Finance Group’s partner dealerships bring in hundreds of thousands of dollars in additional revenue.

Special Finance Group’s Director of Operations Roberto Barca had nothing but praise for Garden City Jeep Chrysler Dodge. “Our customers will love Garden City’s selection and their attention to customer service,” he said regarding the partnership. “We couldn’t be happier to have them part of the Special Finance Group family.”

Garden City Jeep Chrysler Dodge is the premier spot for new and used car shopping in Hempstead, Long Island. Located at 283 N Franklin Street, they have a vast inventory of Jeep, Chrysler, Dodge, and Ram vehicles including favorites like the Grand Cherokee, Town & Country, and Charger. Go to http://www.gardencitycardeals.com or call 877-819-3836 for more information.

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.

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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Call Centers Aid Dealership Come-Back

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Everyone suffered when the economy collapsed, but dealerships felt the brunt of it harder than most. The car industry was dealt a heavy blow and it took the government stepping in to bail them out.

Since then, the economy has turned around, and so has the auto industry. 2011 turned out to be a fantastic year for sales, with January and February continuing this trend. Dealerships have been brought back from the brink and are now being taxed with keeping up with the increase in demand. The question exactly what steps are needed to get back to the level they were at before the recession.

A recent post on AutomotiveDigitalMarketing.com says that answer lies in the call center. It’s hard not to see why considering the help they can supply. For example, callers that hang up on hold or go to voice mail get reduced by 26%. There’s an increase from 29% to 55% in connected sales calls. Service appointment rates on inbound calls go from 45% to 65% Best of all, follow up of calls for people who haven’t made appointments doubles from 20% to 40% with a call center.

Still, in order to get such a positive response from a call center, it takes more than just people calling on telephones all day. It takes the highest quality people making the phone calls, making good impressions on customers to keep not just new, but also old clients from leaving.

That’s where Special Finance Group agrees. In order to get the best results you need the best employees on staff. The SFG staff strive everyday to overcome negative stereotypes typical to the call center environment. With an operations manager who has over 21 years of experience in customer contact solutions and an experienced sales staff, SFG offers only the best in call centers. Sign up today to see just how much they can improve your dealerships special finance department. Go online for more information or call today 212-239-7270. Be sure to follow on Facebook for all the latest news.

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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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Car Sales Rise as Delinquency Rate Drops

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With car sales improving due to the economy seeing better times, it also translates to people being better about paying their bills on time. According to Transunion, the fourth quarter of 2011 was only the third time in the past 10 years that the national auto delinquency rate did not rise. According to the report, the rate of delinquency rate of borrowers 60 days or more days actually decreased for the ninth consecutive quarter.

Petere Turek, the automotive vice president of Transunion’s finance services said about the decrease, “Except in 2009 where there was no change and in 2003 where there was about a 4% drop, auto delinquency rates have shown upward movements between third and fourth quarters averaging in excess of 5%, ending the year flat is particularly interesting, because the number of new auto loans coming onto the books has consistently increased since the end of the recession, a primary driver of which has been an expansion in lending to consumers in the subprime market.”

 Transunion predicts that the delinquency rate will remain the same between the end of 2011 and 2012. They also predict that the auto industry will see an increase in demand for new and used vehicles. They definitely see that as people start to go back to work, they will be paying their bills.

 This is where Special Finance Group comes in. They work with dealerships to help generate more traffic. People are ready to get into new and used cars and signing up with SFG’s program is the way to make sure they are going to your dealership. Call today at 212-239-7270 or go online for more information. Like them on Facebook as well to see all the latest news.

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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