As the flow of foot traffic slows around the country in light of the coronavirus (COVID-19) pandemic, many automakers are taking steps to help out those customers who have fallen on uncertain times. We’re taking a look at what some brands are doing, and how your car dealership can maximize business in these changing times.
Captive Lenders Look to Help
With fewer physical shoppers, many dealerships and automakers are dealing with a decreased number of consumers by reaching out a metaphorical helping hand. A number of manufacturers are rolling out programs to help people in financial difficulty with their loans so that they can keep their vehicles.
Hyundai announced that it's relaunching its Hyundai Assurance Job Loss Protection Program, which was first created during the 2009 financial crisis.
“We understand the extreme uncertainty created by the coronavirus and the anxiety experienced by our customers, and wanted to tap into Hyundai’s legacy of having people’s back,” said Jose Munoz, the COO of Hyundai Motor Co. and CEO of Hyundai Motor North America.
The program allows current Hyundai customers who are financing through Hyundai Capitol to postpone their payments for up to six months if they involuntarily lose their jobs. They’re also allowing borrowers a 90-day payment deferment for those who need a new car during this time. This program is available for select models at Hyundai dealerships.
Ford has announced they’re taking steps to reach out to their customers, asking them to call the company if they need help delaying payments. Ford Motor Credit is offering up to 90 days of payment deferment. They're also making a philanthropic contribution at this time.
As more and more automakers and dealerships become affected by the current downturn in business, what is your store doing to push forward?
Let Us Help Prepare Prospects for a Quicker Visit
There are a number of ways you can keep business flowing, even as things are slowing for both your staff and your prospects. One way to keep buyer’s coming in is to make sure that as much of the process as possible is completed over the phone and online.
At Auto Credit Express, we can help with customer preparedness, so that minimal time needs to be spent in person at your store. We verify the lead information for a smoother process on your end, and make sure those prospects are ready to come in and get a deal done. Our automotive BDC also sets up dealership visits, and ensures that prospects know the information and stips that your store needs.
It’s important to reach out to prospects and find out about their needs and what they’re looking for in a vehicle. Before you get to that point, though, you need prospects.
Car Sales Leads for Dealerships
Many consumers impacted by tough times are going to be looking for new and used vehicles at an affordable price. A large number may also be looking to trade in their current vehicle in order to achieve a lower monthly payment.
One way to maximize your store's numbers is to focus on subprime sales. If your store doesn’t market to this often underserved group of borrowers, you could be missing out on sales.
Don’t neglect potential customers that need a helping hand. Subprime customers are some of the most loyal around, and we can help you bring them to your doorstep. Auto Credit Express has been a leader in subprime lead generation for over 20 years, and we want to put our expertise to use for you.
Our professional automotive BDC call center and subprime leads are only part of what we can help you do. To find out about the services we provide that can help keep your business going with the flow, simply call 888-535-2277. Or, you can fill out our contact form online so we can reach out to you.