Extra Sales Without Spec. Fin. Dept.
The world of special finance does not require a special department, but it does require extra effort. The recent economic roller coaster ride has caused many individuals to experience financial setbacks. Yet an automobile is now a life necessity rather than a luxury. In fact, many households require two vehicles for two income earners who travel in different directions for their vocations.
The key to special finance sales is the customer interview. Discovery is the most powerful tool we have to make a proper product selection for the customer. We must find a vehicle that meets the client’s needs and that falls within their budget.
Discovery is possible when we take time to build rapport with the customer. Although an often overlooked step in the sales process, rapport is in fact a cornerstone of sales success. After all, no one is going to feel right about doing business with you until they feel you care about them. And what better way is there to demonstrate that care than to sit down with a customer and get to know them, their wants and needs? What better way is there to demonstrate to the client that you are a special sales professional?
Where you conduct the interview is equally important. Just as in real estate, think location, location, location. In our sales training, we recommend that the interview take place at the sales consultant’s workstation. This gives you the opportunity to control the interview with minimal distractions. Customers with special credit circumstances will be more likely to openly discuss their situation in the privacy of your office rather than on the lot. And an interview conducted inside at your workstation also means the sales manager will be close at hand to assist.
Key information to gather in a customer interview includes:
– Where do they live?
– What are they driving now? Is it going to be a trade for the new purchase?
– Where do they work?
– Who will be the primary driver for the new vehicle?
– Where have they been shopping?
– Is there a current lien on their present vehicle? What are their current monthly payments?
– What do they like about their current vehicle? What do they want to be different in their new vehicle?
When you engage the customer in a conversation, you will be likely to obtain all the information you need to take to the sales manager. When a sales consultant can provide this information early in the process, the product selection for the customer is right on target most of the time.
Sales managers are able to guide the direction of the sale based on their knowledge of area industries and their familiarity with prime and sub prime lenders. Often the dealership will need to secure loan approval prior to product selection. With the technology tools now available, Internet loan applications can be approved and secured within minutes and are another key to extra sales.
The final key is to recognize that special finance deals do not mean less profit, nor do they mean customers are substandard. What the credit score indicates is that we have to work smarter, do a better interview, complete a full credit application, and obtain supporting documentation before rolling the vehicle. Extra special finance sales come with no short cuts.
World of Special Finance, September 2002, p. 12.