The Lot Blog

Since first-time car buyers with no credit can have a difficult time getting approved for auto financing, offering subprime financing through your car dealership is an effective way to approve consumers with limited credit history. Many consumers with no credit aren’t fully informed on the...
small-image-Working with First-Time Car Buyers with No Credit
For self-employed car buyers, getting approved for auto financing with traditional auto lenders and finance companies can sometimes be more challenging – especially those with bad credit or no credit history. This presents a unique opportunity for your car dealership to offer auto financing that...
small-image-Working with Self-Employed Car Buyers
Building customer retention at your car dealership is an effective way to increase trust, credibility and profitability for your business. To retain customers in your dealership, it’s important to understand consumer behaviors in your market and what appeals to your customers.
small-image-Improving Customer Retention at Your Dealership
According to a recent Experian study, between 2019 and Q4 2020, auto financing debt reached an all-time high of $1.37 trillion. Despite changes in consumers’ daily travel and commutes, the auto...
small-image-Subprime Car Buyer Trends
With another graduation season in the books and another school year approaching, your car dealership may be seeing an uptick in recent college graduates or current students who are in the market to buy a car. Many of them most likely are first-time car buyers who need help navigating the...
small-image-Car Buying Trends for Recent College Grads and Students
With the influx in used car sales over the last year resulting from new vehicle production delays, franchise car dealerships are in a unique position to leverage this new — or shall we say used — car-buying trend.
small-image-Increasing Used Car Sales at Your Franchise Dealership
As lingering effects from the 2020 economic shutdown continue to disrupt the auto industry (i.e. going digital, inventory shortages, etc.), car dealers are finding new ways to adapt and stay on pace with emerging trends. While the consumer behaviors have significantly shifted to the online...
small-image-Trends Shaping Car Buying Behaviors in 2021
As online car shopping continues to increase, consumers are expecting a seamless digital experience from car dealerships. A recent Automotive News study found that 83 percent of...
small-image-Top ‘No Contact’ Car Shopping Trends Dealerships Are Adopting
As the auto industry continues to recover from the effects of the COVID-19 shutdowns in 2020, manufacturers and car dealers are relying more on industry trends and insights to develop their business strategies. Since Generation X and Baby Boomers make up...
small-image-Car Buying Trends for Gen X & Baby Boomers
A key part of running a successful car dealership is maintaining compliance. The automotive industry has numerous regulations that may seem overwhelming for your dealership to keep up with. However, setting up and maintaining a strong compliance program in your car dealership is necessary to keep it up and running....
small-image-How to Equip Your Car Dealership to Maintain Compliance
It’s no secret that a lot has changed in the auto industry over the last year, particularly with regard to Millennial and Gen Z car buyers' buying trends. In fact, according to a recent Experian study, Millennials and Gen Z are the only two generational segments of the automotive industry seeing...
small-image-Car Buying Trends for Gen Z
While COVID-19 brought about some shifts in car buying trends, automotive brands have managed to adapt by implementing incentive programs, making contactless service available and transitioning the car buying experience from in-person to online. Even though online car shopping has gained popularity due...
small-image-Car Buying Trends for Millennials
While the effects of COVID-19 have rippled through multiple sectors of the economy, the number of auto loans in the U.S. hasn’t changed much from pre-COVID days. According to Experian, the...
small-image-How Car Dealerships Can Benefit from Subprime Financing
The demand for used cars has been on the rise as a result of the coronavirus pandemic and its effect on consumers’ growing aversion to public transit and rideshare apps. The delay in new car production resulting from the COVID-19 shutdowns has also contributed to the increase in used car sales. J.D. Power reported that car...
small-image-How the Increase in Used Car Sales Can Benefit Dealerships
Although COVID-19’s effects have rippled into 2021 for dealerships, experts have said that the outlook for the auto industry looks promising for 2021. University of Michigan economists expect a solid rebound for car sales and production in 2021 and 2022. In a recent...
small-image-2021 Auto Industry Insight on Dealership Car Sales
COVID-19 has caused a massive shock to the U.S. and global economy, affecting the automotive industry. Initially, supply shortages posed a major threat to the automotive market since overseas factories producing parts and equipment were shutting down. Then when the virus hit...
small-image-COVID-19’s Impact on the Automotive Industry
The unprecedented events that have occurred in the year 2020 – namely the coronavirus pandemic – were a shock to the entire world. Schools and businesses shut down, causing the economy to take a hit. However, this period of uncertainty gave way to a surge in the buying and selling of new and used cars. Used Car...
small-image-2020 Year in Review for New and Used Car Sales
There are many scenarios that may prevent car buyers from getting credit approval from traditional finance companies and auto lenders, two of which include multiple autos on bureau and/or one or more repossessions on the customer’s credit history. With the economy in...
small-image-How Car Dealerships Can Approve Car Buyers with Multiple Open Autos or Repossessions
Behind every successful car dealership is a solid team of individuals working together for the greater good. To build and nurture a quality team, your dealership should foster an environment where your staff feels empowered, valued and...
small-image-How to Create a Positive Team Atmosphere in Your Car Dealership
Income status is one factor that is considered when approving a potential car buyer for auto financing. Since income plays a key role in a car buyer’s ability to get approved for financing, those with unemployment or fixed income often get denied credit...
small-image-How Dealerships Can Approve Car Buyers with Unemployment or Fixed Income