Tag Archives: new media

Subprime Auto Loans: Low Risk, High Reward

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Subprime lending, two words that have gotten a bad reputation in the past few years. This can be frustrating for car dealerships looking to expand their subprime auto loan offerings, but according to a new article by Business Insider, American car buyers and lenders alike have no need to fear subprime auto loans.

A survey conducted by FICO shows that lenders will be approving auto loans for credit-challenged consumers in the coming year, a trend that is likely to continue. Why are these consumers getting approved for auto loans and yet are getting turned down for credit cards, mortgages, or personal loans? The answer is simple: less risk.

Consumers are more likely to make their car payments than other installment payments like mortgages. Cars are so closely linked to a person’s ability to work and earn a living that people feel more compelled to make their payments. Besides that, foreclosures take much more time to process than a car repossession which makes consumers more likely to pay and lenders more likely to approve the loan. If the consumer doesn’t make their payments, the car can be quickly and easily repossessed.

For car dealerships looking to bring in more business, including more subprime credit customers, Special Finance Group’s Complete Special Finance Solution is the perfect complimentary service to any special finance department. They provide lead generation services as well as a call center with highly trained customer service reps, ready to set up appointments for their partner dealerships. Special Finance Group’s partner dealerships bring in hundreds of thousands of dollars in additional revenue, and dealerships spend less time trying to get customers in the door and more time doing what they do best: selling cars.

To learn more about the Complete Special Finance Solution, go to http://www.specialfinancegroup.com or call 212-239-7270 for more information. You can also connect with Special Finance Group on Facebook, Twitter, and Linked In.

Image: FreeDigitalPhotos.net

Americans Think They Are on Facebook Less, Actually on Facebook More

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Last month, a survey was making the rounds claiming that Facebook users were logging into Facebook much less and weren’t staying on the site for as long. As it turns out, that survey might have been completely wrong.

Reuters, who conducted the initial survey, asked 1,032 Americans how often they used Facebook and how long they spent on the site. Over a third of American Facebook users responded that they were using the site less, and only a fifth of respondents said they were spending more time on the site recently.

As it turns out, though, their perceptions of how much time they spend on the site and the time they actually spend on the site do not match up. According to Nielsen data, people spent an average of 7 hours 9 minutes on Facebook during the month of April, more than Google and YouTube combined. It is a marketer’s dream come true. Users think they are spending less time on Facebook, but in reality, they are spending more time on Facebook.

At Special Finance Group, we are constantly keeping an eye on how Facebook, Twitter, and other popular social media sites are being used and finding new ways to bring in potential car buyers. As part of the Special Finance Group network, a dealership will get to reap the benefits and will get new customers walking through their door every month thanks to the work done by Special Finance Group’s SEO/ORM team.

To learn more about Special Finance Group’s Complete Special Finance Solution, click here or go to http://www.specialfinancegroup.com. Also, keep up with the latest from Special Finance Group by liking Special Finance Group on Facebook and following Special Finance Group on Twitter.

Car Shopping for Credit Challenged Consumers Starts Online

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When people need answers for anything nowadays, they instantly go to the internet. If you aren’t sure about something, you Google it. If you are picking out a restaurant, you check out reviews on Yelp. It only makes sense that Internet shopping and research has become a large part of the car shopping process even before someone sets foot in a car dealership.

A new study by Redshift Research shows that consumers are even more dependent on the internet during the beginning stages of car shopping than many in the industry believed. Over a third of consumers check out car dealerships’ websites and research car makes and models online, and 18 percent spend time on car manufacturers’ websites. Chris Green of Motoring.co.uk, which sponsored the study, claims that engaging online customers is “the only way to win in this challenging market.”

While the study did not comment on sub-prime credit consumers, this target group is very likely to go to the internet first when looking for an auto loan. They know that they have poor credit, and they know that going to dealership after dealership and getting turned down will only serve to frustrate them and hurt their credit with numerous inquiries. By searching for dealerships willing to work with sub-prime clientele, they can cut down on their time hunting for a car and an auto loan.

