If you are a Canadian auto dealer and have never given serious thought to subprime sales, you may want to start looking into this lucrative market.
Recent news about a rise in Canadian auto-loan delinquencies indicates that there will be an increase in subprime car buyers in the next few years. This is because, unfortunately, those consumers who are missing payments and having their vehicles repossessed will soon find themselves with diminished credit scores. But they will eventually need to buy new cars. Where will they turn?
A Customer in Need is a Customer for Life
The "alarming" rise in auto loan delinquencies is most likely due to rapidly falling oil prices and the consequent weakening of the Canadian dollar. Times are tough for the Canadian economy, but better times ahead are inevitable. Everything will eventually turn around, the economy will improve and consumers will find themselves in better circumstances.
However, damaged credit cannot be repaired overnight. Those who are having difficulties with making their car payments right now will probably get their finances straightened out long before their credit can be fully restored. During that interval when they are financially capable of making payments, but are having trouble getting a bank to approve their loan applications, they may need a little help.
You can be that dealer who is there to help them.
And those subprime customers whom you help out when others have turned them down will probably tell their friends and family members about how great your dealership is. They will probably turn to you for their next vehicle. You will have earned a customer for life and possibly several referral clients.
So, what are you waiting for?
An Easy Path to Subprime Auto Sales Success
It may take a little while for those who are now dealing with auto delinquencies to become subprime car buyers, but now is a great time to learn everything you can about the market and create your strategy. In order to be a successful subprime dealer, you will need the right tools and training. And luckily, Auto Credit Express can provide you with all of the subprime necessities.
- Training: When you partner with us, you will have access to the best and most current subprime training resources. From the very basics of "What is special finance?," all the way up to the finer details of subprime marketing, we can provide you with everything your dealership needs to establish the most profitable subprime business model.
- Leads: You can know everything there is to know about bad credit car buyers, but it won't do you much good unless those buyers are able to find you. When you purchase sales leads from us, you get screened and prepared customers who are ready to buy. In fact, according to data from R.L. Polk, 32% of our leads purchase vehicles within 60 days.
- Marketing Tools: Get the freshest BK list available, targeted direct mail that really works and all of the benefits that come from our consumer-facing website. Don't waste another marketing dollar. Narrow down your field to just the customers you want to attract, and let those buyers know that you are offering exactly what they need.
- LotPro® Software: Do less work and make more money with our exclusive desking software. LotPro® will help you manage your inventory and leads by allowing you to quickly match every customer with the vehicles on your lot that they are qualified to buy that offer you the highest gross profit.
With our dealer services, you will also get ongoing, live support from our in-house, subprime experts. We are always just a phone call or an email away.
Getting Onboard with Auto Credit Express
If you would like to learn more about how we can help your dealership succeed in the subprime market, just give us a call at (888)535-2277. Or, you can simply fill out the convenient contact form on our website.