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Special Finance Leads, Is it really over for good?

Is The Special Finance Department a Thing of The Past ?Shortly after the crash and sub prime meltdown in the automobile industry in 2008 Auto Dealerships were even dealt a more severe blow to their internal operations that most people do not realize unless you are the Special Finance Manager at a new or used car dealership that offer bad credit auto loans.Over night almost every single sub prime lender that most dealerships had on board that offered secondary loans were out of business without little advance warning and the only remaining lenders that would approve a loan were limited and the approval's were considered a left handed turn down meaning that the conditional approval would be impossible for the dealer to sell a vehicle based on the conditions of the stipulations and advance amount.Some sub prime lenders have revamped there lending criteria like Americredit, Chase Sub Prime and Santander & CPS and have re emerged in many dealerships as a result of the new lending criteria and advances dealers were forced to change their way of thinking inventory buying habits as well as procedures and staffing.Industry Fact 7 Out of 10 Customers that make their way to showrooms across the county will not qualify for conventional financing under the new banking guidelines now in affect.So I think its safe to say that the Special Finance Manager will survive but this will require the Special Finance Manager to be a more avid hunter in the quest to attract the right customer for the right car and the right lender. another result of the crash of the automotive industry has affected countless lead generation companies that harvest non prime leads for bad credit auto dealers with a special finance departments thousand of car dealers canceled all third party lead generators as they were "marketing a target that had no market".So as the playing field has changed the players have as well auto dealers now look for new ways to promote their special finance department there are lead sources available that charge per lead fees ranging from $5.00 to $50.00 for a qualified Special Finance leads.Also dealers are starting to look closer at companies that offer No Fund No Fee Special Finance Leads as they never have to pay for a lead unless they produce a sale says Mark Hergert CEO of Auto Credit Financial Services.www.AutoCreditDealerMarketing.com866*976*9922
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Comments

  • Agreed, good post. I am a HUGE believer of Special Finance Departments and Managers... I think that if a dealership is given an opportunity to do business and there is NO risk to the dealer. Meaning, that the leads are FREE UNLESS there is a sale... Awesome! Give me a call, I have several dealership clients that are possbile candidates for your services!!!

    Thanks

    SVB-
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