Tag Archives: new media

2013: Reviewing Your Dealership’s Resolutions for the New Year

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2012 was an outstanding year for the auto industry with strong sales numbers despite setbacks like Hurricane Sandy. Every dealership across America had the potential for their best year since the start of the recession. The question is, though, how did your dealership perform?

Looking back at the goals your dealership set for 2012, how close did you come to meeting those goals? More importantly, did you do everything you could in order to meet those goals? Many dealerships aren’t taking advantage of the opportunities right in front of them such as an efficient special finance department. A well-run special finance department alone can bring in additional business. Not only will the dealership sell more cars, they will also bring in more business for the normal sales and service/parts department.

What about dealerships that already have a special finance department? Well, if a special finance department isn’t running properly, there is almost no point in having one. Look at your dealership’s special finance department if you have one, and ask yourself if there is room for improvement. Is there a steady stream of customers coming in the door, or are you slogging through sub-par leads hoping to find some real customers?

Fortunately, Special Finance Group has Complete Special Finance Solutions suited for dealerships that currently have a special finance department and those who do not have a special finance department. With Special Finance Group, partner dealerships get a fully-staffed business development center which tracks all leads and advertising, sets appointments for potential customers, and manage general customer service. Additionally, partner dealerships will have two special finance experts at their location to manage all in-house operations, and Special Finance Group hosts monthly meetings to review dealership performance and educate reps about the latest consumer laws to maintain compliance.

Want to learn more about Special Finance Group and their Complete Special Finance Solutions? Go to http://www.specialfinancegroup.com, and connect with Special Finance Group on Facebook, Twitter, and LinkedIn.

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Subprime Auto Loan Competition Heats Up

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A report from Automotive News suggests that subprime auto loan conditions right now are so great that they are unlikely to last long-term. While conditions are still so good, though, special finance departments are seizing the opportunity, and competition is more getting intense by the day.

In the article, industry figures agreed that the subprime auto loan business is booming, and more people want in on the action. Jim Landy of CarFinance claims that this year is far more competitive than last year, and Gary Lorenz of Global Lending Services recently commented that competition has grown almost 10 times since last March and observed, “Everybody is getting more aggressive.”

With prime conditions and fierce competition, special finance departments need every advantage they can get. Special Finance Group gives dealerships that edge with their Complete Special Finance Solution. With the Complete Special Finance Solution, you can get two special finance experts to run day-to-day operations, a highly-trained call center that will qualify leads and set auto loan appointments, a marketing team that generates more quality leads, and much more.

To learn more about the Complete Special Finance Solution, go to http://www.specialfinancegroup.com, and connect with Special Finance Group online on Facebook, Twitter, and LinkedIn

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The “Silver Bullet” of Special Finance

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In his recent article “In Search of Silver Bullets,” special finance expert Greg Goebel answered the question he gets asked most often when talking to special finance departments across the country. Over and over again, dealerships ask him how they can get more good quality leads. More often than not, the answer is not more money or more leads. The answer is devoting time and creative energy towards making the most of those leads.

While Goebel doesn’t believe in a “silver bullet” answer, he breaks down his overall strategy into 5 parts, and coincidentally, it looks a heck of a lot like our strategy at Special Finance Group.

  • TRACKING – Tracking leads is absolutely essential to getting the most for your lead money. Special Finance Group tracks leads from first contact with the customer to delivery. While some dealerships only worry about leads that turn into sales, we keep track of the lead source, the representative who set the appointment, and other pertinent information on all our leads, and based on that information, we make adjustments to improve.
  • BUDGET – Putting together a proper budget means more than figuring out how much a dealership is spending on leads and inventory. A successful special finance department will put money and resources towards their marketing, and a dealership with Special Finance Group doesn’t have to worry about that. This all leads to the next part, “Be Different.”
  • BE DIFFERENT – The marketing team at Special Finance Group is comfortable using traditional advertising media as well as social media and online advertising venues. We have established a strong online presence through Facebook, Twitter, YouTube, and LinkedIn among other sites, and our original content targeted at sub-prime credit auto buyers makes us and our associated dealerships stand out.
  • SEARCH – Along with our social media outreach, we work to maintain a solid reputation online. We work with our dealerships to post text and video testimonials of customers online and address any negative feedback quickly.
  • COMPLY – Compliance has always been a priority at Special Finance Group, and our measures go above and beyond the dealership norm.

