Subprime leads can turn into some of the most loyal customers around, but those relationships have to be fostered throughout the entire sales process. Even when you use a service like Auto Credit Express to bolster your subprime process, your store needs to project the fact that subprime customers are welcome.
Show Consumers You Deal with Subprime Leads
Maybe your franchise isn’t typically associated with mass market sales or subprime customers – like Acura, BMW, Alfa Romeo, or Audi.
As a high end dealership, subprime customers could be a harder sell. Not because you can’t help them, but because they don’t know you can.
Many of the consumers being matched to your store are going to want to know more about your dealership before they start the car buying process. If your online presence doesn’t reflect, at least in part, that you have the lending resources and inventory that work with more than just luxury consumers, you may never get these new prospects in the door.
So, how do you foster these subprime relationships as a luxury-branded store? It comes down to the most basic, and best, sales technique of them all: customer service.
Providing a Quality Customer Experience
Imagine that your credit score is suffering. Despite being the last thing you need right now, your vehicle kicks the bucket. Maybe you just couldn’t keep it on its last leg, or maybe an unexpected accident took it out. Whatever the case, you need another car, and you need one fast.
Consumers in this position often turn to online resources to find out what to do. Many of them end up as the leads your dealership is looking for. Imagine their surprise, however, when the consumer sees that the local Alfa Romeo dealer is calling them. Too good to be true? You can bet many customers may think so.
If you plan to get and keep these prospects, you need to show them that it’s possible to get a vehicle through your store. You probably won’t get them into a brand-new Giulia, but you may have a number of affordable, behind-the-book trade-ins that fit the bill. You just have to let them know.
Subprime prospects can turn into lifelong customers when given the opportunity. However, if your online presence only caters to luxury buyers, you don’t take time to work the leads, or your only pitch is “come on down and we’ll see what we can do,” these prospects won’t become the customers you’re looking for.
Just because a prospect comes from a subprime lead doesn’t mean they’re automatically a poor risk. In fact, many of them are ready to do whatever it takes to get into a reliable car. Whether that means additional proof of income, a higher down payment, or a cosigner, most subprime prospects are willing to put in the work.
Tips for Improving Subprime Sales
When it comes to closing a sale for a subprime lead, these consumers just want to be treated like everyone else, despite their credit score. Sometimes, it can seem like these prospects want the whole world in a vehicle, and sometimes they have unrealistic expectations. It’s up to you, however, to tell them what they can have. Don’t focus on what’s not possible, focus on what is.
Here are a few tips from some of our experts that can help you close a subprime sale:
- There’s no such thing as too much follow up. Have a dedicated person responsible for follow-ups. First call contact is a key part of getting dealership visits set in order to close a sale. Remember to call every lead, and don’t pre-screen. Pre-screening can kill potential sales.
- Make sure to have a varied and personalized contact program. When you contact prospects, make sure to be friendly, address the customers by name, and thank them for taking the time to submit a request for financing. Make sure to use all the various methods at your disposal, including phone calls, email, and texts, and vary the times and days when you reach out.
- Getting prospects in your door is a top priority for closing a sale. Set up a time for each prospect to visit your store on each contact, and stress the importance of a face-to-face meeting, but don’t be pushy. Don’t forget to use leading questions and be prepared to overcome objections. Try to get prospects in the door within 48 hours for maximum closure.
Because we know how important first call contact is, Auto Credit Express has services designed to help your dealership be the first name on consumers’ minds. Our dedicated BDC call center can help get your prospects prepared to visit your showroom, but this is just the beginning.
Let Us Help You Foster More Leads
When your store is looking for more prospects, we want to be the one you turn to. Here at Auto Credit Express, we’ve been an award-winning subprime car lead provider for over 20 years.
Plus, our partnership with CarsDirect Connect can provide your dealership with new and used auto leads as well. With the combined strength of our lead generation services and our dedicated BDC call center, you can watch your closing rates soar.
Don’t hesitate to find out how we can help your business grow. Give us a call at 888-535-2277, or fill out our online contact form and one of our knowledgeable experts will reach out to you.