Tag Archives: special finance department

The Key to Special Finance – Take the Time and Do It Right

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ID-10081492In the world of special finance, everyone claims to have the secret or trick to creating a successful special finance department. Their trick is something no one has heard of, and even if their special finance department has other problems, all that a dealership has to do is follow this rule.

Actually, there is a rule that every special finance department should be following if they want to earn long-term success, but while it is simple to understand, it is more difficult to follow. The rule is to take your time and do each deal right. No excuses and no cutting corners. Everything good in life takes work, including business, and unhappy customers don’t give referrals.

If you are not sure what it takes to get it right, here are a few guidelines. First, customers need to feel that you are on their side. From the minute they walk in the door, they should be treated with respect, and when they start the process of getting approved, explain the entire process to them and make sure they understand. Do not condescend to them or treat them with disrespect. As the saying goes, it doesn’t cost anything to be nice.

Second, follow up with past customers. Even if they aren’t looking to trade in or buy a new car for themselves, maybe they are looking for a used car for their teenager, or they have a friend or relative looking for a car. If you treated them with respect and fully explained the terms of their auto loan, they will remember, especially if you follow up with them.

Finally, set the proper expectations for the customer with respect and kindness. It might not be feasible for them to get the car of their dreams if they have low credit or no credit, but they might be open to a good used car if they have been treated with respect and if they fully understand their credit situation.

Want to learn more about how Special Finance Group can work for your dealership? Go to http://www.specialfinancegroup.com today to learn more about the Complete Special Finance Solution, and connect with Special Finance Group on Facebook, Twitter, and LinkedIn!

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Better Special Finance Accepts No Excuses

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“A bird in the hand is worth two in the bush.” “There’s no such thing as a free lunch.” “If you can’t stand the heat, get out of the kitchen.” Great advice can stand the test of time, and when it comes to special finance, one of the most lasting and helpful pieces of advice anyone can give is, “Don’t accept excuses.”

Today, I was re-reading some of the excellent articles over at Special Finance Insider’s website, and I came across Brett Boatright’s tough-love article “Who’s Selling Who?” He walks through the typical excuses that salespeople, sales managers, finance managers, and used car buyers doll out when they fail to deliver on funding deals. The leads are the problem, the banks are the problem, the inventory is the problem…and so on and so forth.

The truth is that these are excuses, and there are steps that every special finance department can take to improve from the sales people to the finance managers. Most of the problems stem from not following through with leads, failing to be diligent with paperwork, and not knowing banks and finance companies’ programs inside and out. Every employee should take a moment periodically to take inventory of their day, how their time is spent, and how they can improve on their work. If they aren’t up to date on bank and finance programs, they need to schedule the time to learn it. Taking these simple steps can already put your special finance department back on the right track.

Special Finance Group wants to give your special finance department the tools it needs to succeed and exceed your expectations. To learn more about Special Finance Group’s Complete Special Finance Solution, go to http://www.specialfinancegroup.com, and connect with Special Finance Group on Facebook, Twitter, and LinkedIn!

Image courtesy of Stuart Miles / FreeDigitalPhotos.net