Greg Goebel claims that there is no “silver bullet” for special finance, but after looking at his five-part strategy, it is clear that if there was a silver bullet, it would be Special Finance Group’s Complete Special Finance Solution.

Are you ready to get the Complete Special Finance Solution? Go to http://www.specialfinancegroup.com to learn more, and 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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Paperless Auto Transactions: The Way of the Future

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In the next few years, the auto industry will be turning a little greener as dealerships move from paper transactions to electronic documents

According to Wards Auto, car dealerships are beginning to utilize e-transactions, even letting customers use electronic signatures instead of signing a paper document. Filing cabinets will become computer file folders and external hard drives. Documents can be password protected, and there will be less risk of sensitive customer information being stolen.

While this all sounds well and good, many dealerships will not start using e-transactions for another couple of years. Running a successful dealership is hectic enough, and it is tough to find the time to learn a whole new way of processing transactions, not to mention training staff how to do it as well. However, there are several compelling reasons why dealerships need to make the time to learn and train how to process paperless transactions.

First, as stated before, it is more secure for the customer. Paper documents are easier to steal and can be damaged or destroyed in a fire, flood, or other severe weather. They also require much less storage space. Thousands of transactions documents can be stored on a hard drive compared to bulky filing cabinets.

Secondly, paperless transactions are more environmentally friendly and cost-effective. Dealerships can spend less money on paper, ink, and other printing supplies, and they can brag that the dealership has gone green.

Finally, electronic documents are the way of the future. At some point, dealerships will have to get on board. By continuing with business as usual, they are just delaying the inevitable and letting their competition get a head-start. The dealerships that learn paperless transactions now will have a decided advantage later on.

Looking for more news and tips for your dealership? Check out Special Finance Group on Facebook, Twitter, and LinkedIn, and go to http://www.specialfinancegroup.com to find out about our Complete Special Finance Solution and how it can benefit your dealership!

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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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Wall Street Journal Calls 2012 “A Green Light for Car Loans”

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Last week, one of the nation’s most trusted sources of financial news said that now is the time for car buyers to say yes and get into that new or used car.

The Wall Street Journal’s article “A Green Light for Car Loans” laid out all the reasons why there has never been a better time for consumers to buy and dealers to sell, even if the car buyer has poor credit. Most lenders have changed their auto loan standards to give consumers with poor credit the opportunity to re-establish their credit history and improve their credit score. Car buyers, including sub-prime borrowers, have returned the favor by keeping up with their payments, mainly because car repossession is easier than a home foreclosure or collecting on credit card debts. The U.S. chief executive at Toyota Motor Corp was happy with the trend, stating, “We are seeing more ‘subprime,’ which is good,” and Gary McAlister, general manager at the Fairway Ford Lincoln Subaru dealership in South Carolina, was pleased that “the credit issue has eased up.”

News stories like the Wall Street Journal’s recent piece are giving a push to consumers on the fence about buying a car, and the first place they go to look for a car or a car loan is the internet. Special Finance Group wants to help dealerships make the most of this extraordinary time by working tirelessly to match lenders with car buyers. With the Complete Special Finance Solution, dealerships in the Special Finance Group network get access to Special Finance Group’s online resources, their leads generated through internet advertising and social media outreach, and a call center full of highly trained customer service representatives whose sole task is setting up appointments for network dealerships. With Special Finance Group, dealerships can get more customers in the door and sell more cars without taking time away from the dealership or distracting the sales team from what they do best, which is selling cars.

You can learn more about the Complete Special Finance Solution here, and get the latest news and updates from Special Finance Group by liking Special Finance Group on Facebook, following Special Finance Group on Twitter, and connecting with Special Finance Group on LinkedIn.

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Subprime Loans Bring In High Profits for Car Dealerships, Low Delinquencies for Consumers

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Lenders might have shied away from customers with poor credit in recent years, but sub-prime auto loans are proving to be a great idea for American car buyers and dealerships alike.

According to Fitch Ratings, the U.S. auto loan market is continuing to thrive and improve, even as lenders are approving sub-prime credit clientele. There were less charge-offs and 30-day delinquencies in the second quarter, and overall, lenders had extremely low credit losses. Besides that, car sales have kept going up through the summer and are expected to hit their height of the year in August before plateauing in autumn. Now more than ever, dealerships can get more car buyers approved and move more of their inventory out the door, raking in massive profits.

