BLOG FOR SPECIAL FINANCE CAR DEALERS
Subprime Auto Sales 3.0.1
Starting March 8, 2010 we will begin testing a new concept in pre-approved subprime auto sales leads in the Metro Detroit area. Basically, the way the program works is that when consumers apply on our websites we will submit their application directly to lenders for an approval. (Read More…)
Comments (0)Gary Napper Livens the Dealer Track Party
One of the core values at Auto Credit Express® is “have energy and the ability to energize others”. Holding true to our core values was Gary Napper, Vice President of Sales for our AutoNet Financial division, during the DealerTrack® party at the BB King Lounge in Orlando. (Read More…)
Comments (0)Subprime Used Car Inventory Mix
What is the minimum income required for a $380 dollar payment? We’ll cover these specific calculations is a later post, but based on a subprime auto lender that limits the Payment to Income ratio, PTI, to 20% the customer would have to earn at least $1,900 per month to qualify, and if the lender limits the PTI ratio to 15% the customer would have to make around $15 an hour, $2,500 a month, or $30,000 a year to qualify for a 380 dollar payment. (Read More…)
Comments (0)The RAW Principle in Action at the Car Dealership
Is your car dealerships are Ready, Able, and Willing to sell a car to every customer that walks in the door?
Believe it or not, many stores are not WILLING to sell cars to people with bad credit. At Auto Credit Express we speak with car dealership personnel everyday; a good amount of time we hear phrases from store management like “We don’t deal with those kinds of people”. (Read More…)
Comments (0)2010 NADA Convention and Expo
The NADA Convention and Expo in Orlando as expected, was a spectacular show. Hopefully the car dealerships and sales managers that attended will begin to implement some of the great ideas they picked up at the conference. (Read More…)
Comments (0)Best Practices for Auto Finance Trigger Leads
When a person applies for an automobile loan their information is for sale, as a lead, the next day. Since applying with an automotive finance company triggered the event, these leads are known as auto finance trigger leads. Trigger leads are typically sold by credit score range and attributes of the credit report, such as no repossessions in the last year and no open bankruptcies. (Read More…)
Comments (5)Subprime Starter Kit for Car Dealers
Over the last few months we’ve gotten several requests from car dealerships interested in our onsite special finance training program; a two month program so effective that we guarantee that the gross profit, less sales commissions, advertising costs, and our fee, is positive by the end of our two month visit to the store. (Read More…)
Comments (0)A New Era in Subprime Auto Lending
A few days ago Americredit announced securitization of $600 million dollars. Last quarter Consumer Portfolio Services announced a securitization as well. In addition, we have seen an increase in lending offered by smaller regional firms across the country. (Read More…)
Comments (1)Special Finance Lender Mix
Having the right lender mix is a critical factor to your car dealership’s long term success in sub prime. Your lender mix is not a static entity. You should always be on the lookout for new funding sources. When a suprime auto lender rep stops by or calls, listen to what they have to say. (Read More…)
Comments (4)Which Lead Program is Best Suited for Your Store?
We offer two auto finance lead programs, the Auto Credit Express® Premier Lead Service and the AutoNet Financial No Sale No Fee Lead program. With the Premier Lead Service, car dealers pay per Lead and with the No Sale No Fee program, stores pay when they sell a car. (Read More…)
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