53 Min.
The Fundamental Guide to Special Finance: Inventory, Banks, and More! Millionaire Car Salesman Podcast
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In this insightful episode of "Academy Class Turn Podcast," host Sean V. Bradley, the President of Dealer Synergy and creator of the Millionaire Car Salesman Group, discusses the intricacies of special finance with Bob Harwood, VP of Sales at Interactive Financial, and Cody Carter, a finance expert. The focus is on how dealerships can efficiently manage subprime leads, optimize their special finance departments, and increase their profitability by understanding and catering to a segment of the market that is often overlooked but highly lucrative.
The episode delves into the fundamentals of special finance, defining it comprehensively and exploring the strategies dealerships can use to cater to customers with bad or no credit. With the help of detailed data and firsthand experiences, Bob and Cody shed light on the importance of having the right inventory, establishing robust relationships with a diverse range of lenders, and the significance of a well-trained and specialized team. They also discuss the high profitability of special finance deals, highlighting real-world examples and actionable insights.
Key Takeaways
Understanding Special Finance: Bob Harwood explains that special finance includes subprime, deep subprime, ghosts, and ITINs, comprising about a third of the market according to Experian.
Profitability: Special finance deals are often back-end heavy due to higher interest rates and ancillary product sales, leading to significantly higher average gross profits per vehicle.
Inventory Strategy: Having the right inventory that books out well is crucial. Dealerships should focus on vehicles that fit subprime customers' budgets and financial capabilities.
Team Training: A dedicated team well-versed in special finance can greatly enhance customer service and improve closing rates. This includes specialized training for BDC agents and finance managers.
Proactive Lead Generation: Using targeted marketing strategies like online leads, radio, and direct mail can help dealerships proactively attract and convert special finance customers without tarnishing their brand.
About Bob Harwood
Bob Harwood is the Vice President of Sales at Interactive Financial. With a career spanning over 25 years in special finance, Bob has been a prominent figure in the automotive finance industry. He has been with Interactive Financial since 2004 and has been instrumental in training thousands of professionals and aiding dealerships in processing millions of applications leading to substantial car sales.
About Cody Carter
Cody Carter is acknowledged as one of the industry's leading finance experts and the #1 Car Salesman in the World. Known for his exceptional skills in leasing and handling high-credit scores, Cody consistently outperforms many traditional dealership finance managers. His expertise is particularly noted in his ability to navigate complex finance scenarios and cultivate strong relationships with credit unions and banks.
Resources
Dealer Synergy & Bradley On Demand: The automotive industry’s #1 training, tracking, testing, and certification platform and consulting & accountability firm.
The Millionaire Car Salesman Podcast: is the #1 resource for automotive sales professionals, managers, and owners. Also, join The Millionaire Car Salesman Facebook Group today!
Win the Game of Googleopoly: Unlocking the secret strategy of search engines.
The Millionaire Car Salesman Podcast is Proudly Sponsored By:
Dealer Synergy: The #1 Automotive Sales Training, Consulting, and Accountability Firm in the Automotive Industry! We have been building Internet Departments and BDCs for over two decades! It is this experience that has allowed us to develop the absolute best automotive Internet Sales, BDC, and CRM solutions for car dealerships. We have created the most effective training programs and processes. Phone scripts and rebuttals are our specialties, while CRM action plans, st
In this insightful episode of "Academy Class Turn Podcast," host Sean V. Bradley, the President of Dealer Synergy and creator of the Millionaire Car Salesman Group, discusses the intricacies of special finance with Bob Harwood, VP of Sales at Interactive Financial, and Cody Carter, a finance expert. The focus is on how dealerships can efficiently manage subprime leads, optimize their special finance departments, and increase their profitability by understanding and catering to a segment of the market that is often overlooked but highly lucrative.
The episode delves into the fundamentals of special finance, defining it comprehensively and exploring the strategies dealerships can use to cater to customers with bad or no credit. With the help of detailed data and firsthand experiences, Bob and Cody shed light on the importance of having the right inventory, establishing robust relationships with a diverse range of lenders, and the significance of a well-trained and specialized team. They also discuss the high profitability of special finance deals, highlighting real-world examples and actionable insights.
Key Takeaways
Understanding Special Finance: Bob Harwood explains that special finance includes subprime, deep subprime, ghosts, and ITINs, comprising about a third of the market according to Experian.
Profitability: Special finance deals are often back-end heavy due to higher interest rates and ancillary product sales, leading to significantly higher average gross profits per vehicle.
Inventory Strategy: Having the right inventory that books out well is crucial. Dealerships should focus on vehicles that fit subprime customers' budgets and financial capabilities.
Team Training: A dedicated team well-versed in special finance can greatly enhance customer service and improve closing rates. This includes specialized training for BDC agents and finance managers.
Proactive Lead Generation: Using targeted marketing strategies like online leads, radio, and direct mail can help dealerships proactively attract and convert special finance customers without tarnishing their brand.
About Bob Harwood
Bob Harwood is the Vice President of Sales at Interactive Financial. With a career spanning over 25 years in special finance, Bob has been a prominent figure in the automotive finance industry. He has been with Interactive Financial since 2004 and has been instrumental in training thousands of professionals and aiding dealerships in processing millions of applications leading to substantial car sales.
About Cody Carter
Cody Carter is acknowledged as one of the industry's leading finance experts and the #1 Car Salesman in the World. Known for his exceptional skills in leasing and handling high-credit scores, Cody consistently outperforms many traditional dealership finance managers. His expertise is particularly noted in his ability to navigate complex finance scenarios and cultivate strong relationships with credit unions and banks.
Resources
Dealer Synergy & Bradley On Demand: The automotive industry’s #1 training, tracking, testing, and certification platform and consulting & accountability firm.
The Millionaire Car Salesman Podcast: is the #1 resource for automotive sales professionals, managers, and owners. Also, join The Millionaire Car Salesman Facebook Group today!
Win the Game of Googleopoly: Unlocking the secret strategy of search engines.
The Millionaire Car Salesman Podcast is Proudly Sponsored By:
Dealer Synergy: The #1 Automotive Sales Training, Consulting, and Accountability Firm in the Automotive Industry! We have been building Internet Departments and BDCs for over two decades! It is this experience that has allowed us to develop the absolute best automotive Internet Sales, BDC, and CRM solutions for car dealerships. We have created the most effective training programs and processes. Phone scripts and rebuttals are our specialties, while CRM action plans, st
53 Min.