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Capital One to Eliminate Local Area Sales Managers
In a fax transmittal to its dealers earlier today the Plano Texas-based lender announced that it was eliminating all local area sales managers.
Economic challenges
Here at Auto Credit Express, we wanted our dealers to be aware of some news that crossed our desk this morning: You can scratch one more service to your dealership that is being eliminated due to the current challenging economic conditions. In a letter faxed to dealers earlier today, Jeppe Heidemann, senior director of national sales and originations for Capital One Auto Finance announced that effective February 1, 2009, the Plano, Texas-based lender would no longer have local area sales managers serving retail automotive dealers. Instead, “relationship managers” based out of the lender’s buying centers would assume the role normally covered by sales managers.
Here is a copy of the text:
January 21, 2009
Dear F&I Manager:
In this challenging economic environment, we at Capital One Auto Finance are trying hard to continue to serve our valued customers while addressing the impacts of the downturn.
Effective February 1, 2009, we will no longer have a local Area Sales Manager serving your region. A Relationship Manager from the buying center servicing your area will be contacting you shortly to answer any questions you may have. We want ot assure you that your dealership is important to us and we will strive to maintain the high service levels you have become accustomed to and make the transition as seamless as possible.
These are challenging times for everyone in the auto industry and on behalf of Capital One Auto Finance, I would like to genuinely thank you for your business. I look forward to continuing our partnership.
Sincerely,
Jeppe Heidemann
Senior Director – National Sales and Originations
The Bottom Line
The current credit crisis continues to whittle away at the banking industry. Capital One, like all retail automotive lenders – prime and subprime – has, in recent months, cut back on its originations as well as raised its lending requirements. Unfortunately, the latest news is just another sign of the times. With the concurrent loss in income, it’s hard for any lender to justify maintaining the same level of dealer service.
Comments (4)
September 28th, 2009 at 11:54 am
We are an independent used car dealership. We offer financing prime & sub-prime. We have several banks we are signed up with currently and want to expand our base of banks to offer a wider range of customers financing. We have Chase for both prime & subprime. Please contact us and let us know how we can get signed up with capital one. Thanks, Gary
September 28th, 2009 at 3:52 pm
Gary,
We will contact you shortly.
December 1st, 2009 at 4:26 pm
We are a licensed Chrysler Dodge and Jeep dealership. We offer prime and sub-prime financing. One of my salesman have a current auto loan with Capital One and was telling me how good the rates are and how you helped him out. When I call the automated phone number, and hit # for more options, it rings and hangs up. I want to get signed up with Capital One, but don’t know who to speak with or the correct extension. Thanks Randy
December 2nd, 2009 at 9:51 am
You can get more information on the Capital One Dealer program by visiting http://www.800carfund.com, that is also the phone number, 800-CAR-FUND (800-227-3863)