As a dealership, you handle customers daily who want you to finance their car purchases. However, that doesn’t mean that everyone uses your in-house financing. Many times lower rates or faster service take your customers elsewhere. So, what can you do to stand out? Here are a few ways to do so!
Make Closing More Convenient
Closing the deal is the most essential part of the process, and people are much more likely to go through with your financing if they can sign electronically. People have less and less time on their hands and love the convenience of electronic operations. Just by offering electronic signatures on their auto loan, you may close many more deals.
Communicate With the Client
Something that most financing companies and dealerships don’t do is continue to stay in contact once they close the deal. Unless the client defaults on a payment, that is. You’ll be different if you keep up a frequent line of positive communication with your client.
Consider sending helpful blog posts or tips that would be relevant to your borrower. They will appreciate any valuable information, which will help build their trust in you. This may help them choose you again when it comes time for a trade-in or an additional car purchase.
Use Artificial Intelligence
While dealership financing is relatively convenient, it is also a long process and a lot of paperwork. However, you can make it faster and painless using AI-powered financing.
AI financing services let you and the customer relax while artificial intelligence determines appropriate financing options. Underwriting can be an arduous process, especially if you have a lot of clients. So, using unique AI technology, you can review thousands of applications at once and see the best loan rates and options almost instantly.
You can also make an application available on your website so that customers already have an idea of their options before they head to the dealership. Instant approval, quick options, and online convenience may all help customers prefer your services over anyone else’s.
Work on Your Marketing
One of the best ways to show up to the right potential clients every time is to take a serious look at your marketing strategy. The more you can do to identify your specific target market, the more you can do to pull them in. Marketing to a broad audience isn’t efficient, nor will it bring the results you are hoping for.
Determine which age, gender, and profession is most likely to be able to afford a car or get reasonable auto loan rates, then aim your efforts at that group. This is a surefire way to get the clients you are hoping for and a way to reach them in a way that makes you stand out.
Staying honest and transparent is something that seems to be hard to find these days, especially when it comes to purchases, loans, and finances. But, by staying transparent, not hiding fees, and being upfront with your customers, you are sure to stand out from your competition.
Provide Great Financial Solutions
Using these tips, you are now set to provide your customers with feasible financial solutions for their new or used car!