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Generating auto sales leads can be difficult enough without the hoops and red tape sometimes associated with special finance auto leads. However, this market is one of the most important and lucrative areas you can corner as a regional dealer or lender.
So if you’re looking to get a head start on your competition, special finance and subprime auto leads might give you that edge you need. But not every demographic is the same. There are special considerations for this type of market, and you should be sensitive to the needs of your customers, especially when dealing with subprime loans.
If you don’t have any experience dealing with this sector of the auto finance world, then here are some fast and easy tips to help you succeed in generating more subprime auto leads for yourself:
It’s impossible to be on the clock all the time, but today’s consumers are always connected thanks to online automotive leads. Moreover, when they’re shopping online, they’re likely ready to make a commitment. About 36% of people will purchase a car outright, so it’s important that you respond to their queries as fast as you can — before another dealer does.
Chances are that when you’re working with special finance auto leads, you’re dealing with customers who have bad credit. A score of 500 to 600 is considered subprime, while 300 to 500 are deep subprime leads. Customers know that this is not a point to be proud of, but they’re looking for someone who will understand their situation and help them work out a way to finance the vehicle. Even those with bad credit still need a vehicle for work, family transportation, and the daily activities required to keep their financial lives in check.
Building an internet presence is difficult for local and independent dealers. However, the internet is a powerful tool for auto lead generation, if you know how to use it. Get your name listed on an auto lead generation site that’s already established so that you can grab local buyers as they surf.
Special finance auto leads can create lucrative business opportunities. Experts estimate that the interest on subprime financing generates about $10 billion every year.
If this is a market you haven’t yet tapped, now’s the time. The digital age makes it easier than ever for potential car buyers to connect with dealers, a fact that your competition will figure out soon enough. Expand your business by expanding the kinds of financing options you offer to potential buyers.
You may just find yourself a whole new niche.