The beauty of Special Finance Group is how they connect these online car shoppers with dealerships within their network, particularly customers with poor credit. Special Finance Group has a strong online presence through their website, their Facebook page, and numerous other social networking sites, and dealerships enrolled in Special Finance Group’s Complete Special Finance Solution get connected with car shoppers ready and eager to buy, bringing in hundreds of thousands in additional sales.

You can learn more about Special Finance Group and what the Complete Special Finance Solution can do for you by checking out http://www.specialfinancegroup.com, liking Special Finance Group on Facebook, and following Special Finance Group on Twitter.

Image: FreeDigitalPhotos.net

Climbing the 15 Steps to Sub Prime Success with Special Finance Group

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Yesterday morning, I was drinking my morning cup of coffee and catching up on the car news and blogs from the weekend. As I was perusing the headlines, Rick Wise’s blog “15 Steps to Sub Prime Success” caught my eye. I was curious about how Special Finance Group stacked up when compared to someone else’s standards of sub prime success.

Not surprisingly, Special Finance Group met or exceeded each of the 15 steps which we have listed below.

1. Plan for the sale: Planning for a sale means having the attitude that every contact could potentially become a customer. Special Finance Group employees from the phone representatives to the in-house special finance experts are ready to assist customers every step of the way and answer any questions that might come up.

2. Attract prospects: Special Finance Group utilizes both traditional and non-traditional ways of attracting customers. They generate their own leads through their website and through online social media outlets such as Facebook, Twitter, etc.

3. Master the telephone: Special Finance Group’s highly trained customer service phone representatives make first contact with potential customers. They set up the customer with an appointment to come into the dealership, and they generate excitement for the appointment and the prospect of getting into a vehicle.

4. Set the appointment: Setting an appointment instills a sense of urgency in the customer as well as a sense of importance and ownership. This is their appointment, and the special finance experts will be meeting with them personally. If they do not make it to their appointment, they might not be able to get into a car.

5. Master the meet & greet: From the first contact by phone through the meeting at the dealership, Special Finance Group employees are friendly and helpful. They strive to earn the customer’s trust and treat them with respect.

6. Perform a needs analysis: In the initial phone call, Special Finance Group phone representatives review the customer’s application, verify their income, and inquire if the customer is looking for any specific vehicle. This will give the phone representative an idea of what kind of car the customer is looking for, and the dealership can better meet that customer’s needs.

7. Take the statement: “The statement” means the credit application. From the beginning of the process, Special Finance Group ensures that all information submitted by potential customers is entirely accurate and that the customer brings all documentation verifying that information to their appointment at the dealership.

8. Make a credit decision: Based on the customer’s credit, the in-house special finance experts can quickly match them up with vehicles that meet their needs, fit their budget, and are also a good sale for the dealership.

9. Vehicle selection / reselection: One look at the customer testimonials is proof enough that Special Finance Group representatives do a fantastic job matching customers with dealerships so the dealership gets a sale and the customer gets the car they want.

10. Structure the deal and obtain lender approval: By scheduling customers by appointment only, the dealership is able to plan out the appointment and get the lender approval quickly without wasting the customer’s time.

11. Demonstrate the vehicle: Time and time again, customers compliment how smooth and easy the process is, and a big part of that is letting the customer check out cars while the financing is getting worked out. The customer stays engaged and gets to know the car they are getting.

12. Go over the number: Once the customer has found the car they want, the in-house special finance experts review the customer’s payment options. A customer wants to say yes to a car, not a contract. Once they know the car they are getting, they can get excited about it, and they can… (see #13)

13. Close the deal: Special Finance Group makes sure that steps #1 through 12 are in place so that we close more deals, and more happy customers drive off the lot in a new or used vehicle.

14. Contract and deliver: The in-house special finance reps are meticulous, and they make sure that everything is in place including the proper stips from the customer.

15. Ask for referrals: Our customers send us referrals all the time. We ask, and they are happy to oblige!

From the first contact up through the sale, Special Finance Group’s Complete Special Finance Solution covers all the bases and sets up dealerships for sub prime success! To learn more about the Complete Special Finance Solution, click here. You can also find Special Finance Group on Facebook and follow Special Finance Group on Twitter.