Dealerships across the country are putting more time and money into their special finance department, but there is a downside to all of it. Unfortunately, many salespeople are spending their time calling auto loan leads and trying to get people in the door than they are actually selling cars. This is where Special Finance Group comes in. Special Finance Group supplements a dealership’s special finance department and gives the dealership more time to sell and less hassle getting people in the door. Dealerships in the Special Finance Group network have access to a call center that turns leads into car loan appointments as well as their own auto loan leads and targeted online advertising.

To learn more about Special Finance Group’s Complete Special Finance Solution, go to http://www.specialfinancegroup.com, and keep up with the latest from Special Finance Group on Facebook, Twitter, and LinkedIn.

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Why Generation Y Isn’t Buying Cars (And How to Change It)

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Once upon a time, not that long ago, young drivers couldn’t wait to get their first car. They would anxiously await their 16th birthday, hoping for a car in the driveway with a giant bow so they could throw a tantrum because it was the wrong color. Nowadays, Generation Y is turning out to be significantly less interested in cars, and it is showing in car sales numbers. In 2001, car buyers under 35 made up 24.4 percent of sales, nearly a quarter of sales. In 2010, only 9 years later, that percentage has dropped by almost half to 12.7 percent.

Why aren’t young drivers buying new cars? Some people say that young people once used cars as a form of self-expression and individuality, but other outlets like Facebook and Twitter are a cheaper way to achieve that. Others point to the rising popularity of Zipcars or other car-sharing services, and they claim that car companies don’t know how to appeal to a young generation.

All of these opinions are almost completely wrong. Facebook is not stealing away car sales. Nobody ever got to work driving a Tweet, and if someone honestly believes that young people bought cars to express themselves, their opinion isn’t exactly well-informed. Having a means of transportation is a necessity, and blaming low car sales amongst young people on social media is laughable. Car-sharing is the only factor worth taking into consideration amongst these ideas, and car-sharing is certainly not the only reason why young drivers are not buying new cars. Young people are not buying new cars for the same reason why young people are renting instead of buying an apartment or house. Generation Y is still recovering from the toxic combination of a poor job market and student loan debt, and in their minds, buying a new car is a luxury, not a necessity.

How can dealerships get past a young driver’s hesitant nature and tap into this market? The answer is simple: used cars. Used cars are more economical and will not lose their value as quickly as new vehicles. If more dealerships encouraged young car shoppers to check out their lower-cost used inventory, they would move a lot more inventory and renew an interest in young drivers to stop by a dealership in the first place. Car dealerships don’t need to do battle with Facebook or do anything out of the ordinary. Young people still need cars, and dealerships can still sell cars so long as they understand the challenges facing Generation Y.

If your dealership is looking to attract more car buyers of all ages, learn more about Special Finance Group’s Complete Special Finance Solution here. Also, you can learn more about Special Finance Group by liking Special Finance Group on Facebook, following Special Finance Group on Twitter, and following Special Finance Group on LinkedIn.

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ABC News: Shop Loan First, Car Second

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Car shoppers looking for the best deal are getting some interesting advice from ABC News: Worry about your financing before picking out the car.

According to a recent article from ABC News, consumers with an average or less-than-average credit score will benefit from searching for an auto loan first and keeping their options open on the vehicle. Edmunds.com features editor and consumer advice expert Caroll Lachnit lent her advice to the piece and encouraged even people who had been turned down in the past to try again to get a car loan. Lachnit told ABC News, “(Even) consumers with poor credit are able to get back in the market.”

How does this news affect Special Finance Group and its network dealerships? Well, more consumers shopping for a new or used car will be looking for a dealership and lenders willing to work with them first and then thinking of the car second. Special Finance Group’s lead generator taps into these consumers, and from there, Special Finance Group’s highly-trained call center sets appointments for these customers at a network dealership. The result is that dealerships in the Special Finance Group network will all get more potential customers, bringing in thousands in additional revenue every month.

Does your dealership have the Complete Special Finance Solution yet? Learn more about it by going to http://www.specialfinancegroup.com, and get connected with Special Finance Group on Facebook, Twitter, and Linked In.

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