The Lot Blog

Since selling cars is the bread and butter of your car dealership, your top priority is closing as many deals as possible. Doing this requires a combination of having the right car sales strategy and working with the right auto lender or finance company that can fund your car deals quickly. As you’re aware, a big component of closing the deal is how well your sales staff connects with your customers. The car salespeople who are generally most successful are those who are intentional about...
small-image-How to Close Car Deals Faster
If you’re a dealer that offers auto financing through your car dealership, getting your deals funded quickly is high on your priority list, if not at the top. With most auto lenders and other finance companies, there are various factors that can delay the process of receiving funding in a timely manner. This includes:...
small-image-How to get faster funding for your car dealership
Whether you’re an independent, buy here pay here, or franchise car dealership, it’s important that you have solid relationships with lenders and other finance companies you work with. It’s a given that every potential car buyer who walks into your dealership doesn’t have cash on hand to drop for 100% of the purchase price on a new or used vehicle. Because of this, many customers will rely on your car dealership for auto financing. In fact, in today’s rapidly progressing digital era, more...
small-image-Why having a good relationship with finance companies is important for your dealership
Whether you’re an independent, franchise, or buy here pay here car dealer, there are many prospective car buyers visiting your dealership with intentions of purchasing a reliable vehicle. Since credit-challenged car buyers are often denied credit approval by traditional finance companies, it’s important that your customers know there is an option to receive subprime auto financing, which is intended to meet the needs of your consumers with bad credit or no credit. While working with most...
small-image-Working with Subprime vs. Traditional Finance Companies
Your primary goal as a car dealer is to sell quality vehicles and generate revenue for your business. However, not offering subprime financing through your car dealership could potentially hinder you from meeting your sales goals. If you’re an independent car dealer, you may not have all the resources and funding necessary to purchase quality inventory for your dealership. If you’re a buy here pay here car dealer, scrambling to collect monthly car payments from your customers may be...
small-image-Benefits of Working with a Subprime Finance Company
“How can I make my car dealership more profitable?” This is the question many — if not all — dealers ponder when strategizing ways to reel in more money for their car business. While there are various methods and strategies your dealership can implement to become more profitable, one of the fundamental keys to doing this is increasing your cash flow. Cash flow is an important factor when measuring your dealership’s financial performance. While positive cash flow indicates a company has...
small-image-3 Ways to Improve Your Car Dealership’s Cash Flow
The auto sales market has evolved into a hybrid of in-person car buying and online car sales. According to Deloitte’s 2021 Global Automotive Consumer Study, 71 percent of American car shoppers want to buy their car in person, while a recent Harris poll found that 64 percent of consumers aren’t comfortable buying entirely online. However, both studies also found that there are many parts of the car buying process that consumers prefer to do online, such as completing all their research and...
small-image-Online Car Sales Trends
It’s been an interesting couple of years for the global economy due to the COVID-19 pandemic. With the ongoing microchip shortage, the automotive industry has been hit especially hard. While the effects of the pandemic continue to shake the automotive industry, analysts are predicting some positive news for the year ahead, according to Automotive News: New-vehicle inventories will improve slightly as automakers continue in their efforts to secure microchip supplies. North American...
small-image-2022 Automotive Industry Forecast: The Upside
Getting customers approved for car financing is an important step in the car buying process. Many car dealerships that offer traditional auto financing only approve car buyers who have what most auto lenders and car finance companies consider a positive credit history. On the contrary, car dealerships that offer subprime auto financing can approve car buyers with bad credit or no credit history, opening the door for them to approve more customers. Car dealerships that are enrolled in...
small-image-How Your Car Dealership Can Approve More Customers for Car Financing
We live in a new generation of car buying. With the Internet right at the fingertips of consumers, new and used car shoppers no longer need to fully rely on car salespeople for information on a vehicle they’re interested in purchasing. Because of this, car dealerships must now take a different approach to establishing credibility with potential car buyers. Two words: Active listening. According to John Doerr, president of global sales and training organization RAIN Group, car sales reps...
small-image-Listening to Understand Your Customers vs. Listening to Sell
Since the COVID-19 outbreak in 2020, the auto industry has been pushing to stay afloat amidst the global chip shortage, which has caused a drastic decline in new car inventory.
small-image-2021 Auto Industry Report
Offering subprime financing through your car dealership can position you to reach more customers who are unable to get approved for traditional auto financing because of bad credit or no credit. Enrolling in the Credit Acceptance auto finance program gives your dealership the ability to not only approve more customers for financing, but also increase your market share. Here are the benefits of offering subprime financing through the Credit Acceptance program: Gives you the ability to...
small-image-Benefits of Offering Credit Approval to Subprime Car Buyers
Like first-time car buyers with no credit, getting approved for auto financing can be challenging for consumers with bad credit, which is why offering subprime financing through your car dealership can be beneficial for credit-challenged consumers as well as your business. One of the key factors that will set your car dealership apart from competitors in your market isn’t how many cars you sell, but how many lives you change. When you help someone with bad credit get approved for financing...
small-image-Working with Car Buyers with Bad Credit
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 car buying process or what steps to take to build their credit history, which can help position your car dealership as a valuable resource to educate car buyers on their financial journey. Here are some...
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 approves everyone, regardless of their employment status or credit history. If your dealership has turned away potential car buyers due to self-employment and/or their credit history, here’s how...
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. Dealer software company Modera shared some insightful stats to help car dealerships identify and manage customers more effectively when developing customer retention strategies. Car buyers become more loyal to...
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 financing market grew at roughly the same rate — six percent — as it had in previous years. “Perhaps one of the most unexpected trends was that delinquencies didn't rise significantly during the pandemic, though we know that a variety of accommodation programs, along with stimulus packages, likely...
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 process, so you will need to know their car shopping behaviors and preferences. College Student Car Buyers Most college car buyers are generally in the 18-23 age range, also known as Generation Z....
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 space, Automotive Mastermind says car buying preferences are also changing as a result of consumer finances, government regulations and shifting product mixes from auto manufacturers. To help car...
small-image-Trends Shaping Car Buying Behaviors in 2021