Image(s): FreeDigitalPhotos.net

The Vital Signs of Social Media Marketing

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Social media is essential for every business these days, including car dealerships, and some dealerships make the mistake of underestimating the amount of work that goes into an effective social media campaign. They put up a Facebook page, set up a Twitter account, and call it good.

The problem is, social media might look easy (though it is far from easy), and gauging the translation of Facebook Likes to sales is tough.

A recent article by Jacqueline Zenn on Mashable.com laid out the top nine measurements of social media health. Think of it as someone going to the doctor’s office and having the doctor take your height, weight, temperature, and blood pressure.

The nine vital signs for your car dealership’s social media health include:

  1. Share of Voice
    Definition: How many times the dealership is mentioned vs. how much their competition is mentioned through social media outlets (Facebook, Twitter, etc.)
  2. Brand Volume
    Definition: How many times the dealership is mentioned over a day, a week, a month, etc. through social media outlets
  3. Engagement
    Definition: How many times consumers engage with your dealership. Example – Posting a positive review on Google Local, tweeting a question about your services, etc.
  4. Interaction Per Post
    Definition: How many likes, comments, retweets, etc. are received for a Facebook update, a Twitter post, a blog post, etc.
  5. Sentiment Analysis
    Definition: The ratio of positive mentions and engagements with your dealership to the negative mentions and engagements with your dealership. Overall, whether people tend to have a positive or negative impression of your dealership based on online engagement.
  6. Social CTR (Click-Through Rate)
    Definition: How many times people see your ads, blogs, posts, etc. and how many times they will click on that ad, blog, post, etc.
  7. Key Influencer Mentions
    Definition: Key influencers are social media users who have a loyal following, and if your dealership is mentioned by a key influencer in auto news, car buying, etc., it establishes credibility for the dealership.
  8. Platform Reach
    Definition: Social media outlets (Facebook, Twitter, Pinterest, Google Local, etc.) that your dealership has set up accounts and frequently engages (following other users, giving feedback, etc.)
  9. Mobile Mentions
    Definition: The number of times that people engage with your dealership via their mobile devices. Ways to encourage mobile social media engagement are setting up deals with Four Square or offering other discounts for smart phone users.

When all of these vital signs are strong, the social media campaign will translate into new customers and sales. Now, here is where dealerships will run into problems running their own social media campaign. Do they know how to measure the click-through rate? Do they know what kinds of posts work for Facebook vs. Twitter? Do they have time to keep up with all of their social media outlets and extend their platform reach?

This is exactly why Special Finance Group is the perfect partner for your car dealership. Our SEO/IRM team will take care of all of your social media marketing needs and turn those likes and followers into sales for you. To learn more about Special Finance Group’s Complete Special Finance Solution, click here, and make sure to like Special Finance Group on Facebook and follow Special Finance Group on Twitter.

Image courtesy of FreeDigitalPhotos.net

What You Need to Know About Pinterest (And How Special Finance Group Can Help!)

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One of the hottest new social media outlets of 2012 is Pinterest. Over 10 million users have signed up with the service and approximately 8 million are active monthly users. Though some would argue that its popularity has already peaked, it is still important to know how to use it as part of an overall social media strategy.

A new study from EyeTrackShop suggests that Pinterest is a unique social media outlet and that campaigns for Facebook, Tumblr, or Twitter will not work the same with Pinterest. This might seem obvious to people involved in social media marketing, but it isn’t so obvious to people unfamiliar with Pinterest (and other social media outlets for that matter).

First off, it doesn’t do much good to put a lot of time into the profile on Pinterest. Users rarely look at each others’ profiles, so it is wasted effort. Second, the layout of your pins is important. Just like a Broadway star, the pin that is front and center will get more attention than the ones along the outside. Thirdly, you want the pins to tie in strongly with the brand. For example, a car dealership will want to highlight a mix of the 2012 vehicle line-up along with old favorites. If the pins only tie in loosely with the brand, users will see the Pinterest account as disingenuous and just trying to drive traffic. Basically, the profile might get more clicks, but those clicks will not translate into brand loyalty and new customers.

The great news about Pinterest is that users who view a company or brand’s Pinterest boards will typically have a more positive view of that company or brand, so it is definitely worth having (and more importantly, maintaining) a Pinterest account. Special Finance Group’s social media team understands Pinterest, Facebook, Twitter, and every other main social media outlet, and they know how to use social media to bring in new customers. The Special Finance Group social media team is part of the Complete Special Finance Solution, and they can handle all of your social media marketing needs.

Click here to learn more about the Complete Special Finance Solution, and keep up with the latest from Special Finance Group by liking Special Finance Group on Facebook and following Special Finance Group on Twitter.

Social Networking for Dealerships: Necessity, Not a Luxury

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Social media used to be a novelty for a dealership. They would set up a Facebook page and maybe post up a few pictures. If they had a video camera, they might post the occasional video from the dealership.

Nowadays, social media is no longer a novelty; it is a necessity. Without it, dealerships will be left in the dust, and if they don’t use it properly, they will get more Facebook “likes” than sales.

Joe Mescher of Dealer.com called dealership engagement on social networks like Facebook “an opportunity that is precious and easily fumbled.” It takes more today to impress the online community. Not only do you need a Facebook page, you also need a Google business listing, online reviews, a blog with original content, and active YouTube and Twitter accounts. Customers need to be able to feel comfortable with your dealership based on the information they find online.

Social media engagement is a full-time job, and that is why Special Finance Group is the perfect partner for any dealership. Their SEO/ORM team knows how to engage interested consumers, create and maintain a positive online presence, and translate online marketing into sales. Special Finance Group’s Complete Special Finance Solution is a necessity for every dealership ready to make use of today’s online marketing tools.

Click here to read more about the Complete Special Finance Solution, and make sure to follow Special Finance Group on Twitter and like Special Finance Group on Facebook to get the latest news from Special Finance Group.

Image(s): FreeDigitalPhotos.net

Lenders: Auto Loans More Accessible in 2012

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In 2012, the road to better credit leads right through car dealerships.

According to the Wall Street Journal, the requirements for home and business loans are still strict with most lenders, but lenders are more willing to give auto loans, even for consumers with no credit or challenged credit. They based their analysis on a survey of senior loan officers at American banks as well as foreign banks with U.S. operations.

Studies have shown that car ownership can lead to upward mobility in the workforce and higher pay since car owners are not reliant on public transportation. They won’t be late to work because of a delayed bus or train, and they have more employment options open to them. When a steadier source of income is combined with new available credit, the end result is that the consumer is put in a much stronger financial situation.

Since other forms of credit are not accessible to consumers with a sub-prime credit score, there is a whole market of people looking to re-establish their credit history who will be looking for car loans. Car dealerships that partner with Special Finance Group can tap into this market and have a brand new source of customers. In addition to tradition advertising methods, Special Finance Group has an established online presence and utilizes the latest in online marketing to target the right car shoppers.

To learn more about what Special Finance Group could do for your dealership, read the Complete Special Finance Solution here, and keep up with the latest from Special Finance Group via Facebook and Twitter.

Image: graur razvan ionut / FreeDigitalPhotos.net

Special Finance Group: Improving Leads Through New Media Tools

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Marketing and advertising in the past few years has changed drastically, and knowing how to optimize one’s online presence is more imperative than ever, particularly in lead generation.

While many companies are still adjusting to this new world of lead generation, Special Finance Group is already using these tools and programs to collect more effective leads and utilizing online social networking websites like Facebook to further engage potential customers. All of these features are included for any auto dealership partnered with Special Finance Group, helping Special Finance Group maintain their company guarantee. As it states in their agreement, “We guarantee the integrity of each and every deal we assemble. If any lender will not fund a contract on a vehicle we delivered to a customer, Special Finance Group will buy the contract or write a check for any loss associated with the recession concerning the specific deal.”

Enhanced lead generation is one of the many great services offered by Special Finance Group including an additional 200 to 300 clients every month and the expertise of special finance experts with years of experience working in the industry. To learn how your special finance department could benefit from Special Finance Group, call today at 212-239-7270, e-mail at info@specialfinancegroup.com or stop by their Manhattan location at 16 W 36th Street. You can also read more about the Special Finance Group advantage here.

Image: photostock / FreeDigitalPhotos.net